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he renewable energy sector is rapidly evolving, and large-scale solar projects are taking the lead. Morgan Stanley has even adjusted their projections, now anticipating that the U.S. will see an increase in utility-scale solar setups of 19 GW in 2023 and 27 GW in 2024, a rise from their prior figures of 13 GW and 22 GW. By 2030, they see this number climbing to an impressive 42 GW each year.
Rising Utility-Scale Solar Installations: Projections and Concerns
Yet, while the industry is buzzing with excitement, many homeowners living close to potential project sites are less thrilled. They fear that vast arrays of solar panels might change their area's visual appeal, potentially turning off future property buyers. Worries about equipment noise and increased vehicle traffic only add to their reservations.
A new in-depth study by Conservative Texans For Energy Innovation (CTEI), in partnership with the Advanced Power Alliance and the Solar Energy Industries Association, sheds new light on the matter.
Looking into the real estate trends around six large-scale solar projects in four Texas counties – Tom Green, Bell, Lamar, and Bee – the research aimed to see if single-family home sales near these facilities faced any challenges. The goal was to determine whether these properties were sold at lower prices, took longer to sell, or experienced bigger gaps between their listing and final sale prices compared to homes located farther away.
Real Estate Impact: Insights from a Study on Large-Scale Solar Projects
Surprisingly, the study found no evidence of any negative market impact on nearby residential properties. Key sales metrics, such as interior square foot prices, sale-to-list price ratios, and days on the market (DOM), remained on par with their counterparts located at a distance.
Delving deeper, the researchers conducted interviews with local real estate stakeholders, who confirmed that even when residents were aware of the nearby solar power projects, this knowledge didn't dampen the price or elongate the sales process.
The study concluded that "In general, and consistent with the published literature, any potential for individual sales to be affected tends to involve properties with a direct view of a utility-scale solar project; but overall, it appears a market and demand exists for those properties at competitive prices."
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Key takeaways
- Industry Growth: Morgan Stanley projects a significant increase in utility-scale solar installations in the U.S., with estimates rising from 19 GW in 2023 to 42 GW annually by 2030.
- Community Concerns: Homeowners near potential solar project sites express concerns about visual impact, noise from equipment, and increased traffic.
- Research Study: Conservative Texans For Energy Innovation (CTEI), in partnership with other organizations, conducted a study on real estate trends around six large-scale solar projects in Texas counties.
- Study Findings: Despite initial concerns, the research found no evidence of negative market impact on nearby residential properties. Key sales metrics, such as prices and days on the market, remained consistent with properties farther away.
- Local Real Estate Stakeholders: Interviews with local stakeholders confirmed that awareness of nearby solar projects did not affect property prices or sales processes.
- Conclusion: While properties with direct views of solar projects may be affected, overall, there is still demand for these properties at competitive prices.
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