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Impact analysis of Niyol Wind Farm on rural residential and agricultural land Values - REPORT

prepared for Concerned Citizens for a Safe Logan County|Forensic Appraisal Group|June 11, 2020
ColoradoProperty Values

This property value analysis provides a comprehensive review of the impacts of wind energy turbines on surrounding properties and what residents living in proximity to the proposed Niyol wind project can expect. The report also provides a detailed review of prior studies and testimonies discussing such property value impacts dating back many years. The results of the study regarding the Niyol project are posted below. The full document can be downloaded from the document links on this page.


Application of Studies to the Niyol Wind Farm

The quantitative analysis provided by the studies and qualitative analysis provided by the literature review submitted in this report show two different stories.

One story is that there is no impact on property value due to the presence of wind turbines regardless of the distance to the property. The authors of this position tend to be academicians using statistical analysis. This story is difficult to accept for if we were to take it at face value, we would have to conclude that viewsheds do not matter (Hoen et al refutes that position in their discussion of viewsheds) and no distance to a wind turbine is too close. Comments from Realtors through surveys, testimony, and letters refute that notion. Logic would also question that position. A survey of experienced appraisers who attended the Appraisal Institute webinar Wind Turbine Effects on Value (March 2015, Hoen & Jackson) 1overwhelmingly stated that they believe wind turbines negatively impact property value. To add to the disbelief of the “no ... more [truncated due to possible copyright]

     

Application of Studies to the Niyol Wind Farm

The quantitative analysis provided by the studies and qualitative analysis provided by the literature review submitted in this report show two different stories.

One story is that there is no impact on property value due to the presence of wind turbines regardless of the distance to the property. The authors of this position tend to be academicians using statistical analysis. This story is difficult to accept for if we were to take it at face value, we would have to conclude that viewsheds do not matter (Hoen et al refutes that position in their discussion of viewsheds) and no distance to a wind turbine is too close. Comments from Realtors through surveys, testimony, and letters refute that notion. Logic would also question that position. A survey of experienced appraisers who attended the Appraisal Institute webinar Wind Turbine Effects on Value (March 2015, Hoen & Jackson) 1overwhelmingly stated that they believe wind turbines negatively impact property value. To add to the disbelief of the “no impact” position is that the wind farm developers consistently refuse to “guarantee” that there will be no property loss or purchase the properties from property owners who desire to leave the area due to the development. If the wind developers believed these studies, there would be no risk in taking such a position and it would effectively negate opposition. (As a side note, electrical transmission line developers in Minnesota must buy any property that is encumbered with a new electric transmission if the property owner claims the “buy the farm” provision. So, though rare, there is a precedent of energy developers buying properties that are impacted, or thought to be impacted, by their development.)

The other story is that there is a measurable negative impact on property value due to the presence of wind turbines and that this impact is in direct relation to the distance and viewshed of the turbines. The authors of this position are dominated by real estate appraisers and realtors, often utilizing comparative sales analysis as their method of study. The results of these studies (and others completed by someacademicians) have cited losses from 10% to over 50% depending on the distance and viewshed factors. Additionally, they have concluded that these losses are found to begin at the wind farm announcement stage leading to the post-construction stage. 

Agricultural land also is impacted by the presence of a wind farm losing -6.3% to -8.5% of its overall value if located within a wind farm. 

It is concluded that the qualitative and quantitative evidence supports the position that the presence of wind turbines in close proximity to properties will have a negative impact on property value and this impact is permanent. And, the closer the properties are the wind turbines the greater the impact. 

We conclude that the following impacts will be experienced by the Niyol wind farm on the client’s properties:

  • Properties within the Wind Farm Footprint = -35% impact on property value
  • Properties 1-Mile outside of the Wind Farm Footprint = -22% impact on property value
  • Agricultural Properties within the Wind Farm Footprint = -8.5% impact on property value

Content truncated due to possible copyright. Use source link for full article.

Attachments

Impact Analysis Of Niyol Wind Farm On Rural Residential And Ag Land Values Report

November 7, 2022


Source:https://drive.google.com/file…

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