Using research completed recently by a land economist with the University of Guelph and published in Land Economics, Wind Concerns calculates that overall, the property loss for houses within 5 km of the 33 planned turbines could be $87.8 million. Using other research that is less conservative, however, the property value loss could be more than $140 million.
Research done in 2016 by the partnership of Clarkson University and Nanos Research on U.S properties with a view of Wolfe Island wind turbines showed an overall property value loss of 15 per cent for homes “with a view” of the turbines. Older research done by Ontario real estate appraiser Ben Lansink in 2012 found a more dramatic reduction for properties closest to turbines, an average loss of 37 per cent.
University of Guelph associate professor Richard Vyn found a property value loss in communities opposed to wind power projects of 8.98 percent for houses within 2 km of turbines, and 8.62 per cent for properties within 4 km, post-construction of turbines.
For the Nation Rise power project, there are 828 properties within 1,500 metres of turbines according to the wind power developer, Portugal-based EDP, and approximately 2,500 residences within 2 to 5 km of the turbines, according to community group Concerned Citizens of North Stormont.
The houses within 1,500 metres of a turbine in the “Nation Rise” project could see a loss of $21.8 million using professor Vyn’s estimate, $37 million according to Clarkson-Nanos, or as much as $91 million in losses using Mr. Lansink’s calculations.
The community group has appealed the project approval on the basis of environmental, safety and health concerns, and is worried about the effect of turbine construction on the water supply, which could be an additional factor in property value loss.
Wind power proponents and Ontario’s municipal assessment agency have maintained that there is no appreciable property value loss, but an energy commentator wrote in Forbes magazine in 2015 that “there’s a heavily funded public relations machine to make Americans think that wind power doesn’t impact property values.”
“Renewable energy and the ‘environment’ are big businesses and they include not just energy producing companies but also various agencies, interest groups, and even university researchers,” Jude Clemente wrote. “Their grant money and careers are at stake.”
Clemente added that “Many members of the Real Estate and Appraisal businesses, however, have been clear that wind power DOES impact property values … it would seem to me that these groups have no vested interest in supporting wind power or not supporting it.”
A decision is expected on the Nation Rise project appeal in the first week of January, 2019.
Ontario’s Independent Electricity System Operator (IESO) says Ontario has an adequate supply of power until 2035. The 20-year contract for the Nation Rise project will cost Ontario more than $450 million.
|#properties||Value at $300K each||Estimated loss – Vyn 8.8%||Estimated loss-Clarkson-Nanos/Lansink 15%|
|3,328||$998.4 Million||$87.8 million||$140.7 million|
Reposted from Wind Concerns Ontario December 5, 2018 www.windconcernsontario.ca
Richard Vyn, “Property Value Impacts of Wind Turbines and the Influence of Attitudes toward Wind Energy”, Land Economics. http://le.uwpress.org/content/94/4/496.abstract?etoc