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New study published: "Assessing property value impacts near utility-scale solar in the Midwestern United States"

  • 1.  New study published: "Assessing property value impacts near utility-scale solar in the Midwestern United States"

    Divisions Leader
    Posted 09-12-2024 12:02 PM

    Hi ASES Friends, 

    I wanted to let you know about a new publication in Elsevier's Solar Compass. Here, Simeng Hao and I find that large-scale solar projects in the Midwestern United States (US) increase nearby property values by 0.5–2.0%.

    Here's the link to the study: https://doi.org/10.1016/j.solcom.2024.100090

    More and more large, utility-scale solar projects continue to be proposed across the Midwest (and the entire US/world), and we comprehensively study the residential property value impacts related to the construction of 70 solar projects (5 MW+) in the region (built 2009­–2022). This is an important and unique contribution, as most prior studies have just investigated the impact of one particular solar project, which is too narrow to imply any broader trend. Most prior studies also show mixed or insignificant impacts, whereas our study shows a strong positive correlation between building a large solar project and increased property values. In particular, we find that home values can increase up to $3,200 with a large solar project in their zip code. While we did not specifically study "why" property values increase, we surmise that the new tax revenues fed into communities from these large solar projects (and how this supports local schools + other public services), as well as new local employment opportunities, are probable drivers. This is a question for future research. It's also worth noting that we found that utility-scale solar projects positively impact nearby property values in both rural and metro areas. Our work has clear policy implications, such as reducing setback rules and otherwise streamlining project approval processes to meet RPS and other RE/decarbonization goals.

    Our paper is fully open access. Give it a read and enjoy! And continue to follow along with what the Michaud Energy Policy Research Group is up to here: https://www.michaudenergypolicyresearchgroup.com/

    Best,

    Gilbert

    --

    Gilbert Michaud, PhD

    Assistant Professor  

    School of Environmental Sustainability 

    Loyola University Chicago 

    773.508.7986

    gmichaud@luc.edu  

    See research group website



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    Gilbert Michaud
    Assistant Professor
    Loyola University Chicago
    Chicago
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  • 2.  RE: New study published: "Assessing property value impacts near utility-scale solar in the Midwestern United States"

    Silver
    Contributor
    Posted 09-16-2024 08:27 AM

    Incredible! Thanks so much for sharing this, Gilbert! I just shared it on the ASES social media platforms :).



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    Ella Nielsen
    Membership & Engagement Director
    American Solar Energy Society
    Boulder CO
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    Original Message