![]() ![]() ![]() Several other modeling exercises (see for example, WWF, 2017, European Commission, 2016) suggest that the increase in wind energy installations in Greece will continue beyond 2030, reaching an installed capacity ranging from 8000 to 10,500 MW by 2050. The draft National Energy Climate Plan of Greece (submitted to the European Commission in January 2019) foresees that the installed capacity of wind farms will reach 6600 MW by 2030 (MEE, 2019). In this context, the utilization of wind energy in the power generation systems is expected to increase in the coming years. The EU 2030 climate and energy framework sets three key targets for the year 2030: (i) at least 40% reduction in greenhouse gas emissions compared with 1990 levels, (ii) at least a 32% share for renewable energy, and (iii) at least a 32.5% improvement in energy efficiency. Thus, while in 2000, the installed capacity of wind farms in Greece was only 226 MW, in 2017, it reached 2377 MW, with the generated electricity amounting to 7.4% of the total domestic electricity demand. The exploitation of renewable energy source (RES) technologies, particularly wind and photovoltaic systems, is a key pillar of the European policy for tackling climate change. We find that in Evia, the per unit floor area sales price decreased for dwellings located within a 2 km radius of the wind farms, while in Kefalonia, the distance of the house to the wind turbines had no statistically significant effect on the sales price. Four different hedonic price models are developed and applied, with diverging results in the two areas. It examines the characteristics of approximately 1,800 sales of single-family homes surrounding 17 existing wind facilities in two Greek islands, namely Evia and Kefalonia. This study applies the hedonic pricing method to estimate the value of environmental externalities associated with large-scale exploitation of wind power at a local level. Criticism focuses primarily on the visual impact of wind turbines and transmission lines, which may result in perceived deterioration of the landscape and also harm other economic activities such as tourism and real estate. Although wind energy is a pollution-free and infinitely sustainable form of energy, there is considerable concern over certain environmental effects resulting from its development. ![]()
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