Property Value
Hexagon Energy is proposing to build Loblolly Solar in Surry County. This project offers a huge net benefit for the environment, a boost to the local economy, and substantial, reliable tax revenue for the County.
But, understandably, you’re wondering about the potential impact to property value near the project. Luckily, we have 32 operating solar farms in Virginia, hundreds more in North Carolina, and thousands across the USA that provide key insights. After an extensive study conducted by a third party research institution of property sales near solar projects, experts concluded that your property value is safe.
“The matched pair analysis shows no impact in home values due to abutting or adjoining a solar farm as well as no impact to abutting or adjacent vacant residential or agricultural land where there is sufficient setbacks and buffering as identified in the analysis.”
“Based on the data and analysis in this report, it is my professional opinion that the solar farm proposed at the subject property will have no impact on the value of adjoining or abutting property and that the proposed use is in harmony with the area in which it is located.”
— Richard C. Kirkland, Jr., MAI, VA State Certified General Appraiser
The study was conducted by MAI State Certified General Appraiser, Richard C. Kirkland, Jr. With 20 years’ experience, he has studied some 600 solar projects across our country. Commissioned to determine the potential impact Loblolly Solar could have on adjoining properties like yours, Kirkland researched and visited an abundance of solar farms in Virginia and other states. To reach a trustworthy conclusion, he utilized sound methodology, researched articles through the Appraisal Institute, and spoke with real estate professionals and property owners.
The most prevalent method used by Kirkland is the Paired Data Analysis, as outlined in The Appraisal of Real Estate, Twelfth Edition. For each surveyed solar farm, which includes 46 existing and proposed solar farms in Virginia, Kirkland compares sales of properties adjoining solar farms to similar properties not near solar farms. He also examines sale and resale prices before and after the arrival of a solar project. The numbers in the report are consistently conclusive: adjacency to a solar farm has no effect on residential or agricultural land value. Feel free to take a closer look at Kirkland’s full report.
Time and time again, his individual examinations show surrounding property values do not go up or down after the arrival of a solar farm. In fact, his studies reveal solar farms are undoubtedly compatible with rural residential and agricultural properties. When determining if a use of property is in harmony with the surrounding area, appraisers consider factors including hazardous material, traffic, odor, noise, stigma, and appearance. None of these pose a threat for Loblolly Solar, according to Kirkland’s report. Here’s why:
Loblolly Solar, like all solar farms, will not produce toxic waste or contain hazardous materials or substances. It will not generate traffic nor produce an odor, significant noise, or light pollution. Even better, Loblolly Solar will have natural vegetative buffers on all sides and have little visual impact.
As far as stigma goes, solar farms do not have one anywhere in the United States. In fact, 92% of Americans want to see an increase in solar farms, crossing all political and social divides.
https://www.pewresearch.org/science/wp-content/uploads/sites/16/2019/11/Climate-Report-Topline-FINAL-11-21-191.pdf
Kirkland’s findings in interviews of residents and landowners near solar farms support this poll. Neighbor’s minds are put at ease knowing that properties housing solar farms are protected from future, more intrusive developments. Equally encouraging: dust, odor, noise, and chemicals from former farming or timber operations are eliminated. Additionally, Loblolly Solar will be secured and remotely monitored, leading to fewer instances of trespassing or other nuisances on your neighboring property.
Loblolly Solar will exist in harmony with your area, and evidence shows your property value will not be affected. Instead, Loblolly Solar will help Virginia secure a clean energy future by adding clean, local power to the grid at the lowest cost possible for new power in Virginia.
