Impact of Utility-Scale Solar Farms on Property Values in North Carolina

Abstract

The aim of this paper is to investigate impacts of utility-scale solar farms on surrounding property values. Using data from CoreLogic, the Energy Information Administration (EIA), and the US Census Bureau, this study identifies a 12% statistically significant increase in sale values associated with high-income residential homes within three miles of a solar farm. However, low-income homes built near solar farms are associated with a -1.4% decrease in sale values. As North Carolina continues to expand solar energy, specifically through photovoltaic utilities, understanding the impact of solar development on surrounding communities should be a priority and policies should aim to prevent property devaluations in low-income neighborhoods caused by solar farms.