The impact of wind farms on property values: A locally weighted hedonic pricing model.

Wind power in Germany has triggered much debate regarding the impacts on landscape and vista. This paper investigates the impact of wind farms on surrounding property values using a hedonic pricing model in a spatial fixed effects and a locally weighted specification. We find that proximity generally causes negative impacts on the surrounding property values. Thereby, local statistics reveal varying spatial patterns across the study area and provide evidence for visibility effects as being a key driver of negative impacts captured by distance measures. The analysis was performed for a study area in Germany. [ABSTRACT FROM AUTHOR]