Wind and Solar Farms Don't Lower Home Values, Study Finds

When new wind or solar farms are proposed, concerned neighbors often worry their home values will plummet. But a comprehensive Indiana study just put that fear to rest with hard data.

Researchers at Ball State University examined two decades of home sales across Indiana, from 2004 through 2024. They compared properties before and after renewable energy projects went live, and looked at homes close to the projects versus those farther away.

The results were clear. The team found no statistically significant negative effect on home prices near commercial wind turbines or utility-scale solar farms.

For wind projects, researchers studied sales within five miles of turbines across three Indiana regions. Some models showed small price decreases while others showed increases, but none were significant enough to distinguish from normal market variation. One model suggested homes within a mile of turbines sold for 11.5% less, but the researchers couldn't confirm it was more than typical housing market noise.

Solar farms showed similar results. Homes within half a mile of projects saw estimated price drops of just 0.9% to 1.4% in some models, but again, those numbers weren't statistically meaningful.

There was one surprise in the data. Homes near solar farms owned by investor-owned utilities actually saw prices jump 7.9% after projects came online. Researchers think this could reflect better project design and maintenance, or the benefit of increased property tax revenue flowing to local communities.

The Ripple Effect

This research matters beyond Indiana. As clean energy expands nationwide, many communities face the same property value concerns. Having 20 years of real sales data gives homeowners and local officials something concrete to work with instead of speculation.

The study doesn't mean every single property is unaffected. Individual homes might see changes for specific reasons. But across thousands of sales over two decades, any negative effects weren't widespread or detectable.

Indiana's siting rules, including setbacks and other protections for neighboring properties, likely play a role in these results. Where and how renewable projects are built still matters for the communities around them.

The findings come at an important time for Indiana. As of September 2025, 40 of the state's 92 counties had restrictions on wind development, and 24 had solar limitations. Many of those rules were driven by property value concerns.

This study gives those communities real evidence that renewable energy and stable home values can coexist.