Ball State study finds utility-scale renewable projects have no significant effect on Indiana home prices

A new study from Ball State University's Center for Business and Economic Research looked at whether living near large wind or solar farms hurts home values in Indiana. Researchers examined more than 230,000 home sales between 2004 and 2024, located within 4 miles of solar projects or 5 miles of wind projects. The wind farms studied had at least 600 kilowatts of capacity, and the solar projects were 1 megawatt or larger, including the 200-megawatt Riverstart Solar Park in Randolph County.

The findings: no statistically significant drop in home prices tied to being near these projects. Researchers compared sale prices before and after the renewable projects went online, accounting for factors like project size, whether the area was rural or urban, and nearby brownfields. Across their different methods, they found no lasting negative effect on nearby home values. They caution this is an average across many properties, so it doesn't rule out the possibility that some individual homes could still see an impact.

The results largely match other research on this question. A 2023 study of solar farms in Texas found no negative effect on nearby home prices, and a separate 2023 national study of 1.8 million home sales found only a small, 1.5% average price dip for homes within a half-mile of solar projects, with no effect beyond a mile out. If you live near a proposed or existing wind or solar project in Indiana, this research suggests your property value is unlikely to take a lasting hit because of it, though local conditions can vary.