Working Paper Series,
Royal Institute of Technology, Department of Real Estate and Construction Management & Banking and Finance

Abstract: The expansion of wind turbines plays a significant role in developing the ability of a country like Sweden to achieve climate-neutral energy production without relying on nuclear power plants. Wind-turbine energy production is expected to grow in coming decades. Conflicts may arise between, on the one hand, the government and the energy authority, and, on the other hand, between municipalities and property owners, especially if this expansion affects other economic activities, such as tourism and reindeer husbandry, or affects property values. This report aims to analyse the negative capitalisation of wind turbines on property values in Sweden over the last ten years. Our conclusions clearly show a relatively significant capitalisation, and that this capitalisation is relatively local, within ten kilometres of the wind power plant. Large wind turbines, or larger clusters of wind turbines in wind farms, impose a greater socio-economic cost in lower property values.

Keywords: sustainability; wind turbines; capitalisation; housing values; hedonic analysis

JEL-codes: Q01; Q53; R51; R53

20 pages, May 27, 2021

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