Abstract
This paper discusses the findings from a UK study to determine the likely impact of a wind farm on house prices using a hedonic pricing model. The Government's commitment to wind power has resulted in a massive increase in the number of wind farms sited in the UK. This has led to concerns that their visual and aural presence could have a negative impact on proximate house prices. This paper presents an analysis of 201sales transactions from houses situated within half a mile of a 16 turbine wind farm in Cornwall, UK. Whilst no causal link was established between the presence of the wind farm and house price, there was some evidence to suggest that both noise and flicker from the turbine blades could blight certain property and that the view of countryside enjoyed by the occupier had some value which may be affected by a wind farm. Santrauka Šiame darbe aptariami JK atlikto tyrimo rezultatai, kuriuo, taikant hedonistinį kainų modelį, siekta nustatyti galimą vėjo jėgainių poveikį namų kainoms. Vyriausybės parama vėjo energijai paskatino naujo elemento, vėjo jėgainės, atsiradimą aplinkoje; susirūpinta, ar vėjo jėgainių vaizdas ir garsas galėtų neigiamai paveikti namų kainas. Šiame darbe nagrinėjamas 201 prekybinis sandoris, susijęs su namais, pusę mylios nutolusiais nuo Bears Down, Kornvalyje (JK), esančio 16 vėjo jėgainių ūkio. Nors priežastinis ryšys tarp vėjo jėgainių ir namų kainos nepastebėtas, yra įrodymų, kad jėgainės keliamas triukšmas ir menčių mirgėjimas kai kuriems nekilnojamojo turto objektams galėtų pakenkti ir kad gyventojui patikęs kaimo vaizdas gali tapti nebepatrauklus.
Highlights
The 2007 Energy White Paper, published in May 2007, sets out the Government’s international and domestic energy strategy to respond to Climate Change with the main aim of cutting, “CO2 emissions [in the UK] by some 60% by about 2050, with real progress by 2020” (DTI, 2007)
The governments reliance on wind power as the main source of renewable energy has raised public concern, not just about the ability of this technology to provide sufficient energy to meet the 2020 target, and with regard to the impact that the visual and aural presence of turbines could have on wildlife, surrounding property values and the health of residents living close by, since the number of wind turbines sited around the UK continues to grow
The aim of this research was to determine whether the presence of a wind farm influenced proximate house prices
Summary
The 2007 Energy White Paper, published in May 2007, sets out the Government’s international and domestic energy strategy to respond to Climate Change with the main aim of cutting, “CO2 emissions [in the UK] by some 60% by about 2050, with real progress by 2020” (DTI, 2007). Wind power is the fastest growing renewable energy sector in Britain (BBC Radio 4, 2007), “experts interviewed on ‘Costing the Earth,’ claim that the power of the wind to deliver electricity is being overestimated” (Country Guardian, 2007). They argue that the Government has already invested, “half a billion pounds so far” wind power has “as yet...failed to deliver half of one per cent of our electricity needs” (ibid). The unreliability of wind generated electricity means that customers must have the ability to switch over from wind power to an alternative source of electricity, (produced from either nuclear, oil or coal fired power stations).
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