From a study by Jennifer L. Hinman, graduate student, Illinois State University, Department of Economics:
The estimation results provide evidence that a location effect exists such that before the wind farm was even approved, properties located near the eventual wind farm area were devalued in comparison to other areas. Additionally, the results show that property value impacts vary based on the different stages of wind farm development. These stages of wind farm development roughly correspond to the different levels of risk as perceived by local residents and potential homebuyers. Some of the estimation results support the existence of wind farm anticipation stigma theory, meaning that property values may have diminished due to a fear of the unknown: a general uncertainty surrounding a wind farm project regarding the aesthetic impacts on the landscape, the actual noise impacts from the wind turbines, and just how disruptive the wind farm will actually be.
However, during the operational stage of the wind farm project, as property owners, living in close proximity to Twin Groves I and II wind turbines, acquired additional information on the aesthetic impacts on the landscape and actual noise impacts of the wind turbines to see if any of their concerns materialized, property values rebounded and soared higher in real terms than they were even before wind farm approval. Thus, this study presents evidence that demonstrates close proximity to an operating wind farm does not necessarily negatively influence property value appreciation rates or property value levels (in percentage terms). The estimation results strongly reject the existence of wind farm area stigma theory for the area surrounding Twin Groves I and II.