Property Value Impact Study
www.cohnreznick.com PROPERTY VALUE IMPACT STUDY ADJACENT PROPERTY VALUES SOLAR IMPACT STUDY A STUDY OF EIGHT EXISTING SOLAR FACILITIES Located in Lapeer County, Michigan; Chisago County, Minnesota; Marion County, Indiana; LaSalle County, Illinois; Bladen, Cumberland, Rutherford and Wilson Counties, North Carolina; and Isle of Wight County, Virginia PREPARED FOR: SUBMITTED BY: Orion Renewable Energy Group CohnReznick, LLP 155 Grand Avenue, Suite 706 Valuation Advisory Services Oakland, CA 94612 200 S Wacker Drive, Suite 2600 Chicago, IL 60606 (312) 508-5900 Andrew R. Lines, MAI June 10, 2020 Patricia L. McGarr, MAI, CRE, FRICS Prepared for Orion Renewable Energy Group Page | 2 EXECUTIVE SUMMARY The purpose of this real estate impact study is to determine whether existing solar farm uses have had any measurable impact on the value of adjacent properties. According to the Solar Energy Industries Association (SEIA) statistics, utility-scale, solar photovoltaic (PV) installations over the next four years, through 2024, represent the largest percentage of deployment of solar PV installations for the United States in total and on an annual basis. The total installed solar capacity increased to 71.3 GW as of third quarter 2019, and the total installed capacity is expected to top 100 gigawatts (“GW”) by 2021. With the increase of utility-scale solar installations across the country, solar projects have become a common and understood feature of the landscape and will continue to do so with the projected additional capacity to come online in the coming years. The proposed solar energy site is located in Cheboygan County, Michigan, with a weighted-average Overall NCCPI1 of 32.3, reflecting a rating classification of moderately low inherent productivity where conditions are generally not favorable for crop production, and none of the site is considered prime farmland in its current state.
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