West Carleton Battery Energy Storage System (BESS) - Could It Affect Property Values?
There is currently a proposal with the city to install a Battery Energy Storage System, otherwise known as BESS, in West Carleton. The community has a lot of concerns about the possible fire hazards and environmental issues these types of facilities can present. Another concern is that the facility is being built in a rural community with homes nearby , and the possible negative impact it will have on property values. Homes in the area will become less desirable to Buyers and sell for less than comparable homes farther away from the facility. Insurance might be more expensive or difficult to obtain, mortgage lenders might find nearby homes risky, and likely the biggest effect will be the stigma it creates for homes in the area. A stigma can be long-lasting and difficult to overcome, even if the facility operates safely and without incident. Perception often carries more weight than reality in real estate, and Buyers may hesitate to purchase in a community associated with ...