FOR IMMEDIATE RELEASE
October 2, 2023
Media Contact: Haley Durbin, 713-476-1172, hdurbin@mwcllc.com
AUSTIN, TEXAS — A new study released today, commissioned by Advanced Power Alliance (APA) in partnership with Conservative Texans for Energy Innovation and the Solar Energy Industries Association, shows no evidence of negative market impact for residential properties near utility-scale solar facilities. In all counties studied, the sales prices and marketing times of residential properties located near solar projects were generally consistent with residential sales farther away.
“As Texas continues to realize the benefits of affordable, clean energy, it’s critical that our communities and decision makers have sound data to combat unsubstantiated claims from renewable energy opponents and to confirm the vast economic benefits these projects offer,” said Judd Messer, Texas Vice President of APA. “Utility-scale solar facilities provide tremendous benefits to partnering landowners and taxing entities, and this study again affirms that these facilities do not negatively impact residential real estate values.”
Conducted by Real Property Analytics, the “Study of Residential Market Trends Surrounding Six Utility-Scale Solar Projects in Texas” analyzes six utility-scale solar projects at various stages of development across a diverse geographic area in Texas spanning four counties. Key indicators of shifting markets – price per interior square foot, sales to price list ratios and Days on Market (DOM) – of residential sales near the projects were compared to residential sales located further away.
Erin Kiella, PhD., served as the lead author of the report. Kiella said, “As the market for solar and other renewable energy production grows, it is important to understand how their presence impacts surrounding communities. Studying these projects using market data helps bring clarity on these issues.”
Four Texas counties – Tom Green, Bell, Lamar, and Bee – were studied to understand how real estate markets may be affected when located near utility-scale projects. Sales were analyzed at varying stages of the project, including announcement and construction, because markets can react differently during each phase.
Key findings include:
- The market trend analysis of six utility-scale solar projects across a diverse geographic study area in Texas showed no evidence of negative market impacts for nearby residential properties. The analysis showed a robust and competitive market still exists for these nearby residential properties once solar projects begin development and after they are operational.
- Sale metrics – price per interior square foot, sale to list price ratios, and DOM – in areas close to the solar projects were compared to sales located further from solar projects. Results showed the two areas trended similarly.
- Study results were consistent across varying locations, residential markets, and project stages.
- Market interviews with local market experts and agents associated with sales proximate to solar projects also confirmed the market trend results.
An executive summary and full copy of the report can be found here.
Texas has more than 18,800 MW of installed solar, accounting for 11.9% of the total installed solar capacity in the United States. Currently ranking second in installed capacity, Texas is positioned to become the nationwide solar leader as installed solar capacity is expected to grow by 4 GW over the next five years.
The Advanced Power Alliance (APA) is an industry trade association that promotes the development of advanced energy technologies that deliver clean, reliable, affordable power for consumers, businesses and manufacturers across the United States.
Conservative Texans for Energy Innovation Foundation (CTEI) is a non-profit clean energy education and advocacy organization. Our purpose is to promote energy innovation and clean energy policies grounded in the conservative principle of common sense, market-based solutions that allow fair competition and provide greater access to clean, affordable and reliable energy.
The Solar Energy Industries Association (SEIA) is leading the transformation to a clean energy economy, creating the framework for solar to achieve 30% of U.S. electricity generation by 2030. SEIA works with its 1,000 member companies and other strategic partners to fight for policies that create jobs in every community and shape fair market rules that promote competition and the growth of reliable, low-cost solar power.
