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Home My WebLink AboutSP202100001 Study - Solar Impact Special Use Permit 2020-10-13'"1P� Kirkland ^`5,a Appraisals, LLC October 13, 2020 Ms. Lisa Mattson Sun Tribe Development 300 East Main Street, Suite 200 Charlottesville, VA 22902 RE: Midway Solar Impact Study Ms. Mattson Richard C. Kirkland, Jr., MAI 9408 Northfield Court Raleigh North Carolina 27603 Phone (919) 414-8142 rkirkland2(oemail.com w .kirklandappraisals.com At your request, I have considered the impact of a solar farm proposed to be constructed on 90 acres out of a parent tract assemblage of 136 acres located on Craigs Store Road, Batesville, Albemarle County, Virginia. Specifically, I have been asked to give my professional opinion on whether the proposed solar farm will have any impact on adjoining property value. To form an opinion on these issues, I have researched and visited existing and proposed solar farms in Virginia as well as other states, researched articles through the Appraisal Institute and other studies, and discussed the likely impact with other real estate professionals. I have not been asked to assign any value to any specific property. This letter is a limited report of a real property appraisal consulting assignment and subject to the limiting conditions attached to this letter. My client is Sun Tribe Development, represented to me by Ms. Lisa Mattson. The effective date of this consultation is October 13, 2020. Conclusion The matched pair analysis shows no impact in home values due to abutting or adjoining a solar farm as well as no impact to abutting or adjacent vacant residential or agricultural land with visual barriers and distances similar to what is proposed at the subject property. I have considered matched pairs of sales of homes adjoining solar farms in Virginia as well as other states for supplemental data in this analysis. Very similar solar farms in very similar areas have been found by hundreds of towns and counties not to have a substantial injury to abutting or adjoining properties, and many of those findings of no impact have been upheld by appellate courts. Similar solar farms have been approved adjoining agricultural uses, schools, churches, and residential developments. Based on the data and analysis in this report, it is my professional opinion that the solar farm proposed at the subject property will have no impact on the value of adjoining or abutting property. I note that larger solar farms using fixed or tracking panels are a passive use of the land that is in keeping with a rural/residential area. Solar farms are comparable to larger greenhouses. This is not surprising given that a greenhouse is essentially another method for collecting passive solar energy. The greenhouse use is well received in residential/rural areas and has a similar visual impact as a solar farm. z If you have any further questions please call me any time. Sincerely, " Q�p C. Amu C. KIR,Yi. RP"T4 otr� r Q f,Q4� APPKP� Ng1F0 SE�� Richard C. Kirkland, Jr., MAI Virginia Certified General Appraiser #4001017291 3 Standards and Methodology I conducted this analysis using the standards and practices established by the Appraisal Institute and that conform to the Uniform Standards of Professional Appraisal Practice. The analyses and methodologies contained in this report are accepted by all major lending institutions, and they are used in Virginia and across the country as the industry standard by certified appraisers conducting appraisals, market analyses, or impact studies and are considered adequate to form an opinion of the impact of a land use on neighboring properties. These standards and practices have also been accepted by the courts at the trial and appellate levels and by federal courts throughout the country as adequate to reach conclusions about the likely impact a use will have on adjoining or abutting properties. The aforementioned standards compare property uses in the same market and generally within the same calendar year so that fluctuating markets do not alter study results. Although these standards do not require a linear study that examines adjoining property values before and after a new use (e.g. a solar farm) is developed, some of these studies do in fact employ this type of analysis. Comparative studies, as used in this report, are considered an industry standard. Determining what is an External Obsolescence An external obsolescence is a use of property that, because of its characteristics, might have a negative impact on the value of adjacent or nearby properties because of identifiable impacts. Determining whether a use would be considered an external obsolescence requires a study that isolates that use, eliminates any other causing factors, and then studies the sales of nearby versus distant comparable properties. The presence of one or a combination of key factors does not mean the use will be an external obsolescence, but a combination of these factors tend to be present when market data reflects that a use is an external obsolescence. External obsolescence is evaluated by appraisers based on several factors. These factors include but are not limited to: 1) Traffic. Solar Farms are not traffic generators. 2) Odor. Solar farms do not produce odor. 3) Noise. Solar farms generate no noise concerns and are silent at night. 4) Environmental. Solar farms do not produce toxic or hazardous waste. NCDEQ does not consider the panels to be impervious surfaces that impede groundwater absorption or cause runoff. 5) Other factors. I have observed and studied many solar farms and have never observed any characteristic about such facilities that prevents or impedes neighbor from fully using their homes or farms or businesses for the use intended. Proposed Use Description The proposed 8 MW solar farm is proposed to be constructed on 90 acres out of a parent tract assemblage of 136 acres located on Craigs Store Road, Batesville, Albemarle County, Virginia. Adjoining land is primarily a mix of residential and agricultural uses. El Adjoining Properties I have considered adjoining uses and included a map to identify each parcel's location. The breakdown of those uses by acreage and number of parcels is summarized below. Adjoining Use Breakdown Acreage Parcels Residential 19.75% 62.50% Agricultural 46.49% 18.75% Agri/Res 33.76% 18.75% Total 100.00% 100.00% J Surrounding Uses 8 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 MAP ID Owner 08500-00-00-003AO Haupt 08500-00-00-003A1 Haupt 08500-00-00-018A1 Zavada 08500-00-00-018DO Williams 08500-00-00-018EO Ball 08500-00-00-018BO Mawyer 08500-00-00-018B3 Graves 08500-00-00-03300 Yancey Lumber 08500-00-00-01500 Root 08500-00-00-01600 Tueting 08500-00-00-016AO Canody 08500-00-00-01700 Spangler 08500-00-00-004DO Riker 08500-00-00-00400 Ryder 08500-00-00-004EO Marshall Estate 08500-00-00-00300 Fellows GIB Data Adjoin Adjoin Distance (it) Acres Present Use Acres Parcels Home/Panel 79.50 Agri/Res 17.72% 6.259/. 1,900 24.06 Agricultural 5.36% 6.25% N/A 12.96 Residential 2.89% 6.25% 1,790 16.89 Residential 3.76% 6.25% 1,290 13.28 Residential 2.96% 6.25% 1,140 11.49 Residential 2.56% 6.250% 525 2.51 Residential 0.56% 6.250% 530 107.97 Agricultural 24.06% 6.25% N/A 33.49 Agri/Res 7.460% 6.250% 760 8.77 Residential 1.950% 6.250% 360 3.76 Residential 0,84% 6.250% 340 5.04 Residential 1.120% 6.250% 475 2.50 Residential 0.56% 6.250% 595 76.59 Agricultural 17.070% 6.25% N/A 11.41 Residential 2.540% 6.250% 550 38.50 Agri/Res 8.580% 6.250% 900 Total 448.722 loO.0o% loo.00% 858 0 I. Summary of Solar Projects in Virginia I have researched the solar projects in Virginia. I identified the solar farms through the Solar Energy Industries Association (SEIA) Major Projects List and then excluded the roof mounted facilities. For this analysis I specifically looked at existing and proposed solar farms in Virginia. I have provided a summary of projects below and additional detailed information on the projects on the following pages. I specifically note the similarity in most of the sites in Virginia as compared to most of the states that I have searched before in terms of mix of adjoining uses, topography, and distances to adjoining homes. A summary of the solar farm description is presented below and followed by a brief description, map and breakdown of adjoining uses for each of these solar farms considered. Avg. Dist Closest Adjoining Use by Acre Parcel • Sta Caunty City Name Output Total Acres Used Acres to home Home Rea Agri Agri/Rea Core jMWj 115 VA Buckingham Cumberland Buckingham1 19.8 481.18 N/A N/A 8% 73% 18% 0% 121 VA Powhaum Amelia Crthouse Scott 20 898.4 1,421 730 29% 28% 44% 0% 204 VA New Kent Barhamsville Walker-Conectione 20 484.65 484.65 516 103 13% 68vo 2Tw/ 0% 205 VA Sussex Stony Creek Sappany 20 322.68 322.68 2% 98% W/6 0% 216 VA Southampton Boykin Beetle 40 422.19 422.19 1,169 310 Ow/s ION. 90w/o 0% 222 VA Mecklenburg Chase City Grasshopper SO 946.25 946.25 6% 87 % 5% 1% 226 VA Luuisa Louisa Deeper 88 1238.11 1238.11 150 19% 53% 28wo 0% 228 VA Mecklenburg Chase City Bluestone Farm 4.99 332.5 332.5 0% 100vu 0% 0% 257 VA Prince William Nokesville Nokesville 331.01 331.01 120% 49 % 17% 23% 261 VA Buckingham Bucldngbam Buckingham It 19.8 460.05 460.05 69/6 79% 15% 0% 262 VA Shenandoah Mount Jackson Mount Jackson 15.65 652.47 652.47 21% 51% 14% 13% 263 VA Gloucester Gloucester Gloucester 20 203.55 203.55 508 190 17% 55% 28% 0% 267 VA Powhatan Powhatan Scott 11 701 ml 41% 25% 34% 0% 270 VA SuNolk Suffolk WE Myrtle 15 258.97 258.97 1,115 150 34% 48vo 17/6 0% 272 VA Middlesex Church View Chumhmew 20 567.91 %7.91 9% 64% 27% Ow/ 303 VA Henrioo Hendco Turner 20 463.12 463.12 N/A N/A 21% 37% 0% 42% 304 VA Culpepper Rixeyville Culpepper 296 296 N/A N/A 59% 31% 64% 0% 311 VA Halifax Scottsburg Sunnybrook Farm 527.88 527.88 N/A N/A 15% 59% 26% Ow/v 312 VA Halifax Alton Powell Creek 513 513 N/A N/A 7% 71% 22% 0% 339 VA Halifax Crystal Hill Crystal Hill 628.67 628.67 1,570 140 6% 41% 35% 18% 354 VA Acromack Oak Hall Amawn East 80 1000 1000 645 135 8wh 75% 17% 0% 355 VA Halifax Alton Alton Post 501.96 501.96 749 100 2% 58 o 40% 0% 358 VA Halifax Nathalie Water Strider 960 960 821 250 7% 55°0 38% 364 VA Faugmer Remington Remington 20 277.2 277.2 2,755 1,280 10% 41% 31% 18% 365 VA Culpepper Stevenaburg Greenwood 100 2266.58 2266.58 788 200 8% 62 % 29% 0% 370 VA Northampton Kendal] Grove Cherrydale 20 180.17 180.17 N/A N/A S% W. 92% 3% 371 VA Clarke White Post Clarke 10 234.84 234.84 N/A N/A 14 % 39v/ 46% 1% 372 VA Bedford Bedford Bedford 3 101 101 N/A N/A Soh 0% fi6% 26% 373 VA Isle of Wight Smithfield WoodlandVA 19.7 211.12 211.12 606 190 9% 0% 91% 0% 374 VA Louisa Louisa Whitehouse 20 499.52 499.52 1,195 110 24% 55% 18% 49% 407 VA Halifax Clover Foxhound 91 1311.78 1311.78 885 185 5% 61% 17% 18% 415 VA Halifax Nathalie Stagecoachll 16.625 327.87 377.87 1,073 255 5% 66/ 29% 00% 484 VA Essex Center Cross Essex Solar Center 20 106.12 106.12 693 360 39/6 70% 27% 09% 485 VA Southampton Newsome Southampton 100 3243.92 3243.92 - - 3% 78% 17% 3% 487 VA Augusta Stuarts Draft Augusta 125 3197.4 1147 588 165 169% 61% 16% 7% 495 VA King and Quee: Sharldefords Walnut 110 1700 1173 641 165 1491. 72 % 13% 1% 497 VA Halifax Clover Piney Creek 80 776.18 422 523 195 15% 62% 24% 0% 501 VA Lancaster White Stone Rappaharmock 2 184 25 831 560 30% W. 70ll 0% 511 VA Middlesex Topping I APuller 15 120 120 1,095 185 59% 32w/ W/ 1O/ 517 VA Page Stanley Dogwood - 360.7 110 2,207 225 129% 22 % 65% 0'/0 518 VA Page Luray Cape - 566.53 461 519 110 429% 1-W. 46% 0'/0 519 VA Greenville Emporia Fountain Creek 80 798.3 798.3 - - 6% 23% 71% 0% 557 VA Cheaterfield Chesterfield Wlnterpocir1 518 308 2,106 350 4% 78% 18% 00% 559 VA Middlesex Hartfield Wood Brothers 5 60.61 38.67 878 205 12% 86% 0% 2% 5T VA Isle of Wight Windsor Windsor 85 564.1 564A 572 160 9wh 67 o 24% 0% 579 VA Spotaylvmria Paytea Spotaylvania Soo 6412 35M 9% 52% 11% 27w/o 586 VA King William Aylett Sweet Sue 77 1262 576 1,617 680 7% 68vo 25% 591 VA Prince George Disputants Warwick 26.5 967.62 442.05 555 115 121Y. 68 % 20% 621 VA Sorry Spring Grove Loblolly 150 2181.92 1000 1,860 I10 71/ 62% 31% 0°h 622 VA Albemarle Scottsville Woodridge 138 2260.87 1000 1,094 170 T16 63% 28% 0°h 624 VA Dinwiddie Dinwiddie Reams 5 64.1 37.8 873 270 28% 40tt 32% W/ 633 VA Greenville Emporia Brunswick 150.2 2076.36 1387.3 1,091 240 4% 85 % 11% 0% 642 VA Louisa Louisa Belcher 749.36 658.56 598 180 149% 71% 14% 1% 649 VA Rockingham New Market Endless Caverns 31.5 355 323.6 624 190 15% 27wa 51% 79% 664 VA Halifax South %at. Wellington 20 240.09 137 5% 215 24% 48°/ 28% 00% 671 VA Appomattox Appomattox Spout Spring 60 881.12 673.37 836 335 16% 3WI 46% 8% 704 VA Albemarle Batesville Midway 8 136 90 &58 340 20% 46 % 34% 09% Total Number of Rolm Farms 57 Average 57.15 848.84 646.63 1000.3 263.2 13% 52% 31% 4% Median 20.00 513.00 463. 12 836.0 190.0 9% 55% 27 % 09% High 500.00 6412.00 3500.00 2755.0 1280.0 59% 100% 92% 429% Low 2.00 60.61 25.00 508.0 100.0 OW. 0% W. 0 115: Buckingham Solar, E. James Anderson Hwy, Buckingham, VA This project was proposed in 2017 and located on 460 acres with the closest home proposed to be 150 feet from the closest solar panel. Adjoining Use Breakdown Acreage Parcels Residential 5.95% 71.79% Agricultural 78.81% 20.51% Agri/Res 15.24% 7.69% Total 100.00% 100.00% 9 121: Scott Solar Project, 1580 Goodes Bridge Rd, Powhatan, VA This project was built in 2016 and located on 165 acres out of 898 acres for a 17 MW with the closest home proposed to be 730 feet from the closest solar panel. Adjoining Use Breakdown Acreage Parcels Residential 28.83% 78.57% Agri/Res 43.52% 3.57% Agricultural 27.65% 17.86% Total 100.00% 100.00% 10 204: Walker -Correctional Solar, Barham Road, Barhamsville, VA This project was built in 2017 and located on 484.65 acres for a 20 MW with the closest home at 110 feet from the closest solar panel with an average distance of 500 feet. Adjoining Use Breakdown Acreage Parcels Residential 12.59% 76.92% Agricultural 67.71% 15.38% Agri/Res 19.70% 7.69% Total 100.00% 100.00% 11 205: Sappony Solar, Sussex Drive, Stony Creek, VA This project was built in 2017 and located on 484.65 acres for a 20 MW with the closest home at 110 feet from the closest solar panel with an average distance of 500 feet. Adjoining Use Breakdown Acreage Parcels Residential 12.59% 76.92% Agricultural 67.71% 15.38% Agri/Res 19.70% 7.69% Total 100.00% 100.00% 12 354: Amazon Solar project East (Eastern Shore), Accomack, VA This project was built in 2016 for a solar project on a 1,000 acre assemblage for an 80 MW facility. The closest home is 135 feet from the closest panel. Adjoining Use Breakdown Acreage Parcels Residential 8.18% 63.74% Agricultural 75.16% 30.77% Agri/Res Substation Church Total 16.56% 3.300/. 0.08% 1.100% 0.01% 1.100% 100.00% 100.00% 13 364: Remington Solar, 12080 Lucky Hill Rd, Remington, VA This project was built in 2017 for a solar project on a 125 acre tract for a 20 MW facility. There were some recent home sales adjoining this project, but it was difficult to do any matched pairs. One sale was an older home in very poor condition according to the broker and required crossing railroad tracks on a private road to get access to the home and located across from a large industrial building. The other sale is a renovated historic home on a large tract of land just one parcel north of the large industrial building. These sales essentially have too much static around them to isolate any impacts separate from these other factors. Adjoining Use Breakdown Acreage Parcels Residential 10.24% 65.38% Agricultural 40.79% 19.23% Agri/Res 30.87% 7.69% Warehouse 0.82% 3.85% Substation 17.28% 3.85% Total 100.00% 100.00% 14 370: Cherrydale Solar, Seaside Road, Kendall Grove, VA This project was built in 2017 and located on 180.17 acres for a 20 MW facility. Adjoining Use Breakdown Acreage Parcels Residential 5.44% 80.77% Agricultural 92.01% 15.38% Warehouse 2.55% 3.85% Total 100.00% 100.00% 15 371: Clarke County Solar, Double Tollgate Road, White Post, VA This project was built in 2017 and located on a portion of a 234.84-acre tract for a 20 MW facility. Adjoining Use Breakdown Acreage Parcels Residential 13.70% 74.19% Agricultural 38.89% 6.450/. Agri/Res 46.070% 6.45% Commercial 0.19% 6.450% Warehouse 0.850% 3.23% Substation 0.30% 3.23% Total 100.00% 100.00% 16 373: Woodland Solar, Longview Drive, Smithfield, VA This project was built in 2016 for a solar project on a 211.12 acre tract for a 19.7 MW facility. The closest single family home is 190 feet away from the closest solar panel. The average distance is 606 feet. Adjoining Use Breakdown Acreage Parcels Residential 8.85% 46.150/. Agricultural 91.08% 46.150/. Cell Tower 0.07% 7.690% Total 100.00% 100.00% 374: Whitehouse Solar, Chalklevel Road, Louisa, VA This project was built in 2016 for a solar project on a 499.52 acre tract for a 20 MW facility. The closest single family home is 110 feet away from the closest solar panel. The average distance is 1,195 feet. Adjoining Use Breakdown Acreage Parcels Residential 23.55% 70.27% Agricultural 54.51% 10.51% Agri/Res 15.22% 2.70°/u Commercial 2.49% 13.51% Industrial 1.22% 2.70°/u Total 100.00% 100.00% 484: Essex Solar, Tidewater Trail, Center Cross, VA This project was built in 2017 for a solar project on a 106.12 acre tract for a 20 MW facility. The closest single family home is 360 feet away from the closest solar panel. The average distance is 693 feet. Adjoining Use Breakdown Acreage Parcels Residential 3.13% 57.89% Agricultural 69.65% 26.32% Agri/Res 26.99% 10.53% Religious 0.23% 5.26% Total 100.00% 100.00% 485: Southampton Solar, General Thomas Hwy, Newsoms, VA 20 This project was built in 2017 for a solar project on an assemblage of 3,244 acres for a 100 MW facility. Adjoining Use Breakdown Acreage Parcels Residential 2.56% 53.33% Agricultural 77.99% 36.67% Agri/Res 16.56% 8.33% Industrial 2.89% 1.67% Total 100.00% 100.00% II. Market Analvsis of the Imvact on Value from Solar Farms I have researched hundreds of solar farms in numerous states to determine the impact of these facilities on the value of adjoining property. This research has primarily been in North Carolina, but I have also conducted market impact analyses in Virginia, South Carolina, Tennessee, Texas, Oregon, Mississippi, Maryland, New York, California, Missouri, Florida, Montana, Georgia, Kentucky, and New Jersey. Wherever I have looked at solar farms, I have derived a breakdown of the adjoining uses to show what adjoining uses are typical for solar farms and what uses would likely be considered consistent with a solar farm use similar to the breakdown that Ibe shown for the subject property on the previous page. A summary showing the results of compiling that data over hundreds of solar farms is shown later in the Scope of Research section of this report. I also consider whether the properties adjoining a solar farm in one location have characteristics similar to the properties abutting or adjoining the proposed site so that I can make an assessment of market impact on each proposed site. Notably, in most cases solar farms are placed in areas very similar to the site in question, which is surrounded by low density residential and agricultural uses. In my over 650 studies, I have found a striking repetition of that same typical adjoining use mix in over 90% of the solar farms I have looked at. Matched pair results in multiple states are strikingly similar, and all indicate that solar farms — which generate very little traffic, and do not generate noise, dust or have other harmful effects — do not negatively impact the value of adjoining or abutting properties. 22 A. Virginia Data The following set of matched pairs is all derived from Virginia. National data will follow in the next section. I have repeated the Virginia Solar Farm data in the national data as well, which is where the numbering for each solar farm came from. 23 24. Matched Pair - Clarke County Solar, Clarke County, VA This project is a 20 MW facility located on a 234-acre tract that was built in 2017. 24 I have considered two recent sales of Parcel 3. The home on this parcel is 1,230 feet from the closest panel as measured in the second map from Google Earth, which shows the solar farm under construction. This home sold in January 2017 for $295,000 and again in August 2019 for $385,000. I show each sale below and compare those to similar home sales in each time frame. The significant increase in price between 2017 and 2019 is due to a significant kitchen remodel, new roof, and related upgrades as well as improvement in the market in general. The sale and later resale of the home with updates and improvements speaks to pride of ownership and increasing overall value as properties perceived as diminished are less likely to be renovated and sold for profit. I note that 102 Tilthammer includes a number of barns that I did not attribute any value in the analysis. The market would typically give some value for those barns but even without that adjustment there is an indication of a positive impact on value due to the solar farm. Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GLA BR/BA Park Style Other 3 Adjoins 833 Nations Spr 5.13 8/18/2019 $385,000 1979 1,392 $276.58 3/2 net Gar Ranch UnBsmt Not 167 Leslie 5.00 8/19/2020 $429,000 1980 1,665 $257.66 3/2 Det2Gar Ranch Not 2393 Old Chapel 2.47 8/10/2020 $330,000 1974 1,500 $220.00 3/1.5 Det Gar Ranch Not 102 Tilthammer 6.70 5/7/2019 $372,000 1970 1,548 $240.31 3/1.5 Det Gar Ranch UnBsmt Adjoining Sales Adjusted Avg Time Site YB GLA BR/BA Park Other Total % Diff % Diff Distance $385,000 1230 -$13,268-$2,145 -$56,272 -$5,000 $50,000 $402,315 -40% -$9,956 $25,000 $8,250 -$19,008 $5,000 $50,000 $389,286 -1% $3,229 $16,740 -$29,991 $5,000 $366,978 50/6 0% Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GLA BR/BA Park Style Other 3 Adjoins 833 Nations Spr 5.13 1/9/2017 $295,000 1979 1,392 $211.93 3/2 Det Gar Ranch Urasmt Not 6801 Middle 2.00 12/12/2017 $249,999 1981 1,584 $157.83 3/2 Open Ranch Not 4174 Rockland 5.06 1/2/2017 $300,000 1990 1,688 $177.73 3/2 2 Gar 2-story Not 400 Sugar Hill 1.00 6/7/2018 $180,000 1975 1,008 $178.57 3/1 Open Ranch Adjoining Sales Adjusted Avg Time Site YB GLA BR/BA Park Other Total % Diff % Diff Distance $295,000 1230 -$7,100 $25,000-$2,500 -$24,242 $5,000 $50,000 $296,157 00% $177-$16,500 442,085 -$10,000 $50,000 $281,592 5% -$7,797 $3,600 $54,857 $10,000 $5,000 $50,000 $295,661 00% 1% 25 33. Matched Pair - Walker -Correctional Solar, Barham Road, Barhamsville, VA This project was built in 2017 and located on 484.65 acres for a 20 MW with the closest home at 110 feet from the closest solar panel with an average distance of 500 feet. I considered the recent sale identified on the map above as Parcel 19, which is directly across the street and based on the map shown on the following page is 250 feet from the closest panel. A limited buffering remains along the road with natural growth being encouraged, but currently the panels are visible from the road. Alex Uminski, SRA with MGMiller Valuations in Richmond VA confirmed this sale with the buying and selling broker. The selling broker indicated that the solar farm was not a negative influence on this sale and in fact the buyer noticed the solar farm and then discovered the listing. The privacy being afforded by the solar farm was considered a benefit by the buyer. I used a matched pair analysis with a similar sale nearby as shown below and found no negative impact on the sales price. Property actually closed for more than the asking price. Adjoining Residential Sales After Solar Farm Approved Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Other Adjoins 5241 Barham 2.65 10/18/2018 $264,000 2007 1,660 $159.04 3/2 Drive Ranch Modular Not 17950 New Kent 5.00 9/5/2018 $290,000 1987 1,756 $165.15 3/2.5 3 Gar Ranch Not 9252 Ordinary 4.00 6/13/2019 $277,000 2001 1,610 $172.05 3/2 1-5-Gar Ranch Not 2416 W Miller 1.04 9/24/2018 $299,000 1999 1,864 $160.41 3/2.5 Gar Ranch Adjoining Sales Adjusted Solar Address Time Ac/Loc YB GLA BR/BA Park Other Total %Diff Dist Adjoins 5241 Barham $264,000 250 Not 17950 New Kent -$8,000 $29,000 44,756-$5,000-$20,000-$15,000 $266,244 -1% Not 9252 Ordinary -$8,310 -$8,000 $8,310 $2,581-$10,000-$15,000 $246,581 7% Not 2416 W Miller $8,000 $11,960 49,817-$5,000-$10,000-$15,000 $279,143 -69/6 Average Diff 00/6 26 I also spoke with Patrick W. McCrerey of Virginia Estates who was marketing a property that sold at 5300 Barham Road adjoining the Walker -Correctional Solar Farm. He indicated that this property was unique with a home built in 1882 and heavily renovated and updated on 16.02 acres. The solar farm was through the woods and couldn't be seen by this property and it had no impact on marketing this property. This home sold on April 26, 2017 for $358,000. I did not set up any matched pairs for this property as it was such a unique property that any such comparison would be difficult to rely on. The broker's comments do support the assertion that the adjoining solar farm had no impact on value. The home in this case was 510 feet from the closest panel. 27 41. Matched Pair - Sappony Solar, Sussex County, VA This project is a 30 MW facility located on a 322.68-acre tract that was built in the fourth quarter of 2017. I have considered the 2018 sale of Parcel 17 as shown below. Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built Adjoins 12511 Palestine 6.00 7/31/2018 $128,400 2013 Not 15698 Concord 3.92 7/31/2018 $150,000 2010 Not 23209 Sussex 1.03 7/7/2020 $95,000 2005 Not 6494 Rocky Br 4.07 11/8/2018 $100,000 2004 Adjoining Sales Adjusted Time Site YB GLA BR/BA Park Other $0 $2,250-$21,299 $5,000 -$5,660 $13,000 $3,800 $10,209 $5,000 $1,500 -$843 $4,500 $28,185 GBA $/GLA BR/BA Park Style Other 1,900 $67.58 4/2.5 Open Manuf 2,310 $64.94 4/2 Open Manuf Fence 1,675 $56.72 3/2 Det Crpt Manuf 1,405 $71,17 3/2 Open Manuf Avg Total % Diff % Diff Distance $128,400 1425 $135,951 -6% $122,849 49% $131,842 -3% -1% M. R National Data 1. Matched Pair - AM Best Solar Farm, Goldsboro, NC This solar farm adjoins Spring Garden Subdivision which had new homes and lots available for new construction during the approval and construction of the solar farm. The recent home sales have ranged from $200,000 to $250,000. This subdivision sold out the last homes in late 2014. The solar farm is clearly visible particularly along the north end of this street where there is only a thin line of trees separating the solar farm from the single-family homes. Homes backing up to the solar farm are selling at the same price for the same floor plan as the homes that do not back up to the solar farm in this subdivision. According to the builder, the solar farm has been a complete non -factor. Not only do the sales show no difference in the price paid for the various homes adjoining the solar farm versus not adjoining the solar farm, but there are actually more recent sales along the solar farm than not. There is no impact on the sellout rate, or time to sell for the homes adjoining the solar farm. I spoke with a number of owners who adjoin the solar farm and none of them expressed any concern over the solar farm impacting their property value. The data presented on the following page shows multiple homes that have sold in 2013 and 2014 adjoining the solar farm at prices similar to those not along the solar farm. These series of sales indicate that the solar farm has no impact on the adjoining residential use. The homes that were marketed at Spring Garden are shown below. Americmu Weahutom SgFt. 3,194 Pnre S237.900 - SgFt 3,292 Pneer S244,900 BedBath: BedBath 3/3,5 4/3,5 Preeidennel Kennedy SgFt 3,400 P,, - S244400 SgFt 3,494 Price S249,900 BedI Bath: - * Bed/Bath. 5/3.5 5/3 Yvginie SgFt 3,449 Price S259.900 Bed / Bath - 5/3 29 Matched Pairs As of Date: 9/3/2014 Adjoining Sales After Solar Farm Completed TAX ID Owner Acres Date Sold Sales Price Built GBA $/GBA Style 3600195570 Helm 0.76 Sep-13 $250,000 2013 3,292 $75.94 2 Story 3600195361 Leak 1.49 Sep-13 $260,000 2013 3,652 $71.19 2 Story 3600199891 McBrayer 2.24 Jul-14 $250,000 2014 3,292 $75.94 2 Story 3600198632 Foresman 1.13 Aug-14 $253,000 2014 3,400 $74.41 2 Story 3600196656 Hinson 0.75 Dec-13 $255,000 2013 3,453 $73.85 2 Story Average 1.27 $253,600 2013.4 3,418 $74.27 Median 1.13 $253,000 2013 3,400 $74.41 Adjoining Sales After Solar Farm Announced TAX ID Owner Acres Date Sold Sales Price Built GBA $/GBA Style 0 Feddersen 1.56 Feb-13 $247,000 2012 3,427 $72.07 Ranch 0 Gentry 1.42 Apr-13 $245,000 2013 3,400 $72.06 2 Story Average 1.49 $246,000 2012.5 3,414 $72.07 Median 1.49 $246,000 2012.5 3,414 $72.07 Adjoining Sales Before Solar Farm Announced TAX ID Owner Acres Date Sold Sales Price Built GBA $/GBA Style 3600183905 Carter 1.57 Dec-12 $240,000 2012 3,347 $71.71 1.5 Story 3600193097 Kelly 1.61 Sep-12 $198,000 2012 2,532 $78.20 2 Story 3600194189 Hadwan 1.55 Nov-12 $240,000 2012 3,433 $69.91 1.5 Story Average 1.59 $219,000 2012 2,940 $74.95 Median 1.59 $219,000 2012 2,940 $74.95 Nearby Sales After Solar Farm Completed TAX ID Owner Acres Date Sold Sales Price Built GBA $/GBA Style 3600193710 Barnes 1.12 Oct-13 $248,000 2013 3,400 $72.94 2Story 3601105180 Nackley 0.95 Dec-13 $253,000 2013 3,400 $74.41 2 Story 3600192528 Mattheis 1.12 Oct-13 $238,000 2013 3,194 $74.51 2 Story 3600198928 Beckman 0.93 Mar-14 $250,000 2014 3,292 $75.94 2 Story 3600196965 Hough 0.81 Jun-14 $224,000 2014 2,434 $92.03 2 Story 3600193914 Pmskitt 0.67 Jun-14 $242,000 2014 22825 $85.66 2 Story 3600194813 Bordner 0.91 Apr-14 $258,000 2014 3,511 $73.48 2 Story 3601104147 Shaffer 0.73 Apr-14 $255,000 2014 3,453 $73.85 2 Story Average 0.91 Median 0.92 Nearby Sales Before Solar Farm Announced $246,000 2013.625 3,189 $77.85 $249,000 2014 3,346 $74.46 TAX ID Owner Acres Date Sold Sales Price Built GBA $/GBA Style 3600191437 Thomas 1.12 Sep-12 $225,000 2012 3,276 $68.68 2 Story 3600087968 Lilley 1.15 Jan-13 $238,000 2012 3,421 $69.57 1.5 Story 3600087654 Burke 1.26 Sep-12 $240,000 2012 3,543 $67.74 2 Story 3600088796 Hobbs 0.73 Sep-12 $228,000 2012 3,254 $70.07 2 Story Average 1.07 $232,750 2012 3,374 $69.01 Median 1.14 $233,000 2012 3,349 $69.13 30 Matched Pair Summary Adjoins Solar Farm Average Median Sales Price $253,600 $253,000 Year Built 2013 2013 Size 3,418 3,400 Price/SF $74.27 $74.41 Percentage Differences Median Price -2% Median Size -2% Median Price/SF 00/0 Nearby Solar Farm Average Median $246,000 $249,000 2014 2014 3,189 3,346 $77.85 $74.46 I note that 2308 Granville Drive sold again in November 2015 for $267,500, or $7,500 more than when it was purchased new from the builder two years earlier (Tax ID 3600195361, Owner: Leak). The neighborhood is clearly showing appreciation for homes adjoining the solar farm. The Median Price is the best indicator to follow in any analysis as it avoids outlying samples that would otherwise skew the results. The median sizes and median prices are all consistent throughout the sales both before and after the solar farm whether you look at sites adjoining or nearby to the solar farm. The average for the homes nearby the solar farm shows a smaller building size and a higher price per square foot. This reflects a common occurrence in real estate where the price per square foot goes up as the size goes down. This is similar to the discount you see in any market where there is a discount for buying larger volumes. So when you buy a 2 liter coke you pay less per ounce than if you buy a 16 oz. coke. So even comparing averages the indication is for no impact, but I rely on the median rates as the most reliable indication for any such analysis. 31 I have also considered four more recent resales of homes in this community as shown on the following page. These comparable sales adjoin the solar farm at distances ranging from 315 to 400 feet. The matched pairs show a range from -9% to +6%. The range of the average difference is -2% to +1% with an average of 0% and a median of +0.5%. These comparable sales support a finding of no impact on property value. Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Other Distance Adjoins 103 Granville PI 1.42 7/27/2018 $265,000 2013 3,292 $80.50 4/3.5 2-Car 2-Story 385 Not 2219 Granville 1.15 1/8/2018 $260,000 2012 3,292 $78.98 4/3:5 2-Car 2-Story Not 634 Friendly 0.96 7/31/2019 $267,000 2018 3,053 $87.45 4/4.5 2-Car 2-Story Not 2403 Granville 0.69 4/23/2019 $265,000 2014 2,816 $94.11 5/3.5 2-Car 2-Story Avg Soler Address Time Site YB GLA BR/BA Park Other Total % Diff % Diff Adjoins 103 Granville PI $265,000 -2% Not 2219 Granville $4,382 $1,300 $0 $265,682 0% Not 634 Friendly 48,303 -$6,675 $16,721 -$10,0W $258,744 2% Not 2403 Granville -$6,029 -$1,325 $31,356 $289,001 -9% Adjoining Residential Sales After Solar Form Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/RA Park Style Other Distance Adjoins 104 Erin 2.24 6/19/2017 $280,000 2014 3,549 $78.90 5/3.5 2-Car 2-Story 315 Not 2219 Granville 1.15 1/8/2018 $260,0W 2012 3,292 $78.98 4/3.5 2-Car 2-Story Not 634 Friendly 0.96 7/31/2019 $267,000 2018 3,053 $87.45 4/4.5 2-Car 2-Story Not 2403 Granville 0.69 4/23/2019 $265,000 2014 2,816 $94.11 5/3.5 2-Car 2-Story Avg Solar Address Time Site YB GLA BR/BA Park Other Total % Diff % Diff Adjoins 104 Erin $280,000 0% Not 2219 Granville -$4,448 $2,6W $16,238 $274,390 2% Not 634 Friendly -$17,370 45,340 $34,702 -$10,000 $268,992 4% Not 2403 Granville -$15,029 $0 $48,285 $298,256 -7% Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GBA BEIRA Park Style Other Distance Adjoins 2312 Granville 0.75 5/1/2018 $284,900 2013 3,453 $82.51 5/3.5 2-Car 2-Story 400 Not 2219 Granville 1.15 1/8/2018 $260,000 2012 3,292 $78.98 4/3.5 2-Car 2-Story Not 634 Friendly 0.96 7/31/2019 $267,000 2018 3,053 $87.45 4/4.5 2-Car 2-Story Not 2403 Granville 0.69 4/23/2019 $265,000 2014 2,816 $94.11 5/3.5 2-Car 2-Story Avg Solar Address Time Site YB GLA BR/BA Park Other Total % Diff % Diff Adjoins 2312 Granville $284,900 1% Not 2219 Granville $2,476 $1,300 $10,173 $273,948 4% Not 634 Friendly -$10,260 -$6,675 $27,986 -$10,000 $268,051 6% Not 2403 Granville -$7,972 -$1,325 $47,956 $303,659 -7% Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Data Sold Sales Price Built GBA $/GBA BR/BA Park Style Other Distance Adjoins 2310 Granville 0.76 5/14/2019 $280,000 2013 3,292 $85.05 5/3.5 2-Car 2-Story 400 Not 2219 Granville 1.15 1/8/2018 $260,000 2012 3,292 $78.98 4/3.5 2-Car 2-Story Not 634 Friendly 0.96 7/31/2019 $267,000 2018 3,053 $87.45 4/4.5 2-Car 2-Story Not 2403 Granville 0.69 4/23/2019 $265,000 2014 2,816 $94.11 5/3.5 2-Car 2-Story Avg Solar Address Time Site YB GLA BR/BA Park Other Total % Diff % Diff Adjoins 2310 Granville $280,000 1% Not 2219 Granville $10,758 $1,300 $0 $272,058 3% Not 634 Friendly -$1,755 -$6,675 $16,721 -$10,000 $265,291 59% Not 2403 Granville $469 -$1,325 $31,356 $295,5W -6% 32 I have also considered the original sales prices in this subdivision relative to the recent resale values as shown in the chart below. This rate of appreciation is right at 2.5°/u over the last 6 years. ZMow indicates that the average home value within the 27530 zip code as of January 2014 was $101,300 and as of January 2020 that average is $118,100. This indicates an average increase in the market of 2.37°/u. I conclude that the appreciation of the homes adjoining the solar farm are not impacted by the presence of the solar farm based on this data Initial Sale Second Sale Year % Apprec. Address Date Price Date Price Diff Apprec. Apprec. %/Year 1 103Granville PI 4/1/2013 $245,000 7/27/2018 $265,000 5.32 $20,000 8.16% 1.53% 2 105 Erin 7/1/2014 $250,000 6/19/2017 $280,000 2.97 $30,000 12.00% 4.04% 3 2312 Granville 12/1/2013 $255,000 5/1/2015 $262,000 1.41 $7,000 2.75% 1.94916 4 2312 Granville 5/1/2015 $262,000 5/1/2018 $284,900 3.00 $22,900 8.74% 2.91% 5 2310Granville 8/1/2013 $250,000 5/14/2019 $280,000 5.79 $30,000 12.00% 2.07% 6 2308 Granvi I I e 9/1/2013 $260,00011/12/2015 $267,500 2.20 $7,500 2.88% 1.31% 7 2304 Granville 9/1/2012 $198,000 6/1/2017 $225,000 4.75 $27,000 13.64% 2.87% 8102Erin 8/1/2014 $253,000 11/1/2016 $270,000 2.25 $17,000 6.72% 2.98% Average 2.46% Median 2.47% 33 A new solar farm was built at 2159 White Cross Road in Chapel Hill, Orange County in 2013. After construction, the owner of the underlying land sold the balance of the tract not encumbered by the solar farm in July 2013 for $265,000 for 47.20 acres, or $5,606 per acre. This land adjoins the solar farm to the south and was clear cut of timber around 10 years ago. I compared this purchase to a nearby transfer of 59.09 acres of timber land just south along White Cross Road that sold in November 2010 for $361,000, or $6,109 per acre. After purchase, this land was divided into three mini farm tracts of 12 to 20 acres each. These rates are very similar and the difference in price per acre is attributed to the timber value and not any impact of the solar farm. Type TAR ID Owner Acres Date Price $/Acre Notes Conf By Adjoins Solar 9748336770 Haggerty 47.20 Jul-13 $265,000 $5,614 Clear cut Betty Cross, broker Not Near Solar 9747184527 Purcell 59.09 Nov-10 $361,000 $6,109 Wooded Dickie Andrews, broker The difference in price is attributed to the trees on the older sale. No impact noted for the adjacency to a solar farm according to the broker. I looked at a number of other nearby land sales without proximity to a solar farm for this matched pair, but this land sale required the least allowance for differences in size, utility and location. 34 Matched Pair Summary Adjoins Solar Farm Nearby Solar Farm Average Median Average Median Sales Price $5,614 $5,614 $6,109 $6,109 Adjustment for Timber $500 $500 Adjusted $6,114 $6,114 $6,109 $6,109 Tract Size 47.20 47.20 59.09 59.09 Percentage Differences Median Price Per Acre 0% This matched pair again supports the conclusion that adjacency to a solar farm has no impact on adjoining residential/agricultural land. 35 3. Matched Pair - Wagstaff Farm, Roxboro, NC This solar farm is located at the northeast comer of a 594-acre farm with approximately 30 acres of solar farm area. This solar farm was approved and constructed in 2013. After approval, 18.82 acres were sold out of the parent tract to an adjoining owner to the south. This sale was at a similar price to nearby land to the east that sold in the same time from for the same price per acre as shown below. Type TAR ID Owner Acres Present Use Date Sold Price $/AC Adjoins Solar 0918-17-11-7960 Piedmont 18.82 Agriculatural 8/19/2013 $164,000 $8,714 Not Near Solar 0918-00-75-9812 et al Blackwell 14.88 Agriculatural 12/27/2013 $130,000 $8,739 Matched Pair Summary Adjoins Solar Farm Nearby Solar Farm Average Median Average Median Sales Price $8,714 $8,714 $8,739 $8,739 Tract Size 18.82 18.82 14.88 14.88 Percentage Differences Median Price Per Acre 0% This matched pair again supports the conclusion that adjacency to a solar farm has no impact on adjoining residential/agricultural land. 36 4. Matched Pair - Mulberry, Selmer, TN This solar farm was built in 2014 on 208.89 acres with the closest home being 480 feet away. This solar farm adjoins two subdivisions with Central Hills having a mix of existing and new construction homes. Lots in this development have been marketed for $15,000 each with discounts offered for multiple lots being used for a single home site. I spoke with the agent with Rhonda Wheeler and Becky Heamsberger with United County Farm & Home Realty who noted that they have seen no impact on lot or home sales due to the solar farm in this community. I have included a map below as well as data on recent sales activity on lots that adjoin the solar farm or are near the solar farm in this subdivision both before and after the announced plan for this solar farm facility. I note that using the same method I used to breakdown the adjoining uses at the subject property I show that the predominant adjoining uses are residential and agricultural, which is consistent with the location of most solar farms. 37 Adjoining Use Breakdown Acreage Parcels Commercial 3.40% 0.034 Residential 12.84% 79.31% Agri/Res 10.39% 3.45% Agricultural 73.37% 13.79% Total 100.00% 100.00% From the above map, I identified four recent sales of homes that occurred adjoining the solar farm both before and after the announcement of the solar farm. I have adjusted each of these for differences in size and age in order to compare these sales among themselves. As shown below after adjustment, the median value is $130,776 and the sales prices are consistent with one outlier which is also the least comparable home considered. The close grouping and the similar price per point overall as well as the similar price per square foot both before and after the solar farm. Matched Pairs # TAR ID Owner Date Sold Sales Price Acres Built GBA $/GBA Style Parking 6&7 0900 A 011.00 Henson Jul-14 $130,000 2.65 2007 1,511 $86.04 1 Story 2 Garage 12 0900 A 003.00 Amerson Aug-12 $130,000 1.20 2011 1,586 $81.97 1 Story 2 Garage 15 099C A 003.00 Smallwood May 12 $149,900 1.00 2002 1,596 $93.92 1 Story 4 Gamge 16 099C A 002.00 Hessing Jun-15 $130,000 1.00 1999 1,782 $72.95 1 Story 2 Garage Average $134,975 1.46 2005 1,619 $83.72 Median $130,000 1.10 2005 1,591 $84.00 Adjustments* # TAR ID owner Date Sold Sales Price Acres Built GBA Style Parking Total 6&7 0900A 011.00 Henson Jul-14 $130,000 -$7,500 $2,600 $6,453 $0 $0 $131,553 12 0900A 003.00 Amerson Aug 12 $130,000 $0 $0 $0 $0 $0 $130,000 15 099C A 003.00 Smallwood May-12 $149,900 $0 $6,746 -$939 $0 -$15,000 $140,706 16 099C A 002.00 Hessing Jun-15 $130,000 $0 $7,800 -$14,299 $0 $0 $123,501 Average $134,975 -$1,875 $4,286 -$2,196 $0 -$3,750 $131,440 Median $130,000 $0 $4,673 -$470 $0 $0 $130,776 • I adjusted all of the compa rabies to abase line 2011 Year Built and 1,586 s.f. based on Lot 12 I also considered a number of similar home sales nearby that were both before and after the solar farm was announced as shown below. These homes are generally newer in construction and include a number of larger homes but show a very similar price point per square foot. Nearby Sales Before Solar Farm Announced TAR ID Owner Date Sold Sales Price Acres Built GBA $/GBA Style Parking 099B A 019 Durrance Sep-12 $165,000 1.00 2012 2,079 $79.37 1 Story 2 Garage 099B A 021 Berryman Apr-12 $212,000 2.73 2007 2,045 $103.67 1 Story 2 Garage 0900 A 060 Nichols Feb-13 $165,000 1.03 2012 1,966 $83.93 1 Story 2 Garage Average $180,667 1.59 2010 2,030 $88.99 Median $165,000 1.03 2012 2,045 $83.93 Nearby Sales After Solar Farm Announced TAX ID Owner Date Sold Sales Price Acres Built GBA $/GBA Style Parking 09ON A 040 Carrithers Mar-15 $120,000 1.00 2010 1,626 $73.80 1 Story 2 Garage 099C A 043 Cherry Feb-15 $148,900 2.34 2008 1,585 $93.94 1 Story 2 Garage Average $134,450 1.67 2009 1,606 $83.87 Median $134,450 1.67 2009 1,606 $83.87 M I then adjusted these nearby sales using the same criteria as the adjoining sales to derive the following breakdown of adjusted values based on a 2011 year built 1,586 square foot home. The adjusted values are consistent with a median rate of $128,665, which is actually lower than the values for the homes that back up to the solar farm. Nearby Sales Adjusted Adjustments - TAX ID Owner Date Sold Sales Price Acres Built GBA Style Parking Total 099BA 019 Durrance Sep-12 $165,000 $0 -$825 -$39,127 $0 $0 $125,048 09913A 021 Berryman Apr-12 $212,000 -$7,500 r $4,240 -$47,583 $0 $0 $161,157 0900 A 060 Nichols Feb-13 $165,000 $0 -$825 -$31,892 $0 $0 $132,283 09ON A 040 Carrithers Mar-15 $120,000 $0 $600 -$2,952 $0 $0 $117,648 099CA 043 Cherry Feb-15 $148,900 -$7,500 $2,234 $94 $0 $0 $143,727 Average r $165,500 r -$1,875 $798 -$30,389 r $0 r $0 $134,034 Median r $165,000 r $0 -$113 -$35,510 r $0 r $0 $128,665 • I adjusted all of the comparables to abase line 2011 Year Built and 1,586 s.f. based on Lot 12 If you consider just the 2015 nearby sales, the range is $117,648 to $143,727 with a median of $130,688. If you consider the recent adjoining sales the range is $123,501 to $131,553 with a median of $127,527. This difference is less than 3% in the median and well below the standard deviation in the sales. The entire range of the adjoining sales prices is overlapped by the range from the nearby sales. These are consistent data sets and summarized below. Matched Pair Summary Adjoins Solar Farm Nearby After Solar Farm Average Median Average Median Sales Price $134,975 $130,000 $134,450 $134,450 Year Built 2005 2005 2009 2009 Size 1,619 1,591 1,606 1,606 Price/SF $83.72 $84.00 $83.87 $83.87 Based on the data presented above, I fmd that the price per square foot for finished homes is not being impacted negatively by the announcement of the solar farm. The difference in pricing in homes in the neighborhood is accounted for by differences in size, building age, and lot size. The median price for a home after those factors are adjusted for are consistent throughout this subdivision and show no impact due to the proximity of the solar farm. This is consistent with the comments from the broker I spoke with for this subdivision as well. I have also run a number of direct matched comparisons on the sales adjoining this solar farm as shown below. These direct matched pairs include some of those shown above as well as additional more recent sales in this community. In each of these I have compared the one sale adjoining the solar farm to multiple similar homes nearby that do not adjoin a solar farm to look for any potential impact from the solar farm. 39 Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Other 3 Adjoins 491 Dusty 6.86 10/28/2016 $176,000 2009 1,801 $97.72 3/2 2-Gar Ranch Not 820 Lake Trail 1.00 6/8/2018 $168,000 2013 1,869 $89.89 4/2 2-Gar Ranch Not 262 Country 1.00 1/17/2018 $145,000 2000 1,860 $77.96 3/2 2-Gar Ranch Not r 35 April 1.15 8/16/2016 $185,000 2016 1,980 $93.43 3/2 2-Gar Ranch Adjoining Sales Adjusted Parcel Sol. Address i Time Site YB GLA Park Other Total % Diff Distance 3 Adjoins 491 Dusty $176,000 480 Not 820 Lake Trail -$8,324 $12,000-$3,360-$4,890 $163,426 7% Not 262 Country -$5,450 $12,000 $6,525-$3,680 $154,396 129/o Not r 35Ap`il $1,138 $12,000-$6,475-$13,380 $178,283 -1% Average 6% The best matched pair is 35 April Loop, which required the least adjustment and indicates a -1% increase in value due to the solar farm adjacency. Adjoining Residential Sales After Solar Farm Built Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Other 12 Adjoins 57 Cooper 1.20 2/26/2019 $163,000 2011 1,586 $102.77 3/2 2-Gar 1.5 Story Pool Not 191 Amelia 1.00 8/3/2018 $132,000 2005 1,534 $86.05 3/2 Drive Ranch Not r 75 April 0.85 3/17/2017 $134,000 2012 1,588 $84.38 3/2 2-Crprt Ranch Not 345 woodland 1.15 12/29/2016 $131,000 2002 1,410 $92.91 3/2 1-Gar Ranch Adjoining Sales Adjusted Parcel Sol. Address Sales Price Time Site YB GLA Park Other Total % Diff Distance 12 Adjoins 57 Cooper $163,000 $163,000 685 Not 191 Amelia $132,000 $2,303 $3,960 $2,685 $10,000 $5,000 $155,947 4% Not r 75 April $134,000 $8,029 $4,000 -$670 r -$135 $5,000 $5,000 $155,224 5% Not 345 Woodland $131,000 $8,710 $5,895 $9,811 $5,000 $160,416 2% Average 4% The best matched pair is 191 Amelia, which was most similar in time frame of sale and indicates a +4% increase in value due to the solar farm adjacency. Adjoining Residential Sales After Solar Farm Built Parcel Solar Address Acres Date Sold Sales Price Bunt GBA $/GBA BR/BA Park Style Other 15 Adjoins 297 Country 1.00 9/30/2016 $150,000 2002 1,596 $93.98 3/2 4-Gar Ranch Not 185 Dusty 1.85 8/17/2015 $126,040 2009 1,463 $86.15 3/2 2-Gar Ranch Not 53 Glen 1.13 3/9/2017 $126,000 1999 1,475 $85.42 3/2 2-Gar Ranch Brick Adjoining Sales Adjusted Parcel Sol. Address Sales Price Time Site YB GLA Park Other Total % Diff Distance 15 Adjoins 297 Country $150,000 $150,000 650 Not 185 Dusty $126,040 $4,355 -$4,411 $9,167 $10,000 $145,150 3% Not 53 Glen $126,000 -$1,699 $1,890 $8,269 $10,000 $144,460 4% Average 3% The best matched pair is 53 Glen, which was most similar in time frame of sale and required less adjustment. It indicates a +4% increase in value due to the solar farm adjacency. The average indicated impact from these three sets of matched pairs is +4%, which suggests a mild positive relationship due to adjacency to the solar farm. I have also looked at several lot sales in this subdivision as shown below. These are all lots within the same community and the highest prices paid are for lots one parcel off from the existing solar farm. These prices are fairly inconsistent, though they do suggest about a $3,000 loss in the lots adjoining the solar farm. This is an atypical finding and additional details suggest there is more going on in these sales than the data crunching shows. First of all Parcel 4 was purchased by the owner of the adjoining home and therefore an atypical buyer seeking to expand a lot and the site is not being purchased for home development. Moreover, using the SiteToDoBusiness demographic tools, I found that the 1-mile radius around this development is expecting a total population increase over the nerd 5 years of 3 people. This lack of growing demand for lots is largely explained in that context. Furthermore, the fact that finished home sales as shown above are showing no sign of a negative impact on property value makes this data unreliable and inconsistent with the data shown in sales to an end user. I therefore place little weight on this outlier data. Parcel Solar Address Acres Date Sold Sales Price 4 Adjoins Shelter 2.05 10/25/2017 $16,000 10 Adjoins Carter 1.70 8/2/2018 $14,000 11 Adjoins Cooper 1.28 9/17/2018 $12,000 Not 75 Dusty 1.67 4/18/2019 $20,000 Not Lake Trl 1.47 11/7/2018 $13,000 Not Lake Trl 1.67 4/18/2019 $20,000 Adjoins Per Acre Not Adjoins Per Acre Average $14,416 $8,706 $17,726 $10,972 Median $14,306 $8,415 $20,000 $11,976 High $16,728 $9,543 $20,000 $11,976 Low $12,215 $8,160 $13,177 $8,964 4/18/2019 4/18/2019 Adj for Time $/AC Adj for Time $16,728 $7,805 $8,160 $14,306 $8,235 $8,415 $12,215 $9,375 $9,543 $20,000 $11,976 $11,976 $13,177 $8,844 $8,964 $20,000 $11,976 $11,976 % DIF/Lot % DIF/AC 19% 21% 28% 30% 16% 20% 7% 9% 41 5. Matched Pair - Nixon's Solar Farm, West Friendship, MD This smaller 2 MW solar farm being developed in phases mostly adjoins agricultural and residential uses as shown above. This is part of what will eventually be a 10 MW facility. I compared a recent sale of 12909 Vistaview Drive to 2713 Friendship Farm Court. While this does not look at an adjacent home sale, it is close proximity and based on the matched pair data in the report it shows a $16,640 positive impact on value due to proximity to the solar farm, or 2.16%. This is within typical market friction and supports an indication of no impact on property value. I have shown this data below. Nixon's Farm Solar Form, West Friendship, MD Nearby Residential Sale After Solar Farm Construction Address Solar Farm Acres Date Sold Sales Price- Built GBA $/GBA style BR/BA Park 12909 Vistaview Nearby 0.92 9/12/2014 $771,640 2003 2,692 $286.64 Colonial 4/3.5 2 Car Det 2713 Friendship Farm Not 0.98 6/20/2014 $690,000 2000 2,792 $247.13 Colonial 4/2.5 2 Car Att '$3,360 concession deducted from sale price for Vistaview Adjoining Sales Adjusted Adjustments Address Date Sold Sales Price Time Acres VB BR/BA Other Total 12909 Vistaview 9/12/2014 $771,640 $771,640 2713 Friendship Farm 6/20/2014 $690,000 $0 $0 $0 $10,000 $55,000 $755,000 Difference Attributable to Location $16,640 2.16% 42 6. Matched Pair - Leonard Road Solar Farm, Hughesville, MD This solar farm mostly adjoins agricultural and residential uses to the west, south and east as shown above. The property also adjoins retail uses and a church. I looked at a 2016 sale of an adjoining home with a positive impact on value adjoining the solar farm of 2.90%. This is within typical market friction and supports an indication of no impact on property value. I have shown this data below. bec nardtovn Rod Solar Farm, MD Nearby Residential Sale After Solar Farm Construction Address Bohr Fmm Acre. Date Bold Bale. RdBuilt GBA $/GBA Btyle BR/BA Bamt Fork Uppade. Otker 14595 Box Elder Ct Adjoins 3.00 2/12/2016 $291,0W 1991 2,174 $133.85 Colonial 5/2.5 No 2Car Att N/A Deck 15313 Bassford Rd Not 3.32 7/20/2016 $329,sW 1990 2,520 $1W.87 Colonial 3/2.5 65ndshed 2Car Act Custom Sa Por/Patio *$9, W0 concession deducted from sale juice for lox Elder and $I0,2W deducted from Daesford Adjoining Sales Adjusted Adjustments Address Date Sold Sales Price Time GLA Bsmt Upgrades Other Total 14595 Box Elder Ct 2/12/2016 $291,000 $291,000 15313 Bassford Rd 7/20/2016 $329,800-$3,400-$13,840-$10,000-$15,000-$5,000 $282,560 Difference Attributable to Location $8,440 2.90% This is within typical market friction and supports an indication of no impact on property value. 43 7. Matched Pair - Talbot County Community Center Solar Farm, Easton, MD This solar farm mostly adjoins agricultural and residential uses but also the Community center and located across the street from a golf course which can be seen just to the east. I looked at a 2012 sale of a home 1,000 feet to the west of the solar farm with a slight positive impact on value nearby the solar farm. I have shown this data below. Talbot County Community Center, Easton, MD Nearby Residential Bale After Solar Farm Construction Address Solar Farm Acres Date Sold Bales Eric• Built OBA $/DBA Style BR/BA Park Upgrades 10193 Hiner. Nearby 1.06 10/31/2012 $136,092 1947 776 $175.38 Bungalow 2/1 3Car Det N/A 10711 Hiners Not 0.60 12/15/2012 $135,000 1957 832 $162.26 Bungalow 2/1 1 Car Det Upd. Bath "$5,908 concessions deducted from 10193 Hiners sales price Adjoining Sales Adjusted Adjustment. Address Date Sold Sal" price Age Acres park Upgrades Other Total 10193 Hiners 10/31/2012 $136,092 $136,092 10711 Hiners 12/15/2012 $135,000-$6,750 $4,000 $6,000-$3,000 $0 $135,250 Difference Attributable to Location $842 44 8. Matched Pair - Alamo II, San Antonio, Texas This project is located at 8203 Binz-Engleman Road, Converse, Texas, on 98.37 acres with a 4.4 MW output. This project is located with small lot residential development on to the north west and south. There appears to be minimal landscaping along this project. The closest home to the north is 83 feet from the solar panels, while the homes to the west are 110 feet and the homes to the south are 175 feet away from the solar panels. This solar farm strongly shows an acceptance of nearby residential development in close proximity to solar farms as this solar farm has minimal landscaping, close proximity, small adjoining lot sizes, and the development of homes on three sides of the solar farm. Adjoining Use Breakdown Acreage Parcels Residential 94.64% Agricultural 5.36% Total 100.00% I have considered home sales in the three adjoining subdivisions to look at matched pair data There are sales and resales of homes in Glenloch and Mustang Valley subdivisions to the south and west of this solar farm. I have considered multiple matched pairs from these subdivisions to show typical appreciation and no impact on property value both before and after the solar farm was constructed in 2013. I have 45 looked at a number of home sales and resales in the larger subdivisions, but I have focused on those directly adjoining/facing the solar farm in the examples shown below. These are sales and resales of the homes adjoining the solar farm both before and after the solar farm project in 2013. The comparables shown below are compared to an earlier sale prior to the solar farm announcement or construction followed by a second sale after the solar farm. The first two have solar farms in the Backyard (B), while the other has the solar farm in the Side yard (S). All of these sales show appreciation that falls within the typical annual appreciation for homes in this area over this time period. 7703 Redstone Mnr(B) Date Price Sale 10/3/2012 $149,980 Sale 3/24/2016 $166,000 rime -YRS %Incr. 3.47 10.7% Per Year 3.1% Years 3.5 10.8% 7807 Redstone MnrIB) Date Price Sale 5/11/2012 $136,266 Sale 8/11/2014 $147,000 Time -YRS %Incr. 2.25 7.9% Per Year 3.5% Years 2.5 8.7% 7734Sundew Mist (S) Date Price Sale 5/23/2012 $117,140 Sale 11/18/2014 $134,000 rime -YRS %Incr. 2.49 14.4% Per Year 5.80A Years 2 11.6% I therefore conclude that this set of matched pairs shows no impact on property value and that homes in the area are showing typical appreciation consistent with other homes not in the vicinity of solar farms. 46 9. Matched Pair - Neal Hawkins Solar, Gastonia, NC This project is located on the south side of Neal Hawkins Road just outside of Gastonia. The property identified above as Parcel 4 was listed for sale while this solar farm project was going through the approval process. The property was put under contract during the permitting process with the permit being approved while the due diligence period was still ongoing. After the permit was approved the property closed with no concerns from the buyer. I spoke with Jennifer Bouvier, the broker listing the property and she indicated that the solar farm had no impact at all on the sales price. She considered some nearby sales to set the price and the closing price was very similar to the asking price within the typical range for the market. The buyer was aware that the solar farm was coming and they had no concerns. This two-story brick dwelling was sold on March 20, 2017 for $270,000 for a 3,437 square foot dwelling built in 1934 in average condition on 1.42 acres. The property has four bedrooms and two bathrooms. Adjoining Residential Sales After Solar Farm Approved Sol. Address Acres Date Sold Sales Price Built GBA $/GLA BR/BA Park Style Other Adjoins 609 Neal Hawkins 1.42 3/20/2017 $270,000 1934 3,427 $78.79 4/2 Open 2-Brick Not 1418 N Modena 4.81 4/17/2018 $225,000 1930 2,906 $77.43 3/3 2-Crprt 2-Brick Not 363 Dallas Bess 2.90 11/29/2018 $265,500 1968 2,964 $89.57 3/3 Open FmBsmt Not 1612 Dallas Chry 2.74 9/17/2018 $245,000 1951 3,443 $71.16 3/2 Open 243rick UnBn bath Adjoining Bales Adjusted Avg Address Time Site YB GLA BR/BA Park Other Total %Diff %Diff Distance 609. Neal Hawkins $270,000 225 1418 N Modena $7,319 $2,700 $32,271 -$10,000 $257,290 5% 363 Dallas Hess $746 -$27,081 $33,179 -$10,000 $53,100 $262,456 3% 1612 Dallas Chry $4,110 -$12,495 -$911 $10,000 $235,704 13% 7% 47 I also considered the newer adjoining home identified as Parcel that sold later in 2017 and it likewise shows no negative impact on property value. Adjoining Residential Sales After Solar Farm Approved Solar Address Acres Date Sold Sales Price Built GBA $/GLA BR/BA Park Style Adjoins 611 Neal Hawkins 0.78 7/6/2017 $288,000 1991 2,256 $127.66 5/3 2-Gar 1.5 Brick Not 1211 Still Frst 0.51 7/30/2018 $280,000 1989 2,249 $124.50 3/3 2-Gar Br Rnch Not 2867 Colony Wds 0.52 8/14/2018 $242,000 1990 2,006 $120.64 3/3 2-Gar Br Ruch Not 1010 Strawberry 1.00 10/4/2018 $315,000 2002 2,330 $135.19 3/2.5 2-Gar 1.5 Brick Adjoining Sales Adjusted Avg Address Time Site VB GLA BR/BA Park Other Total %Diff %Diff Distance 611 Neal Hawkins $288,000 145 1211 Still Frst $1,341 $2,800 $697 $284,838 1% 2867 Colony Wds $7,714 $1,210 $24,128 $275,052 49% 1010 Strawberry-$4,555 -$17,325-$8,003 $5,000 $290,116 -1% 2% 10. Matched Pair - Sr mmit/Ranchlands Solar, Movock, NC This project is located at 1374 Caritoke Highway, Moyock, NC. This is an 80 MW facility on a parent tract of 2,034 acres. Parcels Number 48 and 53 as shown in the map above were sold in 2016. The project was under construction during the time period of the first of the matched pair sales and the permit was approved well prior to that in 2015. I looked at multiple sales of adjoining and nearby homes and compared each to multiple comparables to show a range of impacts from -10% up to +11% with an average of +2% and a median of +3%. These ranges are well within typical real estate variation and supports an indication of no impact on property value. Adjoining Residential Sales After Solar Farm Approved parcel Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Other Distance 48 Adjoins 129 Pinto 4.29 4/15/2016 $170,000 1985 1,559 $109.04 3/2 Drive MFG 1,060 Not 102 Timber 1.30 4/1/2016 $175,500 2009 1,352 $129.81 3/2 Drive MFG Not 120 Ranchland 0.99 10/1/2014 $170,000 2002 1,501 $113.26 3/2 Drive MFG Solar Address Adjoins 129 Pinto Not 102 Timber Not 120 Ranchland Time Site TB GLA BR/BA Park Other $276 $10,000-$29,484 $18,809 $10,735 $10,000-$20,230 $4,598 Avg Total % Diff % Diff $170,000 -3% $175,101 -39/6 $175,103 -3% Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GRA $/GBA BR/BA Park Style Other Distance 53 Adjoins 105 Pinto 4.99 12/16/2016 $206,000 1978 1,484 $138.81 3/2 Get Gar Ranch 2,020 Not 111 Spur 1.15 2/1/2016 $193,000 1985 2,013 $95.88 4/2 Gar Ranch Not 103 Marshall 1.07 3/29/2017 $196,000 2003 1,620 $120.99 3/2 Drive Ranch Not 127 Ranchland 0.99 6/9/2015 $219,900 1988 1,910 $115.13 3/2 Gar/3Gar Ranch Avg Solar Address Time Site VB GLA BR/BA Park Other Total %Diff %Diff Adjoins 105 Pinto $206,000 11% Not 111 Spur $6,918 $10,000 -$6,755 -$25,359 $177,803 14% Not 103 Marshall -$2,268 $10,000 -$24,500 -$8,227 $5,000 $176,005 159/. Not 127 Ranchland $13,738 $10,000 -$10,995 -$24,523 -$10,000 $198,120 4% Adjoining Residential Sales After Solar Farm Built Parcel Solar Address Acres Data Sold Sales Price Built GRA $/GBA BR/BA Park Style Other Distance 15 Adjoins 318 Green View 0.44 9/15/2019 $357,000 2005 3,460 $103.18 4/4 2-Car 1.5 Brick 570 Not 195 St Andrews 0.55 6/17/2018 $314,000 2002 3,561 $88.18 5/3 2-Car 2.0 Brick Not 336 Green View 0.64 1/13/2019 $365,000 2006 3,790 $96.31 6/4 3-Car 2.0 Brick Not 275 Green View 0.36 8/15/2019 $312,000 2003 3,100 $100.65 5/3 2-Car 2.0 Brick Avg Solar Address Time Site VB GLA BR/BA Park Other Total %Diff %Diff Adjoins 318 Green View $357,000 49/6 Not 195 St Andrews $12,040 $4,710 -$7,125 $10,000 $333,625 7% Not 336 Green View $7,536 -$1,825 -$25,425 -$5,000 $340,286 5% Not 275 Green View $815 $3,120 $28,986 $10,000 $354,921 1% Adjoining Residential Sales After Solar Farm Built Parcel Solar Address Acres Date Sold Sales Price Built GRA $/GBA BR/BA Park Style Other Distance 29 Adjoins 164 Ranchland 1.01 4/30/2019 $169,000 1999 2,052 $82.36 4/2 Gar MFG 440 Not 150 Pinto 0.94 3/27/2018 $168,000 2017 1,920 $87.50 4/2 Drive MFG Not 105 Longhorn 1.90 10/10/2017 $184,500 2002 1,944 $94.91 3/2 Drive MFG Not 112 Pinto 1.00 7/27/2018 $180,000 2002 1,836 $98.04 3/2 Drive MFG Fenced Avg Solar Address Time Site VB GLA BR/BA Park Other Total % Diff % Diff Adjoins 164 Ranchland $169,000 -10% Not 150 Pinto $5,649 -$21,168 $8,085 $5,000 $165,566 2% Not 105 Longhom $8,816 -$10,000 -$3,875 $7,175 $5,000 $191,616 -13% Not 112 Pinto $4,202 -$3,780 $14,824 $5,000 $200,245 -18% Adjoining Residential Sales After Solar Farm Built Parcel Solar Address Acres Date Sold Sales Price Built GRA $/GBA BR/BA Park Style Other Distance Adjoins 358 Oxford 10.03 9/16/2019 $478,000 2008 2,726 $175.35 3/3 2Gar Ranch 635 Not 276 Summit 10.01 12/20/2017 $355,000 2006 1,985 $178.84 3/2 2 Gar Ranch Not 176 Providence 6.19 5/6/2019 $425,000 1990 2,549 $166.73 3/3 4 Gar Ranch Brick Not 1601 BCaratoke 12.20 9/26/2019 SW,000 2016 3,100 $141.94 4/3.5 5Gar Ranch Pool Avg Solar Address Time Site VB GLA BR/BA Park Other Total %Diff %Diff Adjoins 358 Oxford $478,000 5% Not 276 Summit $18,996 $3,550 $106,017 $10,000 $493,564 -39/. Not 176 Providence $4,763 $38,250 $23,609 -$10,000 -$25,000 $456,623 4% Not 1601 BCamitoke -$371 M,000 -$17,600 -$42,467 -$5,000 -$10,000 $414,562 13% 50 Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GRA $/GBA BR/BA Park Style Other Distance Nearby 343 Oxford 10.01 3/9/2017 $490,000 2016 3,753 $130.56 3/3 2 Gar 1.5 Story Pool 970 Not 287 Oxford 10.01 9/4/2017 $600,000 2013 4,341 $138.22 5/4.5 8-Gar 1.5 Story Pool Not 301 Oxford 10.00 4/23/2018 $434,000 2013 3,393 $127.91 5/3 2 Gar 1.5 Story Not 218 Oxford 10.01 4/4/2017 $525,000 2006 4,215 $124.56 4/3 4Gar 1.5 Story VG Barn Avg Sol" Address Tina Site VB G1.A BR/BA Park Other Total %DifF %Diff Adjoins 343 Oxford $490,000 3/ Not 287 Oxford -$9,051 $9,000 -$65,017 -$15,000 -$25,000 $494,932 -1% Not 301 Oxford -$14,995 -$10,000 $6,510 $36,838 $452,353 W. Not 218 Oxford -$1,150 $26,250 -$46,036 -$10,000 -$10,000 $484,064 1% t J 2020 Google 52 This project is located in rural Orange County on White Cross Road with a 2.8 MW facility. This project is a few parcels south of White Cross Solar Farm that was developed by a different company. An adjoining home sold after construction as presented below. Adjoining Residential Sales After Solar Farm Completed Solar TAX ID/Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Adjoins 97482114578 11.78 2/29/2016 $340,000 1994 1,601 $212.37 3/3 Garage Ranch Not 4200B Old Greensbor 12.64 12/28/2015 $380,000 2000 2,075 $183.13 3/2.5 Garage Ranch Adjoining Residential Sales After Solar Form Adjoining Sales Adjusted Solar TARID/Address Sales Price Time Acres YB GLA BR/BA Park Total % Diff Adjoins 97482114578 $340,000 $340,000 Not 4200BOld Greensbor $380,000 $3,800 $0-$15,960-$43,402 $5,000 $0 $329,438 3/ 53 12. Matched Pair - Tracy Solar, Bailey, NC This project is located m rural Nash County on Winters Road with a 5 MW facility that was built in 2016. A local builder acquired parcels 9 and 10 following construction as shown below at rates comparable to other tracts in the area. They then built a custom home for an owner and sold that at a price similar to other nearby homes as shown in the matched pair data below. Adjoining Land Wes After Bole Farm Completed M Bahr Farm TAXID Greater Grantee 9 &10 Adjoins 316003 cant gingsmili & 316004 Not 6056 Billingsly Not 33211 Filcher Weilcel Not 106807 Pen, Gardner Not 3437 Va.&. N/A Address Acres Data Bold Sales Price $/AC Other 9162 Winters 13.22 7/21/2016 $70,000 $5,295 427 Y.., 41 10/21/2016 $164,000 $4,000 10533 Cone 23.46 7/18/2017 $137,000 $5,840 DouWewide, tmate,. Claude Lewis ll.22 8/10/M17 $79,000 $9,041 Gravel drive for sub, Geared 11354 Old 18.93 listing $79,900 $4,266 Small cemeterywooded Lewis Sch 54 Adjoining Sales Adjusted Time Acres Location Other Adj $/Ac % Diff $5,295 $0 $400 $0 $0 $4,400 17e/a -$292 $292 $0 -$500 $5,340 -1% -$352 $0 $0 -$1,000 $5,689 -70/o -$213 $0 $0 $213 $4,266 19a/a Average 7% Adjoining Residential Sales After Soler Farm Completed s Soler Farm a Address Acres Date Sold Sales Pries Built G" $/G1.A SR/RA Style Other 98,10Adjoins y 9162 Winters 13.22 1/5/2017 $255,000 2016 1,616 $157.80 3/2 Ranch 1296 sf aakshp Not n 7352 Red Fox 0.93 6/30/2016 $176,000 2010 1,529 $115.11 3/2 2-story Adjoining Sales Adjusted Time Acres YB GLA Style Other Total % Diff $255,000 $0 $44,000 $7,392 $5,007 $5,000 $15,000 $252,399 1% The comparables for the land show either a significant positive relationship or a mild negative relationship to having and adjoining solar farm, but when averaged together they show no negative impact. The wild divergence is due to the difficulty in comping out this tract of land and the wide variety of oomparables used. The two comparables that show mild negative influences include a property that was partly developed as a residential subdivision and the other included a doublewide with some value and accessory agricultural structures. The tax assessed value on the improvements were valued at $60,000. So both of those comparables have some limitations for comparison. The two that show significant enhancement due to adjacency includes a property with a cemetery located in the middle and the other is a tract almost twice as large. Still that larger tract after adjustment provides the best matched pair as it required the least adjustment. I therefore conclude that there is no negative impact due to adjacency to the solar farm shown by this matched pair. The dwelling that was built on the site was a build -to -suit and was compared to a nearby homesale of a property on a smaller parcel of land. I adjusted for that differenced based on a $25,000 value for a 1-acre home site versus the $70,000 purchase price of the larger subject tract. The other adjustments are typical and show no impact due to the adjacency to the solar farm. The closest solar panel to the home is 780 feet away. I note that the representative for Kmgsmill Homes indicated that the solar farm was never a concern in purchasing the land or selling the home. He also indicated that they had built a number of nearby homes across the street and it had never come up as an issue. 55 56 13. Matched Pair - Manatee Solar Farm, Parrish, FL This solar farm is located near Seminole Trail, Parrish, FL. The solar faun has a 74.50 MW output and is located on a 1,180.38 acre tract and was built in 2016. The tract is owned by Florida Power & Light Company. I have considered the recent sale of 13670 Highland Road, Wimauma, Florida This one-story, block home is located just north of the solar farm and separated from the solar farm by a railroad corridor. This home is a 3 BR, 3 BA 1,512 s.f. home with a carport and workshop. The property includes new custom cabinets, granite counter tops, brand new stainless steel appliances, updated bathrooms and new carpet in the bedrooms. The home is sitting on 5 acres. The home was built in 1997. I have compared this sale to several nearby homesales as part of this matched pair analysis as shown below. Solar TAX ID/Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Note Adjoins 13670 Highland 5.00 8/21/2017 $255,000 1997 1,512 $168.65 3/3 Carport/Wrkshp Ranch Renov. Not 2901 Arrowsmith 1.91 1/31/2018 $225,000 1979 1,636 $137.53 3/2 2Garage/Wrkshp Ranch Not 602 Butch Cassidy 1.00 5/5/2017 $220,000 2001 1,560 $141.03 3/2 N/A Ranch Renov. Not 2908 Wild West 1.23 7/12/2017 $254,000 2003 1,554 $163.45 3/2 2 Garage/Wrkshp Ranch Renov. Not 13851 Highland 5.00 9/13/2017 $240,000 1978 1,636 $146.70 4/2 3 Garage Ranch Renov. 57 Adjoining Sales Adjusted Solar TARID/Address Time Acres YB GLA BR/BA Park Note Total %Diff Adjoins 13670 Highland $255,000 Not 2901 Arrowsmith $2,250 $10,000 $28,350 -$8,527 $5,000 -$10,000 $10,000 $262,073 -3% Not 602 Butch Cassidy -$2,200 $10,000 -$6,160 -$3,385 $5,000 $2,000 $225,255 12% Not 2908 Wild West $0 $10,000 -$10,668 -$3,432 $52000 -$102000 $244,900 40% Not 13851 Highland $0 $0 $312920 -$9,095 $32000 -$102000 $255,825 00% Average 3% The sales prices of the comparables before adjustments range from $220,000 to $254,000. After adjustments they range from $225,255 to $262,073. The comparables range from no impact to a strong positive impact. The comparables showing -3% and +4% impact on value are considered within a typical range of value and therefore not indicative of any impact on property value. This set of matched pair data falls in line with the data seen in other states. The closest solar panel to the home at 13670 Highland is 1,180 feet. There is a wooded buffer between these two properties. I have included a map showing the relative location of these properties below. m 14. Matched Pair - McBride Place Solar Farm, Midland, NC This project is located on Mount Pleasant Road, Midland, North Carolina The property is on 627 acres on an assemblage of 974.59 acres. The solar farm was approved in early 2017 for a 74.9 MW facility. I have considered the sale of 4380 Joyner Road which adjoins the proposed solar farm near the northwest section. This property was appraised in April of 2017 for a value of $317,000 with no 59 consideration of any impact due to the solar farm in that figure. The property sold in November 2018 for $325,000 with the buyer fully aware of the proposed solar farm. I have considered the following matched pairs to the subject property Adjoining Residential Sales After Solar Farm Approved Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Other Adjoins 4380 Joyner 12.00 11/22/2017 $325,000 1979 1,598 $203.38 3/2 2.Gar Ranch Outbidg Not 3870 Elkwood 5.50 8/24/2016 $250,000 1986 1,551 $161.19 3/2.5 Det 2rGar Craft Not 8121 Lower Rocky 18.00 2/8/2017 $355,000 1977 1,274 $278.65 2/2 2zCarprt Ranch Eq. Fac. Not 13531 Cabarms 7.89 5/20/2016 $267,750 1981 2,300 $116.41 3/2 2.Gar Ranch Adjoining Sales Adjusted Time Acres VB Condition GLA BR/BA Park Other Total % Diff $325,000 $7,500 $52,000-$12,250 $10,000 $2,273 -$2,000 $2,500 $7,500 $317,523 2% $7,100 -$48,000 $4,970 $23,156 $0 $3,000 -$15,000 $330,226 -2% $8,033 $33,000-$3,749 $20,000 -$35,832 $0 $0 $7,500 $296,702 9% Average 3% The home at 4380 Joyner Road is 275 feet from the closest solar panel. I also considered the recent sale of a lot at 5800 Kristi Lane that is on the east side of the proposed solar farm. This 4.22-acre lot sold in December 2017 for $94,000. A home was built on this lot in 2019 with the closest point from home to panel at 689 feet. The home site is heavily wooded and their remains a wooded buffer between the solar panels and the home. I spoke with the broker, Margaret Dabbs, who indicated that the solar farm was considered a positive by both buyer and seller as it insures no subdivision will be happening in that area. Buyers in this market are looking for privacy and seclusion. The breakdown of recent lot sales on Kristi are shown below with the lowest price paid for the lot with no solar farm exposure, though that lot has exposure to Mt Pleasant Road South. Still the older lot sales have exposure to the solar farm and sold for higher prices than the front lot and adjusting for time would only increase that difference. Adjoining Lot Sales After Solar Farm Built Parcel Solar Address Acres Date Sold Sales Price $/AC $/Lot Adjoins 5811 Kristi 3.74 5/1/2018 $100,000 $26,738 $100,000 Adjoins 5800 Kristi 4.22 12/1/2017 $94,000 $22,275 $94,000 Not 5822 Kristi 3.43 2/24/2020 $90,000 $26,239 $90,000 The lot at 5811 Kristi Lane sold in May 2018 for $100,000 for a 3.74-acre lot. The home that was built later in 2018 is 505 feet to the closest panel. This home then sold to a homeowner for $530,000 in April 2020. I have compared this home sale to other properties in the area as shown below. Adjoining Residential Sales After Solar Farm Built Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Other Adjoins 5811 Kristi 3.74 3/31/2020 $530,000 2018 3,858 $137.38 5/3.5 2 Gar 2-story Cement Hxt Not 3915 Tania 1.68 12/9/2019 $495,000 2007 3,919 $126.31 3/3.5 2 Gar 2-story Met Gar Not 6782 Manatee 1.33 3/8/2020 $460,000 1998 3,776 $121.82 4/2/2b 2Gar 2-story Water Not 314 Old Hickory 1.24 9/20/2019 $492,500 2017 3,903 $126.18 6/4.5 2Gar 2-story Avg Solar Address Time Site YB GLA BR/BA Park Other Total % Diff % Diff Adjoins 5811 Kristi $530,000 5% Not 3915 Tania $6,285 $27,225 43,852 -$20,000 $504,657 50% Not 6782 Manatee $1,189 $46,000 $4,995 $5,000 $517,183 29% Not 314 Old Hickory $10,680 $2,463 -$2,839 -$10,000 $492,803 7% After adjusting the comparables, I found that the average adjusted value shows a slight increase in value for the subject property adjoining a solar farm. As in the other cases, this is a mild positive and within the typical range of real estate transactions. I therefore conclude that these matched pairs show no impact on value. 61 15. Matched Pair - Yamhill II, Amity, OR This solar farm has a 1.2 MW output and is located on a 186.60 acre tract using less than 10 of those acres. The project was built in 2011. I have considered the recent sale of Parcel 11 shown above, which sold on July 22, 2015 after the solar farm was built. The property sold for $326,456 for a 2.12 acre site with a home built in 1912 with 2,154 s.f. and 4 BR and 2 BA. It was noted as a recently remodeled residence with outbuildings that sold for $151.56 per square foot. I compared this to a number of similar older residences on similar acreage as shown below. Adjoining Residential Was After Soler Farm Approved Adjust for Adjusted Adjusted 6o1ar Address Acres Date Sold Was Price Built GBA $/DBA BR/BA Time Was $/SF Adjoins 12001 SW Bellevue, Amity 2.12 7/22/2015 $326,456 1912 2,154 $151.56 4/2 Not 19915 SW Muddy, McMinnville 1.82 2/28/2011 $213,400 1910 1,798 $118.69 3/2 27% $271,018 $150.73 Not 226W Hopewell, Salem 1.00 10/15/2014 $256,000 1910 1,%6 $130.21 3/2 5% $268,800 $136.72 Not 22355 Hopewe11, Salem 1.00 11/13/2015 $320,000 1930 2,592 $123.46 3/2 -2% $313,600 $120.99 Not W55 Bethel, Amity 2.86 2/17/2016 $289,900 1936 2,028 $142.95 3/2 A.Y. $278,304 $137.23 Not 3361 Lone Oak, McMinnville 2.91 3/1/2016 $465,000 1937 2,950 $157.63 3/2 -7% $432,450 $146.59 Average $138.45 Median $137.23 The sales prices of the comparables were only adjusted for time and provide a range of adjusted values of $120.99 per square foot to $150.73 per square foot. The subject property sold for above the high end of this range despite being on the older end of the range of comparables. Considering 9955 Bethel as the most similar in acreage, age and size and the price per square foot which adjusted to the median rate at $137.23 per square foot. Applying that rate to the subject property square footage, the indicated value is $295,593 for that matched pair, suggesting a 9% enhancement due to the adjacency to the solar farm. This set of matched pair data falls in line with the data seen in other states. The home is 700 feet from the closest solar panel. 62 16. Matched Pair - Marion Solar, Aurora, OR This solar farm has a 0.3 MW output and is located on a 2-acre portion of a 31.76-acre tract. The project was built in 2014. I have considered the recent sale of Parcels 5 and 6 shown above, which sold on August 6, 2014 after the solar farm was built for $259,000, or $16,444 per acre for a combined 15.75 acres. This was sold as vacant agricultural land with a permitted home site. I compared this to a number of similar land sales as shown below. Adjoining Residential Land Sales After Solar Farm Approved Adj for Adjusted Adjusted Solar Address Acres Date Sold Sales Rice $/Ac Soils Homesite Time Sales $/SF Adjoins 18916 Butteville, Aurora 15.75 8/6/2014 $259,000 $16,444 2&3 Eat. Not 15961 Wilsonville, Wilsonville 50.50 5/20/2014 $950,000 $18,812 2&3 Est. 1.59/6 $964,250 $19,094 Not 11471 Wilco, Mt. Angel 13.31 11/10/2014 $159,500 $11,983 28,4 N/A -1.5% $157,108 $11,804 Not Waeonda, Salem 11.86 9/9/2015 $215,000 $18,128 2 N/A -6.5% $201,025 $16,950 Average $15,949 Median $16,950 The sales price for the subject property is in line and between the average and median rates from the comparables. The sale at 11471 Wilco is the most similar in terms of acreage, time, and location. The sale on Waconda is similar in size, but newer and required more adjustment. I therefore conclude that no impact due to the proximity of the solar farm. 63 17. Matched Pair - Clackamas H, Aurora, OR This solar farm has a 0.22 MW output and is located on a 1-acre portion of a 156.32-acre tract. The project was built in 2014. I have considered the homesales along SW Fairway Drive both before and after the solar farm was announced to see if there was any impact on total sales price or price per square foot. As can be seen in the chart below, the sales prices continued to trend upward after the announcement and the price per square foot continued to trend upward. These homes are all approximately 125 feet from the closest solar panel. I adjusted these based on 0.75% per month difference in date of sale to January 1, 2014. The indicated average and median rate are right in line with the sales before and after the solar farm was built. These comparables strongly indicate no impact in sales price. Adjoining Residential Sales Before and After Solar Farm Announced Adjust Adjusted Adjusted Solar Address A"" Date Sold Sales Price Built GBA $/GBA Time Sales $/SF Prior 7500 SW Fairway 0.20 12/9/2011 $365,000 1992 2,435 $149.90 18.8% $433,620 $178.08 Prior 7580 SW Fairway 0.30 11/21/2012 $335,000 1990 2,256 $148.49 11% $370,175 $164.08 Prior 7480 SW Fairway 0.19 6/27/2013 $365,000 1992 2,244 $162.66 5% $384,345 $171.28 $153.68 Average $171.15 $149.90 Median $171.28 After 7620 SW Fairway 0.27 7/1/2013 $365,000 1992 2,212 $165.01 3.8% $378,870 $17128 After 7700 SW Fairvmy 0.18 6/11/2014 $377,100 1991 2,328 $161.98 -29/6 $371,444 $159.55 After 7380 SW Fairway 0.19 7/18/2014 $415,000 1989 2,115 $196.22 -6% $390,100 $184.44 $174.40 Average $171.76 $165.01 sledien $171.28 64 18. Matched Pair - Grand Ride Solar, Streator, IL This solar farm has a 20 MW output and is located on a 160-acre tract. The project was built in 2012. I have considered the recent sale of Parcel 13 shown above, which sold in October 2016 after the solar farm was built. I have compared that sale to a number of nearby residential sales not in proximity to the solar farm as shown below. Parcel 13 is 480 feet from the closest solar panel. Adjoining Residential Sales After Solar Farm Completed # TAR ID Acres Date Sold Sales Price Built GBA $/GBA 13 34-21-237-000 2 Oct-16 $186,000 1997 2,328 $79.90 Not Adjoining Residential Sales After Solar Farm Completed # TAX ID Acres Date Sold Sales Price Built GBA $/GBA 712 Columbus Rd 32-39-134-005 1.26 Jun-16 $166,000 1950 2,100 $79.05 504.N 2782 Rd 18-13-115-000 2.68 Oct-12 $154,000 1980 2,800 $55.00 7720 S Dwight Rd 11-09-300-004 1.14 Nov-16 $191,000 1919 2,772 $68.90 701 N 2050th Rd 26-20-105-000 1.97 Aug-13 $200,000 2000 2,200 $90.91 9955 E 1600th St 04-13-200-007 1.98 May-13 $181,858 1991 2,600 $69.95 65 Adjustments TA%ID Date Sold Time Total $/Sf 34-21-237-000 Oct-16 $186,000 $79.90 32-39-134-005 Jun-16 $166,000 $79.05 18-13-115-000 Oct-12 $12,320 $166,320 $59.40 11-09-300-004 Nov-16 $191,000 $68.90 26-20-105-000 Aug-13 $12,000 $212,000 $96.36 04-13-200-007 May-13 $10,911 $192,769 $74.14 Adjoins Solar Farm Not Adjoin Solar Farm Average Median Average Median Sales Price/SF $79.90 $79.90 $75.57 $74.14 GBA 2,328 2,328 2,494 2,600 Based on the matched pairs I fmd no indication of negative impact due to proximity to the solar farm. The most similar comparable is the home on Columbus that sold for $79.05 per square foot. This is higher than the median rate for all of the comparables. Applying that price per square foot to the subject property square footage indicates a value of $184,000. 19. Matched Pair - Portage Solar, Portage, IN This solar farm has a 2 MW output and is located on a portion of a 56-acre tract. The project was built in 2012. I have considered the recent sale of Parcels 5 and 12. Parcel 5 is an undeveloped tract, while Parcel 12 is a residential home. I have compared each to a set of comparable sales to determine if there was any impact due to the adjoining solar farm. This home is 1,320 feet from the closest solar panel. 67 Adjoining Residential Sales After Solar Farm Completed # TAR ID Acres Date Sold Sales Price Built GBA $/GBA 12 64-06-19-326-007.000-015 1.00 Sep-13 $149,800 1964 1,776 $84.35 Nearby Residential Sales After Solar Farm Completed # TAR ID Acres Date Sold Sales Price Built GBA $/GBA 2501 Architect or 64-04-32-202-004.000-021 1.31 Nov-15 $191,500 1959 2,064 $92.78 336 E 1050 N 64-07-09-326-003.000-005 1.07 Jan-13 $155,000 1980 1,908 $81.24 2572 Pryor Rd 64-05-14-204-006.000-016 1.00 Jan-16 $216,000 1960 2,348 $91.99 Adjoining Land Sales After Solar Farm Completed # TAR ID Acres Date Sold Was Price $/AC 5 64-06-19-200-003.000-015 18.70 Feb-14 $149,600 $8,000 Nearby Land Sates After Solar Farm Completed # TAR ID Acres Date Sold Sales Price $/AC 64-07-22-401-001.000-005 74.35 Jun-17 $520,450 $7,000 64-15-08-200-010.000-001 15.02 Jan-17 $115,000 $7,658 Residential Sale Adjustment Chart Adjustments TAX ID Date Sold Time Total $/Sf 64-06-19-326-007.000-015 Sep-13 $8,988 $158,788 $89.41 64-04-32-202-004.000-021 Nov-15 $3,830 $195,330 $94.64 64-07-09-326-003.000-005 Jan-13 $9,300 $164,300 $86.11 64-05-14-204-006.000-016 Jan-16 $216,000 $91.99 2% adjustment/year Adjusted to 2017 Adjoins Solar Farm Not Adjoin Solar Farm Average Median Average Median Sales Price/SF $89.41 $89.41 $90.91 $91.99 GBA 1,776 1,776 2,107 2,064 After adjusting the price per square foot is 2.88% less for the home adjoining the solar farm versus those not adjoining the solar farm. This is within the typical range of variation to be anticipated in any real estate transaction and indicates no impact on property value. Applying the price per square foot for the 336 E 1050 N sale, which is the most similar to the Parcel 12 sale, the adjusted price at $81.24 per square foot applied to the Parcel 12 square footage yields a value of $144,282. M. Land Sale Adjustment Chart Adjustments TAX ID Date Sold Time Total $/Acre 64-06-19-200-003.000-015 Feb-14 $8,976 $158,576 $8,480 64-07-22-401-001.000-005 Jun-17 $520,450 $7,000 64-15-08-200-010.000-001 Jan-17 $115,000 $7,658 Sales Price/Ac Acres 2% adjustment/year Adjusted to 2017 Adjoins Solar Farm Average Median $8,480 $8,480 18.70 18.70 Not Adjoin Solar Farm Average Median $7,329 $7,329 44.68 44.68 After adjusting the price per acre is higher for the property adjoining the solar farm, but the average and median size considered is higher which suggests a slight discount. This set of matched pair supports no indication of negative impact due to the adjoining solar faun. Alternatively, adjusting the 2017 sales back to 2014 I derive an indicated price per acre for the comparables at $6,580 per acre to $7,198 per acre, which I compare to the unadjusted subject property sale at $8,000 per acre. 69 20. Matched Pair - Dominion Lady III, Indianapolis, IN This solar farm has an 8.6 MW output and is located on a portion of a 134-acre tract. The project was built in 2013. There are a number of homes on small lots located along the northern boundary and I have considered several sales of these homes. I have compared those homes to a set of nearby not adjoining home sales as shown below. The adjoining homes that sold range from 380 to 420 feet from the nearest solar panel, with an average of 400 feet. 70 Adjoining Residential Sales After Solar Farm Completed # TAX ID Acres Date Sold Sales Price Built GBA $/GBA 2 2013249 0.38 12/9/2015 $140,000 2006 2,412 $58.04 4 2013251 0.23 9/6/2017 $160,000 2006 2,412 $66.33 5 2013252 0.23 5/10/2017 $147,000 2009 2,028 $72.49 11 2013258 r 0.23 12/9/2015 $131,750 2011 2,190 $60.16 13 2013260 0.23 3/4/2015 $127,000 2005 2,080 $61.06 14 2013261 0.23 2/3/2014 $120,000 2010 2,136 $56.18 Nearby Not Adjoining Residential Sales After Solar Farm Completed # TAX ID Acres Date Sold Sales Price Built GBA $/GBA 5836 Sable Dr 2013277 0.14 Jun-16 $141,000 2005 2,280 $61.84 5928 Mosaic P1 2013845 0.17 Sep-15 $145,000 2007 2,280 $63.60 5904 Minden Dr 2012912 0.16 May-16 $130,000 2004 2,252 $57.73 5910 Mosaic P1 2000178 0.15 Aug-16 $146,000 2009 2,360 $61.86 5723 Minden Dr 2012866 0.26 Nov-16 $139,900 2005 2,492 $56.14 Adjustments TAX ID Date Sold Time Total $/Sf 2013249 12/9/2015 $5,600 $145,600 $60.36 2013251 9/6/2017 $160,000 $66.33 2013252 5/10/2017 $147,000 $72.49 2013258 12/9/2015 $5,270 $137,020 $62.57 2013260 3/4/2015 $5,080 $132,080 $63.50 2013261 2/3/2014 $7,200 $127,200 $59.55 2013277 6/1/2016 $2,820 $143,820 $63.08 2013845 9/1/2015 r $5,800 $150,800 $66.14 2012912 5/1/2016 $2,600 $132,600 $58.88 2000178 8/1/2016 $2,920 $148,920 $63.10 2012866 11/1/2016 $2,798 $142,698 $57.26 2% adjustment/year Adjusted to 2017 Sales Price/SF GBA Adjoins Solar Farm Not Adjoin Solar Farm Average Median Average Median $64.13 $63.03 S61.69 $63.08 2,210 2,163 2,333 2,280 This set of homes provides very strong indication of no impact due to the adjacency to the solar farm and includes a large selection of homes both adjoining and not adjoining in the analysis. n 21. Matched Pair - Beetle -Shelby Solar, Cleveland County, NC This project is located on Bachelor Road at Timber Drive, Mooresboro, NC. This is a 4 MW facility on a parent tract of 24 acres. I have considered a custom home on a nearby property adjoining this solar farm. This home is located on 10.08 acres, was built in 2013, and has a gross living area of 3,196 s.f. This property sold on October 1, 2018 $416,000. I compared this to several nearby homes of similar size on large lots as shown below. Adjoining Residential Sales After Solar Farm Approved Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Other Adjoins 1715'nmber 10.08 10/1/2018 $416,000 2013 3,196 $130.16 4/3.5 2xGar 1.5 story Pool, Scm Prch Not 1021 Posting 2A5 2/15/2019 $414,000 2000 4,937 $83.86 4/4.5 2xGar 1.5 story Scm Prch Not 2521 Wood 3.25 7/30/2017 $350,000 2003 3,607 $97.03 4/4 4xGar 1.5 story Pool, sunroom Not 356 Whitaker 7.28 1/9/2017 $340,000 1997 3,216 $105.72 4/4 2xGar Ranch Pole bam 72 Adjoining Sales Adjusted Time Acres YE $15,000 $37,674 $10,500 $12,000 $24,500 $15,300 $5,000 $38,080 GLA BR/BA Park Other Total % Diff -$58,398-$10,000 -$15,952-$5,000-$5,000 -$846-$5,000 $416,000 $398,276 4% $371,048 11% $392,534 6% Average 7% The data on these sales all show that the subject property adjoining the solar farm sold for more than these other comparable sales. These sales suggest a mild increase in value due to proximity to the solar farm; however, the subject property is a custom home with upgrades that would balance out that difference. I therefore conclude that these matched pairs support an indication of no impact on property value. 73 22. Matched Pair - Courthouse Solar, Gaston County, NC This project is a 5 MW facility located on 161.92 acres on Tryon Courthouse Road near Bessemer City that was approved in late 2016 but has not yet been constructed due to delays in the power purchase agreement process with Duke Progress Energy. I have considered a recent sale of a home (Parcel 13) located across from this approved solar farm project as well as an adjoining lot sale (Parcel 25) to the west of this approved project. I compared the home sale to similar sized homes with similar exposure to county roads as shown below. I considered three similar sales that once adjusted for differences show a positive relationship due to proximity to the solar farm. The positive impact is less than 5% which is a standard deviation for real estate transaction and indicates no impact on property value. Adjoining Residential Sales After Solar Farm Approved Solar Address Acres Date Sold Sales Price Bunt GBA $/GBA BR/BA Park Style Adjoins 2134 Tryon Court. 0.85 3/15/2017 $111,000 2001 1,272 $87.26 3/2 Drive Ranch Not 214 Kiser 1.14 1/5/2017 $94,000 1987 1,344 $69.94 3/2 Drive Ranch Not 101 Windward 0.30 3/30/2017 $104,000 1995 1,139 $91.31 3/2 Drive Ranch Not 5550 Lennox 1.44 10/12/2018 $115,000 2002 1,224 $93.95 3/2 Drive Ranch Adjoining Residential Sales After Solar Farm Approved Adjoining Sales Adjusted Solar Address Acres Date Sold Sales Price Time Acres YB GLA Total % Diff Adjoins 2134 Tryon Court. 0.85 3/15/2017 $111,000 $111,000 Not 214 Kiser 1.14 1/5/2017 $94,000 $533 $9,212 -$1,511 $102,234 80% Not 101 Windward 0.30 3/30/2017 $104,000 -$128 $4,368 $5,615 $113,855 -30% Not 5550 Lennox 1.44 10/12/2018 $115,000 -$5,444 -$805 -$2,396 $106,355 40% Average 3% Similarly, I compared the lot sale to four nearby land sales. Parcel 25 could not be subdivided and was a single estate lot. There were a number of nearby lot sales along Weaver Dairy that sold for $43,000 to $30,000 per lot for 4-acre home lots. Estate lots typically sell at a base homesite rate 74 that would be represented by those prices plus a diminishing additional value per additional acre. The consideration of the larger tract more accurately illustrates the value per acre for larger tracts. After adjustments, the land sales show a mild positive impact on land value with an average increase of 9%, which supports a positive impact. Adjoining Residential Lend Sales After Soler Farm Approved Adjoining Sales Adjusted Solar Address Acres Date Sold Sales Price $/Ac Time Acres Total % Diff Note Adjoins 5021 Bueldand 9.66 3/21/2018 $58,500 $6,056 $58,500 1 homesite only Not Campbell 6.75 10/31/2018 $42,000 $6,222 -$773 $18,107 $59,333 -1% Not Mae, 17.65 11/27/2017 $69,000 $3,909 $647 -$19,508 $50,139 149/6 6 acres less usable due to shape (50%) Not 522 Weaver Dairy 3.93 2/26/2018 $30,000 $7,634 $57 $25,000 $55,057 6% Not 779 Sunnyside 6.99 3/6/2017 $34,000 $4,864 $1,062 $12,987 $48,049 18% Average 9% 75 23. Matched Pair - Mariposa Solar, Gaston County, NC This project is a 5 MW facility located on 35.80 acres out of a parent tract of 87.61 acres at 517 Blacksnake Road, Stanley that was built in 2016. I have considered a number of recent sales around this facility as shown below. The first is identified in the map above as Parcel 1, which is 215 Mariposa Road. This is an older dwelling on large acreage with only one bathroom. I've compared it to similar nearby homes as shown below. Adjoining Residential Sales After Solar Farm Approved Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Adjoins 215 Mariposa 17.74 12/12/2017 $249,000 1958 1,551 $160.54 3/1 Garage Br/Rneh Not 249 Mariposa 0.48 3/1/2019 $153,000 1974 1,792 $85.38 4/2 Garage Br/Rneh Not 110 Airport 0.83 5/10/2016 $166,000 1962 2,165 $76.67 3/2 Crprt Br/Rnch Not 1249 ffiacksnake 5.01 9/20/2018 $242,500 1980 2,156 $112.48 3/2 Drive 1.5 Not 1201 Abernathy 27.00 5/3/2018 $390,000 1970 2,190 $178.08 3/2 Crprt Br/Rnch 76 Adjoining Residential Sales After Soler Farm Approved Solar Address Acres Date Sold Sales Price Adjoins 215 Mariposa 17.74 12/12/2017 $249,000 Not 249 Mariposa 0.48 3/l/2019 $153,000 Not 110 Airport 0.83 5/10/2016 $166,000 Not 1249 Blacksnake 5.01 9/20/2018 $242,500 Not 1201 Abernathy 27.00 5/3/2018 $390,000 Adjoining Sales Adjusted Time YB Ames OLA BR/BA Park Other Total %Dill $249,000 -$5,583 -$17,136 $129,450 -$20,576-$10,000 $229,154 8% $7,927 $4,648 $126,825 -$47,078-$10,000 $239,026 49/. -$5,621 -$37,345 $95,475 -$68,048-$10,000 $5,000 $221,961 11% -$4,552 -$32,760 -$69,450 -$60,705-$10,000 $212,533 15% Average 9% The average difference after adjusting for all factors is +9% on average, which suggests an enhancement due to the solar faun across the street. Given the large adjustments for acreage and size, I will focus on the low end of the adjusted range at 4%, which is within the typical deviation and therefore suggests no impact on value. I have also considered Parcel 4 that sold after the solar farm was approved but before it had been constructed in 2016. Adjoining Residential Sales After Solar Farm Approved Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Other Adjoins 242 Mariposa 2.91 9/21/2015 $180,000 1962 1,880 $95.74 3/2 Carport Br/Rnch Det Wrkshop Not 249 Mariposa 0.48 3/1/2019 $153,000 1974 1,792 $85.38 4/2 Garage Hr/Rnch Not 110Airport 0.83 5/10/2016 $166,000 1962 2,165 $76.67 3/2 Crprt Br/Rnch Not 1249 Blacksnake 5.01 9/20/2018 $242,500 1980 2,156 $112.48 3/2 Drive 1.5 Adjoining Residential Sales After Soler Farm Approved Adjoining Sales Adjusted Solar Address Acres Date Sold Sales Price Time YB Ames GLA BR/RA Park Other Total % Diff Adjoins 242 Mariposa 2.91 9/21/2015 $180,000 $180,000 Not 249 Mariposa 0.48 3/l/2019 $153,000-$15,807-$12,852 $18,468 $7,513 -$3,000 $25,000 $172,322 4% Not 110 Airport 0.83 5/10/2016 $166,000-$3,165 $0 $15,808-$28,600 $25,000 $175,043 3% Not 1249 Blacksnake 5.01 9/20/2018 $242,5W-$21,825-$30,555-$15,960-$40,942 $2,000 $25,000 $160,218 11% Average 6% The average difference after adjusting for all factors is +6%, which is again suggests a mild increase in value due to the adjoining solar farm use. The median is a 4% adjustment, which is within a standard deviation and suggests no impact on property value. I have also considered the recent sale of Parcel 13 that is located on Blacksnake Road south of the project. I was unable to find good land sales in the same 20 acre range, so I have considered sales of larger and smaller acreage. I adjusted each of those land sales for time. I then applied the price per acre to a trendline to show where the expected price per acre would be for 20 acres. As can be seen in the chart below, this lines up exactly with the purchase of the subject property. I therefore conclude that there is no impact on Parcel 13 due to proximity to the solar farm. Adjoining Residential Land Sales After Solar Farm Approved Solar Tax/Street Acres Date Sold Sales Price $/Ac Adjoins 174339/Blacksnake 21.15 6/29/2018 $160,000 $7,565 Not 227852/Abernathy 10.57 5/9/2018 Not 17443/Legion 9.87 9/7/2018 Not 164243/Alexis 9.75 2/1/2019 Not 176884/Bowden 55.77 6/13/2018 $97,000 $64,000 $110,000 $280,000 $9,177 $6,484 $11,282 $5,021 Adjoining Sales Adjusted Time $/Ac $7,565 $38 $9,215 -$37 $6,447 -$201 $11,081 $7 $5,027 77 $/Ac $12,000 $10,0o0 $8,000 $6,000 $/Ac $4,000 Fxpon. ($/Ac) $2,000 $0 0.00 10.00 20.00 30.00 40.00 50.00 60.00 Finally, I have considered the recent sale of Parcel 17 that sold as vacant land. I was unable to fmd good land sales in the same 7 acre range, so I have considered sales of larger and smaller acreage. I adjusted each of those land sales for time. I then applied the price per acre to a trendline to show where the expected price per acre would be for 7 acres. As can be seen in the chart below, this lines up with the trendlme running right through the purchase price for the subject property. I therefore conclude that there is no impact on Parcel 13 due to proximity to the solar farm. I note that this property was improved with a 3,196 square foot ranch built in 2018 following the land purchase, which shows that development near the solar farm was unimpeded. Adjoining Residential Land Sales After Solar Farm Approved Adjoining Sales Adjusted Solar Tax/Street Acres Date Sold Sales Price $/Ac Time Location $/Ac Adjoins 227039/Mariposa 6.86 12/6/2017 $66,500 $9,694 $9,694 Not 227852/Abernathy 10.57 5/9/2018 $97,000 $9,177 -$116 $9,061 Not 17443/1egion 9.87 9/7/2018 $64,000 $6,484 -$147 $6,338 Not 177322/Robinson 5.23 5/12/2017 $66,500 $12,715 $217 -$1,272 $11,661 Not 203386/Carousel 2.99 7/13/2018 $43,500 $14,548 -$262 -$1,455 $12,832 $14,000 $12,000 $10,000 $8,000 -+- Seriesl $6,000 Expon. (Se riesl) $4,000 $2,000 $0 0.00 2.00 4.00 6.00 8.00 10.00 12.00 m 24. Matched Pair - Clarke County Solar, Clarke County, VA This project is a 20 MW facility located on a 234-acre tract that was built in 2017. 79 I have considered two recent sales of Parcel 3. The home on this parcel is 1,230 feet from the closest panel as measured in the second map from Google Earth, which shows the solar farm under construction. This home sold in January 2017 for $295,000 and again in August 2019 for $385,000. I show each sale below and compare those to similar home sales in each time frame. The significant increase in price between 2017 and 2019 is due to a significant kitchen remodel, new roof, and related upgrades as well as improvement in the market in general. The sale and later resale of the home with updates and improvements speaks to pride of ownership and increasing overall value as properties perceived as diminished are less likely to be renovated and sold for profit. I note that 102 Tilthammer includes a number of barns that I did not attribute any value in the analysis. The market would typically give some value for those barns but even without that adjustment there is an indication of a positive impact on value due to the solar farm. Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GLA BR/BA Park Style Other 3 Adjoins 833 Nations Spr 5.13 8/18/2019 $385,000 1979 1,392 $276.58 3/2 net Gar Ranch UnBsmt Not 167 Leslie 5.00 8/19/2020 $429,000 1980 1,665 $257.66 3/2 Det2Gar Ranch Not 2393 Old Chapel 2.47 8/10/2020 $330,000 1974 1,500 $220.00 3/1.5 Det Gar Ranch Not 102 Tilthammer 6.70 5/7/2019 $372,000 1970 1,548 $240.31 3/1.5 Det Gar Ranch UnBsmt Adjoining Sales Adjusted Avg Time Site YB GLA BR/BA Park Other Total % Diff % Diff Distance $385,000 1230 -$13,268-$2,145 -$56,272 -$5,000 $50,000 $402,315 -40% -$9,956 $25,000 $8,250 -$19,008 $5,000 $50,000 $389,286 -1% $3,229 $16,740 -$29,991 $5,000 $366,978 50/6 0% Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GLA BR/BA Park Style Other 3 Adjoins 833 Nations Spr 5.13 1/9/2017 $295,000 1979 1,392 $211.93 3/2 Let Gar Ranch UnBsmt Not 6801 Middle 2.00 12/12/2017 $249,999 1981 1,584 $157.83 3/2 Open Ranch Not 4174 Rockland 5.06 1/2/2017 $300,000 1990 1,688 $177.73 3/2 2 Gar 2-story Not 400 Sugar Hill 1.00 6/7/2018 $180,000 1975 1,008 $178.57 3/1 Open Ranch Adjoining Sales Adjusted Avg Time Site YB GLA BR/BA Park Other Total % Diff % Diff Distance $295,000 1230 -$7,100 $25,000-$2,500 -$24,242 $5,000 $50,000 $296,157 00% $177-$16,500 442,085 -$10,000 $50,000 $281,592 5% -$7,797 $3,600 $54,857 $10,000 $5,000 $50,000 $295,661 00% 1% 80 25. Matched Pair - Flemington Solar, Flemington, NJ This solar farm is located off Kuhl Road and is south of Hart Boulevard. I spoke with Gerry Giles a local realtor who is familiar with the adjoining neighborhood as she has lived in that neighborhood. She indicated that in her opinion the adjoining solar farm is a quiet neighbor and would not have a negative impact on property value. Furthermore, I spoke with her specifically about the recent sale of 10 Coventry, which I have included in the matched pairs. She noted that the seller was a divorced bachelor who had set the place up like a dorm and that it showed terribly. She believes proper staging of the interior would have significantly improved the sales price on this home. I adjusted for that factor in the comparables in that analysis based on that information. I have identified four recent sales of homes adjoining this subdivision along Hart Boulevard and the side streets off of Hart Boulevard. Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Other 8 Adjoins 10 Coventry 0.36 3/19/2018 $370,000 1986 1,829 $202.30 3/2.5 2-Gar 2-Story Staging Not 58 Wellington 0.45 6/8/2018 $334,500 1984 1,757 $190.38 3/2.5 2-Gar 2-Story Not 28 Bristol 0.35 1/17/2018 $398,000 1985 1,757 $226.52 3/2.5 2-Gar 2-Story Not 1 Sheffield 0.35 12/15/2017 $399,900 1984 1,870 $213.85 4/2.5 2-Gar 2-Story Adjoining Sales Adjusted Avg Time YB GLA BR/BA Park Other Total % Diff % Diff Distance $370,000 295 -$2,283 $3,345 $8,224 -$10,035 $333,751 100/0 $2,046 $1,990 $9,786 -$11,940 $399,882 -8o/a $3,168 $3,999-$5,261 -$11,997 $389,809 -5a/o -1% Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Other 14 Adjoins 54 Hart 0.36 7/25/2016 $420,000 1986 2,680 $156.72 4/2.5 2-Gar 2-Story Not 43 Aberdeen 0.36 11/21/2016 $417,000 1987 2,524 $165.21 4/2.5 2-Gar 2-Story Not 42 Aberdeen 0.34 2/7/2017 $454,900 1988 2,734 $166.39 5/3 2-Gar 2-Story Not 18 Aberdeen 0.34 11/6/2017 $437,500 1988 2,687 $162.82 4/2.5 2-Gar 2-Story Adjoining Sales Adjusted Avg Time YB GLA BR/BA Park Other Total % Diff % Diff Distance $420,000 375 -$4,182-$2,085 $15,464 $426,197 -1% -$7,552-$4,549 -$5,391 -$5,000 $432,408 -3% -$17,291-$4,375 -$684 $415,150 1% -1% Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built OBA $/GBA BR/BA Park Style Other 16 Adjoins 6Portsmith 0.36 6/19/2015 $410,000 1991 2,687 $152.59 4/2.5 2-Gar 2-Story Not 43 Aberdeen 0.36 11/21/2016 $417,000 1987 2,524 $165.21 4/2.5 2-Gar 2-Story Not 42 Aberdeen 0.34 2/7/2017 $454,900 1988 2,734 $166.39 5/3 2-Gar 2-Story Not 18 Aberdeen 0.34 11/6/2017 $437,500 1988 2,687 $162.82 4/2.5 2-Gar 2-Story Adjoining Sales Adjusted Avg Time YB GLA BR/BA Park Other Total % Diff % Diff Distance $410,000 425 -$18,308 $8,340 $16,158 $423,190 -3% -$22,962 $6,824-$4,692 -$5,000 $429,069 -5% -$32,112 $6,563 $0 $411,950 0% -3 % Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Other 19 Adjoins 12 Stratford 0.55 11/30/2017 $414,900 1991 1,828 $226.97 3/2.5 2-Gar 2-Story Not 58 Wellington 0.45 6/8/2018 $334,500 1984 1,757 $190.38 3/2.5 2-Gar 2-Story Not 28 Bristol 0.35 1/17/2018 $398,000 1985 1,757 $226.52 3/2.5 2-Gar 2-Story Not 1 Sheffield 0.35 12/15/2017 $399,900 1984 1,870 $213.85 4/2 Gar 2-Story Adjoining Sales Adjusted Avg Time YB GLA BR/BA Park Other Total % Diff % Diff Distance $414,900 345 -$5,356 $11,708 $8,110 $348,962 16% -$1,610 $11,940 $9,650 $417,980 -1% -$505 $13,997-$5,389 $5,000 $7,000 $420,002 -1% 5% The range of impact identified by these matched pairs ranges are therefore -3% to +5o/o for distances ranging from 295 feet to 425 feet with an average difference from these four indicators of 0%. As noted earlier this range is within the typical plus or minus for any real estate transaction and indicates no impact on property value. The broker Gerry Giles indicated that she has not seen the solar farm having any impact on adjoining property value. She noted that the solar farm is visible from Hart Boulevard and from a number of these backyards, but is still heavily screened. 26. Matched Pair - Frenchtown Solar, Frenchtown, NJ This solar farm is located off Muddy Run Road. I spoke with Gerry Giles a local realtor who helped a buyer purchase 5 Muddy Town Road. She indicated that his home adjoining the solar farm had multiple offers and that most of those offers were higher than the offer she presented, but her buyer provided an all cash offer. This was important as the property was being purchased while the septic system required repairs and updates that the seller paid for but completed the work during/after the purchase. The solar farm was not considered a negative by her buyer. Adjoining Residential Sales After Solar Fern Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Other 7 Adjoins 5Muddy Run 2.14 6/23/2017 $385,000 1985 2,044 $188.36 4/2.5 2-Gar 2-Story Updated Not 319 Battsnown 2.00 5/21/2019 $358,000 1988 2,240 $159.82 4/3 Gut- 2-Story Not 132 Kingwood 3.17 10/31/2016 $380,000 1996 2,392 $158.86 3/2.5 Det 2 2-Story Not 26 Barbertown 2.03 5/21/2019 $360,000 1998 2,125 $169.41 4/3 2-Gar 2-Story Adjoining Sales Adjusted Avg Time YB GLA BR/BA Park Other Total % Diff o/ Diff Distance $385,000 250 -$13,673 -$5,370-$18,795 -$5,000 $10,000 $20,000 $345,162 109/6 $4,893-$20,900 -$33,171 $5,000 $20,000 $355,823 80/6 -$13,749-$23,400 -$8,233 -$5,000 $20,000 $329,618 140/6 11% After typical adjustments including a $20,000 increase in the comparable sales for updates, the subject property is showing a significant premium that may be attributable to the adjoining solar farm. 27. Matched Pair - McGraw Solar, East Windsor, NJ This solar farm is located off Oak Creek Road. The matched pairs considered at this solar farm involve the townhome/duplexes located off Wyndmoor Drive and a single family home off Wilmor Drive. Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Adjoins 153 Wyndmoor N/A 4/25/2017 $215,000 1987 1,532 $140.34 3/3 Gar 2-Story Not 164Wyndmoor N/A 5/13/2019 $258,000 1987 1,532 $168.41 3/3 Gar 2-Story Not 33 Monroe N/A 2/6/2018 $261,000 1987 1,532 $170.37 3/3 Gar 2-Story Not 20 Spyglass N/A 12/19/2017 $240,000 1987 1,532 $156.66 3/3 Gar 2-Story Adjoining Sales Adjusted Avg Time YB GLA BR/BA Park Other Total % Diff % Diff Distance $215,000 175 -$15,862 $0 $0 $242,138 -13% -$6,157 $0 $0 $254,843 -19% -$4,695 $0 $0 $235,305 -90/o -14% Con Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Adjoins 149Wyndmoor N/A 5/24/2017 $206,000 1987 1,236 $166.67 2/1.5 Gar 2-Story Not 97 Wyndmoor N/A 4/17/2017 $210,000 1987 1,236 $169.90 2/1.5 Gar 2-Story Not 24 Monroe N/A 12/23/2016 $217,979 1987 1,560 $139.73 3/2.5 Gar 2-Story Not 81 Wyndmoor N/A 1/31/2018 $204,000 1987 1,254 $162.68 2/2.5 Gar 2-Story Adjoining Sales Adjusted Avg Time YE GLA BR/BA Park Other Total % Diff % Diff Distance $206,000 175 $639 so $0 $210,639 -2% $2,723 50-$27,164 $193,539 60/6 -$4,225 $0-$1,757 $198,018 4% 3% Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Adjoins 26 Wilmor 0.46 3/19/2019 $286,000 1961 1,092 $261.90 3/1.5 Gar Ranch Not 25 Pinehurst 0.48 5/17/2019 $315,000 1967 1,314 $239.73 3/1&2 Gar Ranch Not 15Maple Strewn 0.40 6/6/2017 $285,000 1964 1,202 $237.10 3/1.5 Gar Ranch Not 3Amy 0.29 10/11/2018 $286,000 1969 1,229 $232.71 3/1.5 Gar Ranch Adjoining Sales Adjusted Avg Time YB GLA BR/BA Park Other Total % Diff % Diff Distance $286,000 400 -$1,566 -$9,450-$31,932 -$5,000 $267,052 7% $15,635 -$4,275-$15,649 $280,711 2% $3,832 -$11,440-$19,129 $259,263 90/6 6% Average -2% 250 The range of impact identified by these matched pairs ranges are therefore -14% to +6% for distances ranging from 175 feet to 400 feet with an average difference from these three indicators of -20/o. As noted earlier this range is within the typical plus or minus for any real estate transaction and indicates no impact on property value. This set of matched pairs is interesting and there appears to be more going on when you compare the two townhome properties. One shows a significant discount and the other shows no impact. When I compare the two townhomes that both back up to the same solar farm, the townhome that includes 1,532 s.f. sold for only $9,000 more than the townhome that has 1,236 s.f. I attempted to speak with the broker involved with these but was unable to get a reply. The difference there strongly indicates that something else is going on with the larger townhome. I will not rely heavily on that matched pair, but I have included it to be complete. 86 28. Matched Pair - Tinton Falls Solar, Tinton Falls, NJ This solar farm is located off W. Park Avenue. The tract with the solar farm also has a condo/townhome project from which I have considered recent sales activity. I note that the developer of the solar farm and the townhome community clearly did not see any negative impact from the combined use. These units are still being constructed with new sales expected in the near future. Adjoining Residential Bales After Soler Farm Approved Parcel Solar Address Acres Date Sold Sales price Built GBA $/GBA BR/BA Park Style Other Adjoins 111 Kyle N/A 8/8/2018 $402,000 2015 2,200 $182.73 3/2.5 Gar 3-Story End Not 80 Kyle N/A 9/18/2017 $410,000 2015 2,226 $184.19 2/2.5 Gar 3-Story End/Park Not 15 Michael N/A 9/19/2018 $412,000 2016 2,157 $191.01 3/2.5 Gar 3-Story End Not 31 Michael N/A 4/1/2019 $390,000 2016 2,200 $17727 3/2.5 Gar 3-Story End Not 15 Michael N/A 9/9/2018 $412,000 2016 2,157 $191.01 3/2.5 Gar 3-Story End Adjoining Sales Adjusted Avg Time YB GLA BR/BA Park Other Total % Diff % Diff Distance $402,000 185 $11,194 $0-$2,873 -$20,500 $397,821 1% -$1,458 -$2,060 $4,928 $413,410 -3% -$7,756 -$1,950 $0 $380,294 5% -$1,111 -$2,060 $4,928 $413,757 -4% 1% Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Other Adjoins 47 Kyte N/A 8/31/2018 $260,000 2016 1,140 $228.07 2/2 Gar 3-Story End Not 26 Jake N/A 10/31/2017 $268,000 2014 1,140 $235,09 2/2 Gar 3-Story End Not 4 Michael N/A 11/8/2018 $260,000 2015 1,140 $228.07 2/2 Gar 3-Story End Not 36 Kyle N/A 1/10/2019 $260,000 2015 1,140 $228.07 2/2 Gar 3-Story Adjoining Sales Adjusted Time YB GLA BR/BA Park $6,866 $2,680 $0 -$1,512 $1,300 $0 -$2,892 $1,300 $0 Avg Other Total % Diff % Diff Distance $260,000 I55 $277,546 -70/o $259,788 0% $7,800 $266,208 -2% -3ON, Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Other Adjoins 7Kyle N/A 6/15/2017 $262,195 2017 1,140 $230.00 2/2 Gar 3-Story End Not 26 Jake N/A 10/31/2017 $268,000 2014 1,140 $235.09 2/2 Gar 3-Story End Not 4 Michael N/A 11/8/2018 $260,000 2015 1,140 $228.07 2/2 Gar 3-Story End Not 36 Kyle N/A 1/10/2019 $260,000 2015 1,140 $228.07 2/2 Gar 3-Story Adjoining Sales Adjusted Avg Time YB GLA BR/BA Park Other Total % Diff % Diff Distance $262,195 150 -$3,117 $4,020 $0 $268,903 -30/o -$11,196 $2,600 $0 -$5,000 $246,404 6% -$12,576 $2,600 $0 $7,800 $257,824 2% 2% Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Other Adjoins 1 Samantha N/A 9/1/2017 $258,205 2017 1,140 $226,50 2/2 Gar 3-Story End Not 26 Jake N/A 10/31/2017 $268,000 2014 1,140 $235.09 2/2 Gar 3-Story End Not 4 Michael N/A 11/8/2018 $260,000 2015 1,140 $228,07 2/2 Gar 3-Story End Not 36 Kyle N/A 1/10/2019 $260,000 2015 1,140 $228.07 2/2 Gar 3-Story Adjoining Sales Adjusted Avg Time YB GLA BR/BA Park Other Total % Diff % Diff Distance $258,205 155 -$1,355 $4,020 $0 -$5,000 $265,665 -30/o -$9,487 $2,600 $0 $253,113 2% -$10,867 $2,600 $0 $7,800 $259,533 -1% 0% The range of impact identified by these matched pairs ranges are therefore -3% to +2% for distances ranging from 150 feet to 185 feet with an average difference from these four indicators of 0%. As noted earlier this range is within the typical plus or minus for any real estate transaction and indicates no impact on property value. 88 29. Matched Pair - Simon Solar, Social Circle, GA This solar farm is located off Hawldns Academy Road and Social Circle Fairplay Road. I identified three adjoining sales to this tract after development of the solar farm. However, one of those is shown as Parcel 12 in the map above and includes a powerline easement encumbering over a third of the 5 acres and adjoins a large substation as well. It would be difficult to isolate those impacts from any potential solar farm impact and therefore I have excluded that sale. I also excluded the recent sale of Parcel 17, which is a farm with conservation restrictions on it that similarly would require a detailed examination of those conservation restrictions in order to see if there was any impact related to the solar farm. I therefore focused on the recent sale of Parcel 7 and the adjoining parcel to the south of that. They are technically not adjoining due to the access road for the flag - shaped lot to the east. Furthermore, there is an apparent access easement serving the two rear lots that encumber these two parcels which is a further Imitation on these sales. This analysis assumes that the access easement does not negatively impact the subject property, though it may. Adjoining Land Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price $/AC Type Other 7+ Adjoins 4514 Hawlans 36.86 3/31/2016 $180,000 $4,883 Pasture Esmts Not HD Atha 69.95 12/20/2016 $357,500 $5,111 Wooded N/A Not Pannell 66.94 11/8/2016 $322,851 $4,823 Mixed Not 1402 Roy 123.36 9/29/2016 $4792302 $3,885 Mixed ** * Adjoining 1 acre purchased by same buyer in same deed. Allocation assigned on the County Tax Record. ** Dwelling built in 1996 with a 2016 tax assessed value of $75,800 deducted from sales price to reflect land value Adjoining Sales Adjusted Avg Time Size Type Other Total/Ac % Diff % Diff $4,883 $89 $256 $5,455 -12% -$90 $241 $4,974 -2% -$60 $389 $4,214 14% 0% The range of impact identified by these matched pairs ranges are therefore -12% to +14% for with an average of 0%. The best matched pair with the least adjustment supports a -2% impact due to the solar farm. I note again that this analysis considers no impact for the existing access easements that meander through this property and it may be having an impact. Still at -2% impact as the best indication for the solar farm, I consider that to be no impact given that market fluctuations support +/- 5%. 90 30. Matched Pair - Candace Solar, Princeton, NC IN may_ a't♦ yl This solar farm is located at 4839 US 70 Highway just east of Herring Road. This solar farm was completed on October 25, 2016. I identified three adjoining sales to this tract after development of the solar farm with frontage on US 70. I did not attempt to analyze those sales as they have exposure to an adjacent highway and railroad track. Those homes are therefore problematic for a matched pair analysis unless I have similar homes fronting on a similar corridor. I did consider a land sale and a home sale on adjoining parcels without those complications. The lot at 499 Herring Road sold to Paradise Homes of Johnston County of NC, Inc. for $30,000 in May 2017 and a modular home was placed there and sold to Karen and Jason Toole on September 29, 2017. I considered the lot sale first as shown below and then the home sale that followed. Adjoining Land Sales After Solar Farm Approved Adjoining Sales Adjusted Parcel Solar Address Acres Date Sold Sales Price Other Time Site Other Total % Diff 16 Adjoins 499 Herring 2.03 5/l/2017 $30,000 $30,000 Not 37 Becky 0.87 7/23/2019 $24,500 Sub/Pwr-$1,679 $4,900 $27,721 80/. Not 5858 Bizzell 0.88 8/17/2016 $18,000 $390 $3,600 $21,990 27% Not 488 Herring 2.13 12/20/2016 $35,000 $389 $35,389 -18°/ Average 5% Following the land purchase, the modular home was placed on the site and sold. I have compared this modular home to the following sales to determine if the solar farm had any impact on the purchase price. Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Other 16 Adjoins 499 Herring 2.03 9/27/2017 $215,000 2017 2,356 $91.26 4/3 Drive Modular Not 678 We 632 3/8/2019 $226,000 1995 1,848 $122.29 3/2.5 Det Gar Mobile Ag bldgs Not 1810 Bay 8.70 3/26/2018 $170,000 2003 2,356 $72.16 3/2 Drive Mobile Ag bldgs Not 1795 Bay V 1.78 12/1/2017 $194,000 2017 1,982 $97.88 4/3 Drive Modular Adjoining Residential Sales Al Adjoining Sales Adjusted Avg Parcel Solar Address Time Site YB GLA BR/BA Park Other Total % WIT % Diff Distance 16 Adjoins 499 Herring $215,000 488 Not 678 We -$10,037 -$25,000 $24,860 $37,275 -$5,000 -$7,500 -$20,000 $220,599 -3°h Not I81013ayV -$2,579 -$20,000 $11,900 $0 $159,321 26% Not 1795 Bay -$1,063 $0 $21,964 $214,902 0% 8/ The best comparable is 1795 Bay Valley as it required the least adjustment and was therefore most similar, which shows a 0% impact. This signifies no impact related to the solar farm. The range of impact identified by these matched pairs ranges are therefore -3% to +26% with an average of +81/o for the home and an average of +4% for the lot, though the best indicator for the lot shows a $5,000 difference in the lot value due to the proximity to the solar farm or a -12%impact. 92 31. Matched Pair - Crittenden Solar, Crittenden, KY This solar farm was built in December 2017 on a 181.70-acre tract but utilizing only 34.10 acres. This is a 2.7 MW facility with residential subdivisions to the north and south I have identified four home sales to the north of this solar farm on Claiborne Drive and one home sale to the south on Eagle Ridge Drive since the completion of this solar farm. The home sale on Eagle Drive is for a $75,000 home and all of the homes along that street are similar in size and price range. According to local broker Steve Glacken with Cutler Real Estate these are the lowest price range/style home in the market. I have not analyzed that sale as it would unlikely provide significant data to other homes in the area. Mr. Glacken is currently selling lots at the west end of Claiborne for new home construction. He indicated that the solar farm near the entrance of the development has been a complete non -factor and none of the home sales are showing any concern over the solar farm. Most of the homes are in the $250,000 to $280,000 price range on lots being marketed for $28,000 to $29,000. The first home considered is a bit of an anomaly for this subdivision in that it is the only manufactured home that was allowed in the community. It sold on January 3, 2019. 1 compared that sale to three other manufactured home sales in the area making minor adjustments as shown on the next page to account for the differences. After all other factors are considered the adjustments show a -1% to +13% impact due to the adjacency of the solar farm. The best indicator is 1250 Cason, which shows a 3% impact. A 3% impact is within the normal static of real estate transactions and therefore not considered indicative of a positive impact on the property, but it strongly supports an indication of no negative impact. Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Other Adjoins 250 Claiborne 0.96 1/3/2019 $120,000 2000 2,016 $59.52 3/2 Drive Manuf Not 1250 Cason 1.40 4/18/2018 $95,000 1994 1,500 $63.33 3/2 2-Det Manuf Carport Not 410 Reeves 1.02 11/27/2018 $80,000 2000 1,456 $54.95 3/2 Drive Manuf Not 315N Fbrk 1.09 5/4/2019 $107,000 1992 1,792 $59.71 3/2 Drive Manuf EIE Adjustments Solar Address Time Site YB GLA BR/BA Adjoins 250 Claibome Not 1250 Cason $2,081 $2,850 $26,144 Not 410 Reeves $249 $0 $24,615 Not 315N Fork -$1,091 $4,280 $10,700 Avg Park Other Total % Diff % Diff Distance $120,000 373 -$5,000-$5,000 $116,075 3% $104,865 13% $120,889 -1% 5% I also looked at three other home sales on this street as shown below. These are stick -built homes and show a higher price range. Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Other Adjoins 300Cloibome 1.08 9/20/2018 $213,000 2003 1,568 $135.84 3/3 2-Car Ranch Brick Not 460 Claiborne 0.31 1/3/2019 $229,000 2007 1,446 $158-37 3/2 2-Car Ranch Brick Not 2160 Sherman 1.46 6/1/2019 $265,000 2005 1,735 $152-74 3/3 2-Car Ranch Brick Not 215 Lexington 1.00 7/27/2018 $231,200 2000 1,590 $145,41 5/4 2-Car Ranch Brick Adjustments Avg Solar Address Time Site YB GLA BR/BA Park Other Total % Dill % Diff Distance Adjoins 300 Claiborne $213,000 488 Not 460 Claiborne-$2,026 -$4,580 $15,457 $5,000 $242,850 -14% Not 2160 Sherman-$5,672 -$2,650-$20,406 $236,272 -11% Not 215 Lexington $1,072 $3,468-$2,559-$5,000 $228,180 -7% -11 % This set of matched pairs shows a minor negative impact for this property. I was unable to confirm the sales price or conditions of this sale. The best indication of value is based on 215 Lexington, which required the least adjusting and supports a -71/6 impact. Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Other Adjoins 350 Claiborne 1.00 7/20/2018 $245,000 2002 1,688 $145.14 3/3 2-Car Ranch Brick Not 460 Claiborne 0.31 1/3/2019 $229,000 2007 1,446 $158.37 3/2 2-Car Ranch Brick Not 2160 Sherman 1.46 6/1/2019 $265,000 2005 1,735 $152-74 3/3 2-Car R/Fasmt Brick Not 215 Lexington 1.00 7/27/2018 $231,200 2000 1,590 $145.41 5/4 2-Car Ranch Brick Adjustments Avg Solar Address Time Site YB GLA BR/BA Park Other Total % Diff %Diff Distance Adjoins 350 Claiborne $245,000 720 Not 460 Claiborne-$3,223 -$5,725 $30,660 $5,000 $255,712 -4% Not 2160 Sherman-$7,057 -$3,975-$5,743 $248,225 -1% Not 215 Lexington -$136 $2,312 $11,400-$5,000 $239,776 2% -1% This set of matched pairs shows a no negative impact for this property. The range of adjusted impacts is -4% to +2%. The best indication is -10/6, which as described above is within the typical market static and supports no impact on adjoining property value. Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Other Adjoins 370 Claiborne 1.06 8/22/2019 $273,000 2005 1,570 $173.89 4/3 2-Car 2-Story Brick Not 2160 Sherman 1.46 6/1/2019 $265,000 2005 1,735 $152.74 3/3 2-Car R/FBsmt Brick Not 2290 Dry 1.53 5/2/2019 $239,400 1988 1,400 $171,00 3/2.5 2-Car R/Fli mt Brick Not 125 Lexington 1.20 4/17/2018 $240,000 2001 1,569 $152.96 3/3 2-Car Split Brick Adjustments Avg Solar Address Time Site YB GLA BR/BA Park Other Total % Diff % Diff Distance Adjoins 370 Claiborne $273,000 930 Not 2160 Sherman $1,831 $0-$20,161 $246,670 10% Not 2290 Dry $2,260 $20,349 $23,256 $2,500 $287,765 -5% Not 125 Lexington $9,951 $4,800 $254,751 7% 4% This set of matched pairs shows a positive negative impact for this property. The range of adjusted impacts is -5% to +10%. The best indication is +7%. I typically consider measurements of +/-5% to be within the typical static of real estate transactions. This indication is higher than that and suggests a positive relationship. The four matched pairs considered in this analysis includes two that show no impact on value, one that shows a negative impact on value, and one that shows a positive impact. The negative indication supported by one matched pair is -7% and the positive impact of another is +7%. The two neutral indications show impacts of -1% and +3%. The average indicated impact is +1% when all four of these indicators are blended. 32. Matched Pair - Walker -Correctional Solar, Barham Road, Barhamsville, VA This project was built in 2017 and located on 484.65 acres for a 20 MW with the closest home at 110 feet from the closest solar panel with an average distance of 500 feet. I considered the recent sale identified on the map above as Parcel 19, which is directly across the street and based on the map shown on the following page is 250 feet from the closest panel. A limited buffering remains along the road with natural growth being encouraged, but currently the panels are visible from the road. Alex Ummski, SRA with MGMiller Valuations in Richmond VA confirmed this sale with the buying and selling broker. The selling broker indicated that the solar farm was not a negative influence on this sale and in fact the buyer noticed the solar farm and then discovered the listing. The privacy being afforded by the solar farm was considered a benefit by the buyer. I used a matched pair analysis with a similar sale nearby as shown below and found no negative impact on the sales price. Property actually closed for more than the asking price. Adjoining Residential Sales After Solar Farm Approved Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Other Adjoins 5241 Barham 2.65 10/18/2018 $264,000 2007 1,660 $159.04 3/2 Drive Ranch Modular Not 17950 New Kent 5.00 9/5/2018 $290,000 1987 1,756 $165.15 3/2.5 3 Gar Ranch Not 9252 Ordinary 4.00 6/13/2019 $277,000 2001 1,610 $172.05 3/2 1-5-Gar Ranch Not 2416 W Miller 1.04 9/24/2018 $299,000 1999 1,864 $160.41 3/2.5 Gar Ranch Adjoining Sales Adjusted Solar Address Time Ac/Loc YB GLA BR/BA Park Other Total %Diff Dist Adjoins 5241 Barham $264,000 250 Not 17950 New Kent -$8,000 $29,000 44,756-$5,000-$20,000-$15,000 $266,244 -1% Not 9252 Ordinary -$8,310 -$8,000 $8,310 $2,581-$10,000-$15,000 $246,581 7% Not 2416 W Miller $8,000 $11,960 49,817-$5,000-$10,000-$15,000 $279,143 -69/6 Average Diff 0°/ I also spoke with Patrick W. McCrerey of Virginia Estates who was marketing a property that sold at 5300 Barham Road adjoining the Walker -Correctional Solar Farm. He indicated that this property was unique with a home built in 1882 and heavily renovated and updated on 16.02 acres. The solar farm was through the woods and couldn't be seen by this property and it had no impact on marketing this property. This home sold on April 26, 2017 for $358,000. I did not set up any matched pairs for this property as it was such a unique property that any such comparison would be difficult to rely on. The broker's comments do support the assertion that the adjoining solar farm had no impact on value. The home in this case was 510 feet from the closest panel. 97 33. Matched Pair - Innovative Solar 46, Roslin Farm Rd, Hope Mills, NC a 04 This project was built in 2016 and located on 532 acres for a 78.5 MW solar farm with the closest home at 125 feet from the closest solar panel with an average distance of 423 feet. I considered the recent sale of a home on Roslin Farm Road just north of Running Fox Road as shown below. This sale supports an indication of no impact on property value. Adjoining Residential Soles After Solar Farm Approved Soler Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Part Style Other Distance Adjoins 6849 Roslin Fawn 1.00 2/18/2019 $155,000 1967 1,610 $96.27 3/3 Drive Ranch Brick 435 Not 6592 Sim Canady 2.43 9/5/2017 $185,000 1974 2,195 $84.28 3/2 Gar Ranch Brick Not 1614 Joe Hall 1.63 9/3/2019 $145,000 1974 1,674 $86.62 3/2 Det Gar Ranch Brick Not 109 Bledsoe 0.68 1/17/2019 $150,000 1973 1,663 $9020 3/2 Gar Ranch Brick Avg Solar Address Time Site YB GLA BR/BA Park Other Total %Diff %Diff Adjoins 6849 Roslin Faun $155,000 5% Not 6592 Sim Canady $8,278 -$6,475 -$39,444 $10,000 -$5,000 $152,359 2% Not 1614 Joe Hall -$2,407 -$5,075 -$3,881 $10,000 -$2,500 $141,137 9% Not 109 Bledsoe $" $10,000 -$4,500 -$3,346 -$5,000 $147,558 5% 34. Matched Pair - Innovative Solar 42, County Line Rd, Fayetteville, NC This project was built in 2017 and located on 413.99 acres for a 71 MW with the closest home at 135 feet from the closest solar panel with an average distance of 375 feet. I considered the recent sales identified on the map above as Parcels 2 and 3, which is directly across the street these homes are 330 and 340 feet away. Parcel 2 includes an older home built in 1976, while Parcel 3 is a new home built in 2019. So the presence of the solar farm had no impact on new construction in the area. The matched pairs for each of these are shown below followed by a more recent map showing the panels at this site. Adjoining Residential Sales After Solar Farm Approved Solar Address Acres Date Sold Sales Price Built GSA $/GBA BR/BA Park Style Other Distance Adjoins 2923 County I.n 8.98 2/28/2019 $385,000 1976 2,905 $132.53 3/3 2-Car Ranch Brick/Pond 340 Not 1928 Shaw Mill 17.00 7/3/2019 $290,000 1977 3,001 $96.63 4/4 2-Car Ranch Brick/Pond/Rental Not 2109 John McM. 7.78 4/25/2018 $320,000 1978 2,474 $129.35 3/2 Bet Gar Ranch Vinyl/Pool,Stable Avg Solar Address Time Site YB GLA BR/RA Park Other Total % Diff % Diff Adjoins 2923 County Ln $385.000 3% Not 1928 Shaw Mill -$3,055 $100,000 -$1,450 -$7,422 -$10,000 $368,074 4% Not 2109 John McM. M333 -$3,200 $39,023 $10,000 $5,000 $379,156 2"/o Adjoining Residential Sees After Solar Farm Approved Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Other Distance Adjoins 2935 County Lo 1.19 6/18/2019 $266,000 2019 2,401 $110.79 4/3 Gar 2-Story 330 Not 30O5 Hemingway 1.17 5/16/2019 $269,000 2018 2,601 $103.42 4/3 Gar 2-Story Not 7031 Glynn Mill 0.60 5/8/2018 $255,000 2017 2,423 $105.24 4/3 Gar 2-Story Not 5213 Rn a Brdg 0.92 5/7/2019 $260,000 2018 2,400 $108.33 4/3 3-Gar 2-Story Avg Solar Address Time Site YB GLA BR/BA Park Other Total %Diff %Diff Adjoins 2935 County Ln $266,000 39/o Not 3005 Hemingway $748 $1,345 -$16,547 $254,546 49/6 Not 7031 Glynn Mill $8,724 $2,550 -$1,852 $264,422 1% Not 5213 Bree Brdg $920 $1,300 $76 -$10,000 $252,296 59% Both of these matched pairs adjust to an average of +3% on impact for the adjoining solar farm, meaning there is a slight positive impact due to proximity to the solar farm. This is within the standard +/- of typical real estate transactions, which strongly suggests no impact on property value. I noted specificically that for 2923 County Line Road, the best comparable is 2109 John McMillan as it does not have the additional rental unit on it. I made no adjustment to the other sale for the value of that rental unit, which would have pushed the impact on that comparable downward — meaning there would have been a more significant positive impact. 100 35. Matched Pair - Demille Solar, Demille Road, Lapeer, MI This solar farm is located on 160 acres of a parent tract assemblage of 311.40 acres with a 28.4 MW output. This was built in 2017. I have identified several home sales adjoining this solar farm at the southeast comer where the red line shows adjoining Parcels 5 through 17 on the map above. The first is Parcel 8 in the map above, 1120 Don Wayne Drive, that sold in August 2019. I have compared this to multiple home sales as shown below. I consider 1231 Turrill to be the best comparable of this set as it required the least adjustment and was the most similar in size, age, and date of sale. Adjoining Residential Sal" After Sol" Perm Built Sol" Address Ades Date Sold Sales Price Bunt OBA $/GBA BR/BA Park Style Other Dist. Adjoins 1120 Don Wayne 0.47 8/28/2019 $194,000 1976 1,700 $114.12 3/3.5 2-Car Ranch Brick/tlnBsmt 310 Not 1127 Don Wayne 0.51 9/23/2019 $176,900 1974 1,452 $121.83 3/2 2-Car Ranch Brick/Dfin Bsmt Not 1231 Tuniii 1.21 4/25/2019 $182,000 1971 1,560 $116.67 3/2 2-Car Ranch Brick/Wrkshp Not 1000 Baldwin 3.11 8/1/2017 $205,000 1993 1,821 $112.58 3/2.5 2-Car Ranch Vinyl Avg Sol" Address Time Site YB GLA BR/BA Park Other Total % DID % Dtff Adjoins 1120 Don Wayne $194,000 -1% Not 1127 Don Wayne -$258 $1,769 $24,171 $10,000 $212,582 -10% Not 1231 Turn71 $1,278 -$10,000 $4,550 $13,067 $10,000 $200,895 -4% Not 1000 Baldwin $8,718 -$20,000 -$17,425 -$10,897 $10,000 $175,396 10% 101 Next I considered Parcel 9, 1126 Don Wayne Drive, which I have compared to two similar home sales nearby that are not adjoining a solar farm as shown below. This home sold in May 2018 after the solar farm was built. Adjoining Residential Sales After Solar Farm Built Solar Address Acres Date Sold Sales Price Built BRA $/OBA BR/BA Perk Style Other Dist. Adjoins 1126 Don Wayne 0.47 5/16/2018 $16g000 1971 1,900 $84.21 3/2.5 2-Car Ranch BriekMnBsmt 310 Not 70 Sterling Dr 0.32 8/2/2018 $137,500 1960 1,800 $76.39 3/1.5 1-Car Ranh Briek Not 3565 Garden Dr 0.34 5/15/2019 $165.000 1960 2,102 $78.50 3/1.5 2-Car Ranch Brick Avg Solar Address Time Site YB a" BR/BA Park Other Total % Diff % Diff Adjoins 1126 Don Wayne $160,000 -3% Not 70 Sterling Dr -$603 $7,563 $6,111 $10,000 $5,000 $165,571 -3% Not 3565 Garden Dr -$3,374 $9,075 -$12,685 $5,000 $163,016 -2% Next I looked at Parcel 11, 1138 Don Wayne Drive, that sold in August 2019. I have compared this to three similar sales as shown below. I attributed no value to the pool at 1138 Don Wayne Drive. Adjoining Residential Sales After Solar Farm Built Soler Address Acres Date Sold Sales Price Built ORA $/OBA BR/BA Park Style Other Dist. Adjoins 1138 Don Wayne 0.47 8/28/2019 $191,000 1975 2,128 $89.76 4/1.5 2-Car 2-Story Briek 380 Not 1331 W Genessee 0.45 10/25/2019 $160,707 1940 1,955 $82.20 4/1.5 Drive 1.5 Story Vmyl/UnBsmt Not 1128 Gwen Dr 0.47 8/24/2018 $187,500 1973 2,040 $91.91 3/2.5 2-Car 2 Story Brick/UnBsmt Not 12270aloidge 1.05 6/11/2017 $235,000 1980 2,500 $94.00 4/2.5 2-Car 2Story Brk/PF1nBsrit Avg Solar Address Time Site YB a" BR/BA Park Other Total % Diff % Diff Adjoins 1138 Don Wayne $191,000 -1% Not 1331 W Genessee -$524 $16,874 $11,377 $10,000 $198,434 -4% Not 1128 Gwen Dr $3,887 $1,875 $6,471 -$10,000 $189,733 1% Not 12270a1ridge $10,667 -$10,000 -$5,875 -$27,974 -$10,000 $191,818 0% Parcel 13, 1168 Alice Drive, sold in October 2019. I spoke with Tanya Biemat the buyer's agent who handled that sale and she indicated that the property was placed on the market below market for a fast sale by the sellers. The buyers expressed no concern regarding the adjacent solar faun and it had no impact on marketing or selling the property, though it did sell for a low price. I also spoke with Chantel FInk's office, the selling agent. They confirmed that the solar farm was not an issue in the sales price or marketing of the property. Given that this sale was noted as below market for a fast sale, I have not attempted to set it up as a matched pair. Parcel 14, 1174 Alice Drive, sold in January 2019. I have compared that sale to three similar properties as shown below. I included 1135 Gwen Drive as a nearby comparable, but it is not a good comparable. According to the broker, Paul Coulter, that home had many recent and significant upgrades that made it superior to similar housing in the neighborhood. It is notably the highest sales price in the neighborhood. I have shown that one but I made no adjustment for those upgrades, but I won't rely on that sale for the matched pairs. I consider the 1127 Don Wayne Drive comparable to be a more reasonable comparison. I spoke with Chris Fergurson the broker for that sale who confirmed that it was arm's length and that while across Don Wayne Drive from the homes that adjoin the solar farm, this home had no view of the solar farm and was not an issue in marketing this home. 102 Adjoining Residential Sales After Solar Farm Built Solar Address Acres Date Sold Sales Prlee Built OBA $/OBA BR/BA Park Style Other Dist. Adjoins 1174 Alice Dr 0.54 1/14/2019 $165,000 1973 1,400 $117.86 3/1.5 2-Car Ranch Brick/Fin Bsmt 280 Not 1127 Don Wayne 0.51 9/23/2019 $176,900 1974 1,452 $121.83 3/2 2-Car Ranch Brick/Ufin Bsmt Not 1135 Gwen Dr 0.43 7/26/2019 $205,000 1967 1,671 $122.68 3/2 2-Car Ranch Brick/Ufin Bsmt Not 1160 Beth Dr 0.46 6/20/2019 $147,500 1970 1,482 $99.53 4/1.5 2-Car Ranch Brick/Fin Bsmt Avg Solar Address Time Site YB OLA BR/BA Park Other Total %Dill %Diff Adjoins 1174 Alice Dr $165,000 2% Not 1127 Don Wayne -$2,504 -$885 -$5,068 -$5,000 $163,443 1% Not 1135 Gwen Dr -$2,223 W150 -$26,597 -$5,000 $177,330 -7"/0 Not 1160 Beth Dr -$1,301 $2,213 -$6,529 $141,883 14% The four matched pairs identified show a range of -3% to +2% based on the average difference for each set of matched pairs. This is a very similar range I have found in most sales adjoining solar farms and strongly supports the assertion that the solar farm is not having a negative impact on adjoining property values. Furthermore, two brokers active in the sale of a home adjoining the solar farm both confirmed that Parcel 13 was not impacted by the presence of the solar farm on the adjacent tract. 103 36. Matched Pair - Terrill Solar, Terrill Road, Lapeer, MI This solar farm is located on approximately 230 acres with a 19.6 MW output. This was built in 2017. I have identified several home sales adjoining this solar farm on the west side of this solar farm on Cliff Drive. The first is 1060 Cliff Drive that sold in September 2018. I compared this to multiple nearby home sales as shown below. Adjoining Residential Bales After Bole Farm Built Bolan Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park style Other Distance Adjoins 1060 Cliff Dr 1.03 9/14/2019 $200,500 Iwo 2,114 $94.84 4/2.5 2-Car 2 Story Bnck 290 Not 1331 W Genessee 0.45 10/25/2019 $160,707 1940 1,955 $82.20 4/1.5 Drive 1.5 Story Vinyl/Unfin Bsmt Not 112E Gwen Dr 0.47 8/24/2018 $187,500 1973 2,040 $91.91 3/2.5 2-Car 2 Story BAck/Unfin Bunt Not 1=Oakddge 1.05 6/11/2017 $235,000 1980 2,500 $94.00 4/2.5 2-Car 2Story Brk/P F Bsmt Avg Bolan Address Time site rB GLA BR/BA Park Other Total % Di8 % Diff Adjoins 1050 Cliff Dr $200,500 -2% Not 1331W Genessee -$3,666 $10,000 $14,464 $10,456 $10,000 $10,0fq $211,%1 -6°0 Not 1128 Gwen Dr $221 $10,000 -$2,813 $5,441 $200,350 0% Not 1227 Oaood, $6,073 -$11,750 -$29,027 $200,296 0% 104 Next I considered 1040 Cliff' Drive as shown below. Comparing to the 1127 Don Wayne Drive, I show no impact. I included 1135 Gwen Drive as a nearby comparable, but it is not a good comparable. According to the broker, Paul Coulter, that home had many recent and significant upgrades that made it superior to similar housing in the neighborhood. It is notably the highest sales price in the neighborhood. I have shown that one but I made no adjustment for those upgrades, but I won't rely on that sale for the matched pairs. This leaves 1127 Don Wayne Drive which shows no impact and 1160 Beth Drive, which had the fewest adjustments shows a 12% premium or enhancement for adjoining the solar farm. I consider the Don Wayne Drive match up to be the better of these two comparables even with a higher number of adjustments. Adjoining Residential Bales After Soler Firm Built Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style other Distance Adjoins 1040 Cliff Dr 1.03 6/29/2017 $145,600 1960 1,348 $108.01 3/1.5 3-Car Ranch Brick/Wrkshp 255 Not 1127 Don Wayne 0.51 9/23/2019 $176,900 1974 1,452 $121.83 3/2 2-Car Ranch Bdck/U6n Bamt Not 1135 Gwen Dr 0.43 7/26/2019 $205,000 1967 1,671 $122.68 3/2 2-Car Ranch Brick/U6n Bamt Not 1160 Beth Dr 0.46 6/20/2019 $147,500 1970 1,492 $99.53 4/1.5 2-Car Ranch ®irk/Fin Bsmt Avg Solar Address lime Site YB GI,A BR/BA Park Other Total % Di8 % DW Adjoins 104O Mff Dr $145,600 1% Not =Don Wayne -$8,110 -$12,383 -$10,136 -$5,000 $5,000 $146,271 M. Not 1135 Gwen Dr -$8,718 -$7,175 -$31,701 -$5,000 $5,000 $157,406 -8% Not 1160 Beth Dr -$5,975 -$7,375 -$10,669 $5,000 $128,481 12% The two matched pairs identified show a range of -2% to +1% based on the average difference for each set of matched pairs. This is a very similar range I have found in most sales adjoining solar farms and strongly supports the assertion that the solar farm is not having a negative impact on adjoining property values. 105 37. Matched Pair - Sunfish Farm, Keenebec Rd, Willow Swing, NC This project was built in 2015 and located on 49.6 acres (with an inset 11.25 acre parcel) for a 6.4 MW project with the closest home at 135 feet with an average distance of 105 feet. I considered the 2017 sale identified on the map above, which is 205 feet away from the closest panel. The matched pairs for each of these are shown below followed by a more recent map showing the panels at this site. The average difference in the three comparables and the subject property is +3% after adjusting for differences in the sales date, year built, gross living area, and other minor differences. This data is supported by the comments from the broker Brian Schroepfer with Keller Williams that the solar farm had no impact on the purchase price. Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GBA BR/BA Park Style Adjoins 7513 Glen Willow 0.79 9/1/2017 $185,000 1989 1,492 $123.99 3/2 Gar BR/Rnch Not 2968 Tram 0.69 7/17/2017 $155,000 1984 1,323 $117.16 3/2 Drive BR/Rnch Not 205 Pine Hurt 0.97 12/29/2017 $191,000 1991 1,593 $119.90 3/2.5 Drive BR/Rnch Not 1217 Old Honeycutt 1.00 12/15/2017 $176,000 1978 1,558 $112.97 3/2.5 2Carprt VY/Rnch Adjustments Avg Solar Address Time Site YB GLA BR/BA Park Other Total % Diff % Diff Adjoins 7513 Glen Willow $185,000 Not 296817am $601 $3,875 $15,840 $10,000 $185,316 M. Not 205 Pine Burr-$1,915 -$1,910-$9,688-$5,000 $172,487 71% Not 1217 Old Honeycub-$1,557 $9,680-$5,965-$5,000 $5,280 $178,438 4% 3% 106 38. Matched Pair - HCE Johnston I, LLC, Benson, NC This 2.6 MW project was built in 2015 and located on 30.55 acres There is a new subdivision that was developed in 2019 just north of this solar farm called Reese's Ridge. This location is near the McGees Crossroads near Mount Pleasant Road. As can be seen in the map below, the adjoining land to the north of this solar farm was purchased in 2017 and subdivided as Reese Ridge with 0.49 to 0.53 acre lots. Most of the trees on this site were cleared as part of the development with a single row of pine trees retained as a buffer along the solar farm. The first six lots on the south side of Reese Drive are around 115 feet from the center point in the lot to the nearest solar farm panel. This tract of land was purchased on September 7, 2017 for $925,000 for 42.388 acres, or $21,822 per acre. The proposed homes will be custom homes starting at $330,000. County water is available and the homes will use individual septic tanks. I spoke with Amanda with The Rodney Carroll Team who is marketing the homes and she indicated that 7 custom home builders had a lottery to purchase all of the lots. Three different builders have purchased lots adjoining the solar farm for $60,000 each. Similar lots across Reese Drive and further from the solar farm are selling at the same $60,000 each. At 107 $60,000 this indicates a lot -to -home ratio of 18%D, which is typical for new home construction in the county where there is no amenity package. Since then a home was built and then sold at 63 Reese Drive, which is two lots off of NC 50 and backs up to the solar farm. Similarly, 107 Reese Drive which is six lots off of NC 50 and backs up to the solar farm. I have considered both of these for matched pairs as shown below. Adjoining Residential Baca After Solar Farm Built Parcel Solar Address Acres Date Sold Saes Price Built GBA $/GBA BR/BA Park style Other Adjoins 107 Reese Drive 0.69 11/27/2019 $393,000 2019 2,960 $132.77 3/3 2-Car 1.5 vinyl Not 200 Reese Drive 0." 2/19/2020 $400,000 2019 3,209 $124.65 3/2.5 2-Car 1.5 Batten/Stone Not 35 Pawnee Pi 0.65 5/30/2018 $325,000 2017 2,609 $124.57 4/3 2-Car 1.5 Vinyl/Stone Not 278 Timber Wolf 0.88 1/24/2020 $367,443 2019 2,983 $123.18 3/3 2-Car 1.5 Vinyl/Stone Avg Solar Address Time site YB G" BR/BA Park Other Total %Diff %Di8 Adjoins 107 Reese Drive $393,000 5% Not 200 Reese Drive -$2,831 $0 424,830 $5,000 $377,338 49/6 Not 35 Pawnee Pl $14,954 $3,250 $34,979 $378,183 49/6 Not 278 norber Wolf -$1,796 $0 42,266 $363,381 8% Adjoining Residential Saes After Solar Farm Built Parcel Solar Address Acres Date Sold Saes Price Built GBA $/GBA BR/BA Park style Other Adjoins 63 Reese Drive 0.45 3/24/2020 $410,000 2019 3,240 $126.54 413 2-Car Ranch/Wd Not 200 Reese Drive 0." 2/19/2020 $400,000 2019 3,209 $124.65 3/2.5 2-Car 1.5 Batten/Stone Not 320 Wolf Den 0.97 9/27/2019 $3P,780 2019 3,122 $121.01 4/3 2-Car 1.5 Vinyl/Stone Not 37 Makers Way 0.59 5/29/2019 $373,508 2019 3,122 $119.64 4/3 3-Car 1.5 Vinyl/Stone Avg Sol" Address Time site YB G" BR/BA Park Other Total %Diff %Dirt Adjoins 63 Reese Drive $410,000 3% Not 200 Reese Drive $1,146 $0 $2,705 $5,000 $408,851 0% Not 320 Wolf Den $5,699 $0 $9,995 $393,474 4% Not 37 Makers Way $9,443 $0 $9,882 -$5,000 $387,833 59% After adjustments, the two sales support a conclusion of no impact on property value due to the solar farm. I spoke with Rodney Carroll the broker marketing the homes and he indicated that the solar farm had zero impact on the sales price and they were marketing it as the best neighbor you could have. 39. Picture Rocks, 'Meson, Pima County, AZ This solar farm was built in 2012 on a 302.80-acre tract but utilizing only 182 acres. This is a 20 MW facility with residential subdivision to the south and larger lot homes to the north, south and west. I have identified two adjoining homes in the Tierra Linda subdivision that have sold recently in close proximity to the solar farm. They are written up as matched pairs below. Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GLA BR/BA Park Style Other 14 Adjoins 12980 W Moss V 0.97 6/4/2020 $393,900 2020 2,241 $175.77 4/3 3-Gar Adobe Crtyrd Not 13071 W Smr Ppy 0.85 2/26/2020 $389,409 2019 2,231 $174.54 4/3 3-Gar Adobe Crtyrd Not 13352 W Tgr Aloe 1.07 3/31/2020 $389,300 2015 2,555 $152.37 4/3 3-Gar Adobe Crtyrd Not 0.97 8/2/2020 $410,000 2018 2,688 $152.53 4/2 3-Gar Adobe Crtyrd Adjoining Sales Adjusted Avg Time Site yB GLA BR/BA Park Other Total % Diff % Diff Distance $393,900 1100 $3,249 $1,947 $1,396 $396,001 -1% $2,132 $9,733 -$38,275 $362,890 80% -$2,038 $4,100 -$54,545 $10,000 $367,517 70% 5% Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GLA BR/BA Park Style Other 15 Adjoins 12986 W Moss V 1.00 6/27/2019 $350,000 2006 2,660 $131.58 4/3.5 3-Gar Adobe Crtyrd Not 12994 W Btr Bsh 0.92 5/24/2018 $302,000 2007 2,410 $125.31 4/3 3-Gar Adobe Crtyrd Not 12884W Zbra Aloe 0.83 1/29/2020 $336,500 2007 2,452 $137.23 4/3 3-Gar Adobe Crtyrd Not 12829W star Ppy 0.88 6/2/2020 $317,500 2006 2,452 $129.49 4/3 3-Gar Adobe Crtyrd 109 Adjoining Sales Adjusted Time Site VB GLA BR/BA $10,154-$1,510 $25,062 $5,000 -$6,125-$1,683 $22,836 $5,000 -$9,124 $0 $21,546 $5,000 Avg Park Other Total % Diff % Diff $350,000 $340,707 30% $356,528 -2% $334,923 40% 2% Distance 970 I have also looked at a recent sale of a manufactured home in close proximity to this solar farm for an additional matched pairs. This home included a 2,200 s.f. detached metal building used as a garage/workshop that I adjusted based on Marshall Swift Cost Estimating Service values for a depreciated metal building. Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GLA BR/BA Park Style Other 9 Adjoins 12705 W Emigh 2.26 1/27/2019 $255,000 1994 2,640 $96.59 3/2 Det 4Car Ranch Horse Not 12715 W Emigh 2.50 5/30/2019 $210,000 2005 2,485 $84.51 4/2 Crprt Ranch Horse Not 12020 W Camper 1.81 9/15/2019 $200,000 2006 2,304 $86.81 4/2 Open Ranch Horse Not 12445 W Fmigh 5.00 10/2/2018 $210,000 1999 2,400 $87.50 4/2 Open Ranch Horse Adjoining Sales Adjusted Avg Time Site YB GLA BR/BA Park Other Total % Diff % Diff Distance $255,000 990 -$2,177-$11,550 $10,479 $46,000 $0 $252,752 1% -$3,893-$12,000 $23,333 $50,000 $0 $257,440 -1% $2,071-$25,000-$5,250 $16,800 $50,000 $0 $248,621 30% 1% These matched pairs range from 970 to 1,100 feet from the closest solar panel and shows no negative impact due to proximity to the solar farm. The average measured impacts range from +1% to +5%, which is within a typical variation for real estate and supports a conclusion of no impact. 110 40. Avra Valley, Tucson, Pima County, AZ This solar farm was built in 2013 on a 319.86-acre tract but utilizing only 246 acres. This is a 25 MW facility with residential uses to the west. I have identified two sales of manufactured homes that are in close proximity to this solar farm and I have analyzed them as shown below. Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GLA BR/BA Park Style Adjoins 9415 N Ghst Rnch 4.40 10/30/2018 $131,000 2004 1,508 $86.87 3/1.5 Det Gar Manuf Not 8240N Msq Oasis 20.01 2/16/2018 $145,000 2008 1,232 $117.69 3/1.5 Open Manuf Not 7175 N Nlsn Quih. 5.00 3/26/2019 $136,000 2000 1,568 $86.73 3/2 Open Manuf Not 5536N Squeak 1.12 7/26/2018 $114,100 2003 1,512 $75.46 4/1.5 Open Manuf Adjoining Sales Adjusted Avg Time Site yB GLA BR/BA Park Other Total % Diff % Diff Distance $131,000 1697 $3,128-$31,000-$2,900 $19,490 $3,000 $136,718 -4% -$1,685 $2,720 -$3,122 -$5,000 $3,000 $131,913 -1% $923 $5,000 $571 -$181 $3,000 $123,412 60% 0% 111 Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GLA BR/BA Park Style Adjoins 14441 W Stallion 4.40 12/21/2017 $150,000 2002 2,280 $65.79 3/3.5 Open Manuf Not 9620N Rog Bck 4.14 3/24/2019 $139,000 2003 2,026 $68.61 4/3 Open Manuf Not 5537 N Whitetail 1.38 9/26/2018 $148,000 2006 2,037 $72.66 4/3 Open Manuf Not 5494 N Puma 1.38 12/6/2017 $138,900 2000 2,044 $67.95 4/3 Open Manuf Adjoining Sales Adjusted Avg Time Site VB GLA BR/BA Park Other Total % Diff % Diff Distance $150,000 1467 -$5,365 -$695 $10,456 $143,396 40% -$3,480 $5,000-$2,960 $10,593 $157,154 -5% $176 $5,000 $1,389 $9,622 $155,087 -3% -1% These matched pairs range from 1,467 to 1,697 feet from the closest solar panel and shows no negative impact due to proximity to the solar faun. The average measured impacts range from -1% to 0%, which is within a typical variation for real estate and supports a conclusion of no impact. 112 41. Matched Pair - Sappony Solar, Sussex County, VA This project is a 30 MW facility located on a 322.68-acre tract that was built in the fourth quarter of 2017. I have considered the 2018 sale of Parcel 17 as shown below. Adjoining Residential Sales After Solar Farm Approved Parcel Solar Address Acres Date Sold Sales Price Built GBA $/GLA BR/BA Park Style Other Adjoins 12511 Palestine 6.00 7/31/2018 $128,400 2013 1,900 $67.58 4/2.5 Open Manuf Not 15698 Concord 3.92 7/31/2018 $150,000 2010 2,310 $64.94 4/2 Open Manuf Fence Not 23209 Sussex 1.03 7/7/2020 $95,000 2005 1,675 $56.72 3/2 Det Crpt Manuf Not 6494 Rocky Br 4.07 11/8/2018 $100,000 2004 1,405 $71.17 3/2 Open Manuf Adjoining Sales Adjusted Avg Time Site YB GLA BR/BA Park Other Total % Diff % Diff Distance $128,400 1425 $0 $2,250 -$21,299 $5,000 $135,951 -69/o -$5,660 $13,000 $3,800 $10,209 $5,000 $1,500 $122,849 49% -$843 $4,500 $28,185 $131,842 -3% 1% 113 Conclusion The solar farm matched pairs shown above have similar characteristics to each other in terms of population, but with several outliers showing solar farms in farm more urban areas. The median income for the population within 1 mile of a solar farm is $63,678 with a median housing unit value of $253,138. Most of the comparables are under $400,000 in the home price, with $770,000 being the high end of the set of matched pairs. The adjoining uses show that residential and agricultural uses are the predominant adjoining uses. These figures are in line with the larger set of solar farms that I have looked at with the predominant adjoining uses being residential and agricultural and similar to the solar farm breakdown shown for Virginia and the proposed subject property. Matched Pair Summary Adj. Uses By Acreage Topo Name city State Acres MW Shift Res Ag/Res AS Corn/Ind 1 AM Best Goldsboro NC 38 5.00 2 389/6 23% 0% 39% 2 White Cross Chapel Hill NC 45 5.00 50 5% 51% 44% 0% 3 Wagstaff Roxboro NC 30 5.00 46 7% 89% 4% 0% 4 Mulberry Selmer TN 160 5.00 60 13% 10% 73% 3% 5 Nixone W. Friendship MD 97 2.00 40 79% 4% 17% 0% 6 Leonard Hughesville MD 47 5.00 20 18% 0% 75% 6% 7 Talbot Easton MD 50 0.55 0 81% 0% 19% 0% 8 Alamo Il Converse TX 98 4.40 30 95% 09/6 5% 0% 9 Gastonia SC Gastonia NC 35 5.00 48 33% 23% 0% 44 10 Summit Moyock NC 2,034 80.00 4 49/v 94% 0% 2% 11 White Cross If Chapel Hill NC 34 2.80 35 25% 75% 0% 0% 12 Tracy Bailey NC 50 5.00 10 29% 71% 0% 0% 13 Manatee Parrish FL 1,180 75.00 20 2% 1% 97% 0% 14 McBride Midland NC 627 75.00 140 12% 78% 10% 0% 15 Yamhill lI Amity OR 186 1.20 20 2% 0% 97A 1% 16 Marion Aurora OR 32 0.30 0 2% 37% 61% 0% 17 Clackamas 1I Aurora OR 156 0.22 0 7% 250% 68% 0% 18 Grand Ridge Streator IL 160 20.00 1 89% 5% 87% 0% 19 Portage Portage IN 56 2.00 0 19% 0% 81% 0% 20 Dominion Indianapolis IN 134 8.60 20 3% 0% 97% 0% 21 Beetle -Shelby Shelby NC 24 4.00 52 22% 00% 77% 1% 22 Courthouse Bessemer NC 52 5.00 150 48% 52% 00/0 0% 23 Mariposa Stanley NC 36 5.00 96 48% 52% 0% 0% 24 Clarke Cnty White Post VA 234 20.00 70 14% 46% 39% 1% 25 Flemington Flemington NJ 120 9.36 N/A 13% 28% 50°/h 8% 26 Freachtown Fremhtown NJ 139 7.90 N/A 37% 29% 35% 0% 27 McGraw East Windsor NJ 95 14.00 N/A 27% 09/6 44% 29% 28 Tinton Falls Tinton Falls NJ 100 16.00 N/A 980/6 0% 0% 2% 29 Simon Social Circle GA 237 30.00 71 1% 36% 63% 0% 30 Candace Princeton NC 54 5.00 22 76% 0% 249/o 0% 31 Crittenden Crittenden KY 34 2.70 40 22% 27% 51% 0% 32 Walker Barhamaville VA 485 20.00 N/A 12% 20% 689% 0% 33 Innov 46 Hope Mills NC 532 78.50 0 17% 0% 83% 0% 34 loam, 42 Fayetteville NC 414 71.00 0 41% 00% 59% 0% 35 Demille Lapeer MI 160 28.40 10 10% 0% 68% 22% 36 Turrill Lapeer MI 230 19.60 10 75% 0% 59% 25% 37 Sunfish Willow Spring NC 50 6.40 30 35% 30% 35% 0% 38 HCEJohnston Benson NC 30 2.60 0 55% 45% 0% 0% 39 Picmr Rocks Tucson AZ 182 20.00 N/A 6% 6% 889% 0% 40 Avra Valley Tucson AZ 246 25.00 N/A 3% 3/ 940A 0% 41 Sappony Stony Crk VA 322 20.00 N/A 2% 0% 98% 0% Average 220 17.50 33 289% 23% 46% 41% Median 100 5.00 20 18% 10% W/a 0% High 2,034 80.00 150 98% 94% 989/6 44% Low 24 0.22 0 1% 00/6 0% 0% 1 Mile Radius Midway 90 8.00 30 200% 340/. 460% 00% 1 mile Radius 12010-2020 Datal Med. Avg. Housing Population Income Unit 1,523 $37,358 $148,375 213 $67,471 $319,929 336 $41,368 $210,723 467 $40,936 $171,746 939 $166,958 $770,433 525 $106,550 $350,000 536 $47,136 $250,595 9,257 $62,363 $138,617 4,689 $35,057 $126,562 382 $79,114 $281,731 213 $67,471 $319,929 312 $43,940 $99,219 48 $75,000 $291,667 398 $63,678 $256,306 97 $58,248 $342,391 267 $75,355 $370,833 3,062 $70,911 $464,501 96 $70,158 $187,037 6,642 $65,695 $186,463 3,774 $61,115 $167,515 218 $53,541 $192,692 551 $45,968 $139,404 1,716 $36,439 $137,884 578 $81,022 $374,453 3,477 $105,714 $444,696 457 $111,562 $515,399 7,684 $78,417 $362,428 4,667 $92,346 $343,492 203 $76,155 $269,922 448 $51,002 $107,171 1,419 $60,198 $178,643 203 $80,773 $320,076 2,247 $58,688 $183,435 568 $60,037 $276,347 2,010 $47,208 $187,214 2,390 $46,839 $110,361 1,515 $63,652 $253,138 1,169 $65,482 $252,544 102 $81,081 $280,172 85 $80,997 $292,308 74 $51,410 $155,208 1,599 $67,425 $264,184 &% $63,678 $253,138 9,257 $166,958 $770,433 48 $35,057 $99,219 216 $76,452 $611,905 114 I have pulled 92 matched pairs from the above referenced solar farms to provide the following summary of home sale matched pairs and land sales next to solar farms. The summary shows that the range of differences is from -10% to +9% with an average of +1% and median of +10/o. This means that the average and median impact is for a slight positive impact due to adjacency to a solar farm. However, this 1% rate is within the typical variability I would expect from real estate. I therefore conclude that this data shows no negative or positive impact due to adjacency to a solar farm. While the range is seemingly wide, the graph below clearly shows that the vast majority of the data falls between -5% and +5% and most of those are clearly in the 0 to +5% range. 15% 10% 5% 0 % ♦ ♦ Seriesl 24 �0 � 6 :80 ♦ 1 -10% -15% 00 Arranging the data points in order of impact, I get the following chart that shows only 3 matched pairs out of 92 identifying impacts greater than -5% and only 22 more out of 92 between -5% and -10/o. This leaves 67 out of 92 matched pairs showing positive impacts from 0 to +90/o, or 73% of the total matched pairs. However, given that +/- 5% is considered no impact, that would include 78 of the 92 matched pairs, or 85% of the findings supporting a finding of no impact. The other readings are considered outliers with only 3 suggesting a negative impact and 11 suggesting a positive impact. 115 The breakdown for the 92 residential matched pairs is summarized below and the breakdown shown on the following pages. Avg. MW Distance %Dif Average 18.30 525 Average 1% Median 8.25 400 Median 1% High 80.00 2,020 High 9% Low 0.22 105 Low -10% 116 Residential Dwelling Matched Pairs Adjoining Solar Farms Approx Pair Solar Farm City State Area MW Distance Tax ID/Address Sale Date Sale Price Adj.Sale Price %Dill 1 AM Best Goldsboro NC Suburban 5 280 3600195570 Sep-13 $250,000 3600198928 Mar-14 $250,000 $250,000 0% 2 AM Best Goldsboro NC Suburban 5 280 3600195361 Sep-13 $260,000 3600194813 Apr-14 $258,000 $258,000 1% 3 AM Best Goldsboro NC Suburban 5 280 3GM199891 Jul-14 $250,000 3600198928 Mar-14 $250,000 $250,000 0% 4 AM Best Goldsboro NC Suburban 5 280 3GW198632 Aug-14 $253,000 3600193710 Oct-13 $248,000 $248,000 2% S AM Best Goldsboro NC Suburban 5 280 3600196656 Dec-13 $255,000 36011OS180 Dec-13 $253,000 $253,000 1% 6 AM Best Goldsboro NC Suburban 5 280 3600182511 Feb-13 $247,000 3600183905 Dec-12 $240,000 $245,000 1% 7 AM Best Goldsboro NC Suburban 5 280 3600182794 Apr-13 $245,000 3600193710 Oct-13 $248,000 $248,000 -1% 8 AM Best Goldsboro NC Suburban 5 280 3600195361 Nov-15 $267,500 3600195361 Sep-13 $260,000 $267,800 0% 9 Mulberry Selmer TN Rural 5 400 0900A011 Jul-14 $130,000 099CA043 Feb-15 $148,900 $136,988 -5% 10 Mulberry Selmer TN Rural 5 400 099CA002 Jul-15 $130,000 0990NA040 Mar-15 $120,000 $121,200 7% 11 Mulberry Selmer TN Rural 5 490 491Dusty Oct-16 $176,000 35 April Aug-16 $185,000 $178,283 -1% 12 Mulberry Selmer TN Rural 5 650 297Country Sep-16 $150,000 53 Glen Mar-17 $126,000 $144,460 4% 13 Mulberry Selmer TN Rural 5 685 57Cooper Feb-19 $163,000 191Amelia Aug-18 $132,000 $155,947 4% 14 Nixon's W. Friendship MD Rural 2 660 12909Vistaview Sep-14 $775,000 $771,640 2712 Friendship Farm Jun-14 $690,000 $755,000 2% 15 Leonard Rd Hughesville MD Rural 5.S 230 14595 Box Elder Feb-16 $291,000 15313 Bassford Rd Jul-16 $329,8W $292,760 -1% 16 Talbot Cnty Easton MD Rural 0.55 1000 10193 Hiners Oct-12 $136,092 10711 Hiners Dec-12 $135,000 $135,250 1% 17 Alamo II San Antonio TX Suburban 4.4 360 7703 Redstone Mnr Mar-16 $166,000 7703 Redstone Mnr Oct-12 $149,980 $165,728 0% 18 Alamo II San Antonio TX Suburban 4.4 170 7807 Redstone Mnr Aug-14 $147,000 7807 Redstone Mnr May-12 $136,266 $145,464 1% 19 Alamo 11 San Antonio TX Suburban 4.4 150 7734 Sundew Mist Nov-14 $134,000 7734Sundew Mist May-12 $117,140 $125,928 6% 20 Neal Hawkins Gastonia NC Suburban S 22S 609 Neal Hawkins Mar-17 $270,000 1418N Modena Apr-18 $225,000 $257,290 5% 21 Summit Moyock NC Suburban 80 1,060 129 Pinto Apr-16 $170,000 102Timber Apr-16 $175,500 $175,101 -3% 22 Summit Moyock NC Suburban 80 2,020 105 Pinto Dec-16 $206,000 127 Ranchland Jun-15 $219,900 $198,120 4% 23 White Cross 11 Chapel Hill NC Rural 2.8 1,479 2018EIkins Feb-16 $340,000 4200E Old Greensbor Dec-15 $380,000 $329,439 3% 24 Tracy Bailey NC Rural 5 780 9162Winters Jan-17 $255,000 7352 Red Fox Jun-16 $176,000 $252,399 1% 25 Manatee Parrish FL Rural 75 1180 13670 Highland Aug-18 $255,000 13851 Highland Sep-18 $240,000 $255,825 0% 26 McBride Place Midland NC Rural 75 275 4380Joyner Nov-17 $325,000 3870Elkwood Aug-16 $250,000 $317,523 2% 27 McBride Place Midland NC Rural 75 505 5811Kristi Mar-20 $530,000 3915Tania Dec-19 $495,000 $504,657 5% 28 Yamhill 11 Amity OR Rural 1.2 700 12001SWBellerus Jul-15 $326,456 9955 Bethel Feb-16 $289,900 $295,593 9% 29 Clackamas 11 Aurora OR Suburban 0.22 125 7620SW Fairway Jul-13 $365,000 7480SWFairway Jun-13 $365,000 $365,000 0% 30 Clackamas 11 Aurora OR Suburban 0.22 125 7700SWFairway Jun-14 $377,100 75005W Fairway Dec-11 $365,000 $370,175 2% 117 Pair Solar Farm City State 31 Clackamas II Aurora OR 32 Grand Ridge Streator IL 33 Portage Portage IN 34 Dominion Indianapolis IN 35 Dominion Indianapolis IN 36 Dominion Indianapolis IN 37 Dominion Indianapolis IN 38 Dominion Indianapolis IN 39 Dominion Indianapolis IN 40 Beetle -Shelby Mooresboro NC 41 Courthouse Bessemer NC 42 Mariposa Stanley NC 43 Mariposa Stanley NC 44 Clarke Cnty White Post VA 45 Flemington Flemington NJ 46 Flemington Flemington NJ 47 Flemington Flemington NJ 48 Flemington Flemington NJ 49 Frenchtown Frenchtown NJ 50 McGraw East Windsor NJ 51 McGraw East Windsor NJ 52 McGraw East Windsor NJ 53 Tinton Falls Tinton Falls NJ 54 Tinton Falls Tinton Falls NJ 55 Tinton Falls Tinton Falls N1 56 Tinton Falls Tinton Falls NJ 57 Tinton Falls Tinton Falls NJ 58 Candace Princeton NC 59 Crittenden Crittenden KY Appmx Area MW Distance Tax ID/Address Suburban 0.22 125 7380SWFairway 7480SW Fairway Rural 20 480 1497 E 21st 712Columbus Rural 2 1320 836 N 450 W 336 E 1050 N Rural 8.6 400 2013249(Tax ID) 5723 Minden Rural 8.6 400 2013251(Tax ID) 5910 Mosaic Rural 8.6 400 2013252(Tax ID) 5836Sable Rural 8.6 400 2013258(Tax ID) 5904 Minden Rural 8.6 400 2013260(Tax ID) 5904 Minden Rural 8.6 400 2013261(Tax ID) 5904 Minden Rural 4 945 1715Timber 1021 Posting Rural 5 375 2134Tryon Court. 55501-ennox Suburban 5 1155 215 Mariposa 110Airport Suburban 5 S70 242 Mariposa 110Airport Rural 20 1230 833 Nations Spr 541 Old Kitchen Suburban 9.36 295 30 Coventry l Sheffield Suburban 9.36 375 54 Hart 43 Aberdeen Suburban 9.36 425 6Portsmith 43 Aberdeen Suburban 9.36 345 12 Stratford 28 Bristol Rural 7.9 250 5Muddy Run 132 Kingswood Suburban 14 175 153 Wyndmoor 20Spyglass Suburban 14 175 149 Wyndmoor 81 Wyndmoor Suburban 14 400 26 Wilmor 25 Pinehurst Suburban 16 195 111 Kyle 80 Kyle Suburban 16 155 47 Kyle 4 Michael Suburban 16 150 7Kyle 36 Kyle Suburban 16 155 1Samantha 36 Kyle Suburban 16 15S 1Samantha 36 Kyle Suburban 5 488 499 Herring 1795 Bay Valley Suburban 2.7 373 250Claibome 315 N Fork Sale Date Sale Price Adj. Sale Price %Diff Jul-14 $415,000 Jun-13 $365,000 $384,345 7% Oct-16 $186,000 Jun-16 $166,000 $194,000 1% Sep-13 $149,800 Jan-13 $155,000 $144,292 4% Dec-15 $140,000 Nov-16 $139,900 $132,700 S% Sep-17 $150,000 Aug-16 $146,000 $152,190 5% May-17 $147,000 Jun-16 $141,000 $136,165 7% Dec-15 $131,750 May-16 $130,000 $134,068 -2% Mar-13 $127,000 May-16 $130,000 $128,957 -2% Feb-14 $120,000 May-16 $130,000 $121,930 -2% Oct-18 $416,000 Feb-19 $414,000 $398,276 4% Mar-17 $111,000 Oct-1g $115,000 $105,355 4% Dec-17 $249,000 May-16 $166,000 $239,026 4% Sep-15 $180,OD0 Apr-16 $166,000 $175,043 3% Jan-17 $295,000 Sep-18 $370,000 $279,313 S% Mar-18 $370,000 Dec-17 $399,900 $389,809 -5% Jul-16 $420,000 Nov-16 $417,000 $423,190 -1% Jun-15 $410,000 Nov-16 $417,000 $423,190 -3% Nov-17 $414,900 Dec-18 $398,000 $420,002 -1% Jun-17 $385,000 Oct-15 $380,000 $355,823 8% Apr-17 $215,000 Dec-17 $240,000 $235,305 -9% May-17 $206,000 Jan-18 $204,000 $198,018 4% Mar-19 $286,000 May-19 $315,000 $267,052 7% Aug-18 $402,000 Sep-17 $410,000 $397,821 1% Aug-18 $260,000 Nov-18 $260,000 $259,788 0% Jun-17 $262,195 Jan-19 $260,000 $257,824 2% Sep-17 $258,205 Jan-19 $260,000 $259,533 -1% Sep-17 $258,205 Jan-19 $260,000 $259,533 -1% Sep-17 $215,000 Dec-17 $194,000 $214,902 0% Jan-19 $120,000 May-19 $107,000 $120,889 -1% 118 Pair Solar Farm City State Area MW Distance Tax ID/Address Sale Date Sale Price Adj. Sale Price %Dill 60 Crittenden Crittenden KY Suburban 2.7 488 300CIaibome Sep-18 $213,000 1795 Bay Valley Dec-17 $231,200 $228,180 -7% 61 Crittenden Crittenden KY Suburban 2.7 720 350CIaibome Jul-18 $245,000 21605herman Jun-19 $265,000 $249,225 -1% 62 Crittenden Crittenden KY Suburban 2.7 930 370CIaibome Aug-19 $273,000 125 Lexington Apr-18 $240,000 $254,751 7% 63 Walker Barhamsville VA Rural 20 250 5241 Barham Oct-18 $264,000 92520rdinary Jun-19 $277,000 $246,581 7% 64 AM Best Goldsboro NC Suburban 5 385 103 Granville Pi Jul-18 $265,000 2219 Granville Jan-18 $260,000 $265,682 0% 65 AM Best Goldsboro NC Suburban 5 315 104 Erin Jun-17 $280,000 2219 Granville Jan-18 $265,000 $274,390 2% 66 AM Best Goldsboro NC Suburban 5 400 231.2 Granville May-18 $284,900 2219 Granville Jan-18 $265,000 $273,948 4% 67 AM Best Goldsboro NC Suburban 5 400 2310Granville May-19 $280,000 634 Friendly Jul-19 $267,000 $265,291 5% 68 Summit Moyock NC Suburban 80 570 318Green View Sep-19 $357,000 336 Green View Jan-19 $365,000 $340,286 5% 69 Summit Moyock NC Suburban 80 440 164 Ranchland Apr-19 $169,000 105 Longhorn Oct-17 $184,500 $186,616 -10% 70 Summit Moyock NC Suburban 80 635 358 Oxford Sep-19 $478,000 176 Providence Sep-19 $425,000 $456,623 4% 71 Summit Moyock NC Suburban 80 970 343 Oxford Mar-17 $490,000 218Oxford Apr-17 $525,000 $494,064 1% 721nnov46 Hope Mills NC Suburban 78.5 435 6849 Roslin Farm Feb-19 $155,000 109 Bledsoe Jan-19 $150,000 $147,558 5% 731nnov42 Fayetteville NC Suburban 71 340 2923 County Line Feb-19 $385,000 2109 John McMillan Apr-18 $320,000 $379,156 2% 741nnov 42 Fayetteville NC Suburban 71 330 2935 County Line Jun-19 $266,000 7031 Glynn Mill May-18 $255,000 $264,422 1% 75 Demille Lapeer MI Suburban 28 310 1120 Don Wayne Aug-19 $194,000 1231Turrill Apr-19 $192,000 $200,895 -4% 76 Demille Lapeer MI Suburban 28 310 1126 Don Wayne May-18 $160,000 3565 Garden May-19 $165,000 $163,016 -2% 77 Demille Lapeer MI Suburban 28 380 1138 Don Wayne Aug-19 $191,000 1128Gwen Aug-18 $187,500 $189,733 1% 78 Demille Lapeer MI Suburban 28 280 1174A1ice Jan-19 $165,000 1127 Don Wayne Sep-19 $176,900 $163,443 1% 79 Turrill Lapeer MI Suburban 20 290 1060Cliff Sep-18 $200,500 1128Gwen Aug-18 $187,500 $200,350 0% 80 Turrill Lapeer MI Suburban 20 255 3040CIHf Jun-17 $145,600 1127 Don Wayne Sep-19 $176,900 $146,271 0% 81 Sunfish Willow Sprng NC Suburban 6.4 205 7513 Glen Willow Sep-17 $185,000 205 Pine Bum Dec-17 $191,000 $172,487 7% 82 HCEJohnston Benson NC Suburban 2.6 290 107 Reese Nov-19 $393,000 200 Reese Feb-20 $400,000 $377,338 4% 83 HCE Johnston Benson NC Suburban 2.6 105 63 Reese Mar-20 $410,000 320Wolf Den Sep-19 $377,780 $393,474 4% 84 Crittenden Crittenden KY Suburban 2.7 655 330Claibome Dec-19 $292,500 895Osborne Sep-19 $249,900 $265,327 6% 85 Picture Rocks Tucson AZ Rural 20 1100 12980 W Moss V Jun-20 $393,900 13071 W Smr Poppy Feb-20 $389,409 $396,001 -1% 86 Picture Rocks Tucson AZ Rural 20 970 12986 W Moss V Jun-19 $350,000 12884WZebra Aloe Jan-20 $336,500 $356,528 -2% 87 Picture Rocks Tucson AZ Rural 20 990 12705 W Emigh Jan-19 $255,000 12020 W Camper Sep-19 $2D0,000 $257,440 -1% 88 Avra Valley Tucson AZ Rural 25 1697 9415 N Ghost Ranch Oct-18 $131,000 7175 N Nelson Quich. Mar-19 $136,000 $131,913 -1% 89 Avra Valley Tucson AZ Rural 25 1467 14441WStallion Dec-17 $150,000 9620 N ling Bck Mar-19 $139,000 $143,396 4% 90 Neal Hawkins Gastonia NC Suburban 5 145 611 Neal Hawkins Jun-17 $288,000 1211Still Forrest Jul-18 $280,000 $284,838 1% 91 Clarke Cnty White Post VA Rural 20 1230 833 Nations Spr Aug-19 $385,000 23930ld Chapel Aug-20 $330,000 $389,286 -1% 92 Sappony Stony Creek VA Rural 20 1425 12511 Palestine Jul-18 $128,400 6494 Rocky Branch Nav-18 $100,000 $131,942 -3% 119 Similarly, the 10 land sales shows a median impact of 00/. due to adjacency to a solar farm. The range of these adjustments range from -12% to +17%. Land prices tend to vary more widely than residential homes, which is part of that greater range. I consider this data to support no negative or positive impact due to adjacency to a solar farm. Land Sale Matched Pairs Adjoining Solar Farms Adj. Pair Solar Farm City State Area MW Tax ID/Address Sale Date Sale Price Acres $/AC $/AC %Dill 1 White Cross Chapel Hill NC Rural 5 9749336770 Jul-13 $265,000 47.20 $5,614 9747184527 Nov-10 $361,000 59.09 $6,109 $5,278 6% 2 Wagstaff Roxboro NC Rural 5 91817117960 Aug-13 $164,000 18.82 $8,714 91800759812 Dec-13 $130,000 14.88 $8,737 $8,737 0% 3 Tracy Bailey NC Rural 5 316003 Jul-16 $70,000 13.22 $5,295 6056 Oct-16 $164,000 41.00 $4,000 $4,400 17% 4 Marion Aurora OR Rural 0.318916 Butteville Aug-14 $259,000 15.75 $16,444 Waconda Sep-15 $215,000 11.86 $18,128 $16,950 -3% 5 Portage Portage IN Sub 2 64-06-19-200-003 Feb-14 $149,600 18.70 $8,000 64-15-08-200-010 Jan-17 $115,000 15.02 $7,656 $7,198 10% 6 Courthouse Bessemer NC Rural 5 5021 Buckland Mar-18 $58,500 9.66 $6,056 Kiser Nov-17 $69,000 17.65 $3,909 $5,190 14% 7 Mariposa Stanley NC Sub 5 174339 Jun-18 $160,000 21.15 $7,565 227952 May-18 $97,000 10.57 $9,177 $7,565 0% 8 Mariposa Stanley NC Sub 5 227039 Dec-17 $66,500 6.86 $9,694 177322 May-17 $66,500 5.23 $1.2,715 $9,694 0% 9 Simon Social Circle GA Rural 30 4514 Hawkins Mar-16 $180,000 36.86 $4,883 Pannell Nov-16 $322,851 66.94 $4,823 $4,974 -2% 10 Candace Princeton NC Sub 5499 Herring May-17 $30,000 2.03 $14,778 488 Herring Dec-16 $35,000 2.17 $16,129 $16,615 -12% Average 6.73 Average 3% Median 5.00 Median 0% High 30.00 High 17% Low 0.30 Low -12% 120 Var nla and Adioming States Data I have restated the solar farm matched pair data points from Virginia, North Carolina, Tennessee, and Maryland in the chart below to focus on the more relevant points. The three Virginia Solar farms have similar mixes of adjoining uses and population densities at or below the median rates shown overall. Matched Pair Summary Adj. Uses By Acreage Topo Same City State Acres MW Shift Res Ag/Res Ag Com/Ind 1 AM Best Goldsboro NC 38 5.00 2 38% 23% 0% 39% 2 White Cross Chapel IIDl NC 45 5.00 50 5% 51% 44% 0% 3 Wagstaff Roxboro NC 30 5.00 M 7% 89% 4% 00/0 4 Mulberry Selmer TN 160 5.00 io 13% 10% 73% 3% 5 Pine Valley West End NC 89 5.00 so 7% 6% 80% 7% 6 Nixon's W. Friendship MD 97 2.00 40 79% 4% 17% 0% 7 Leonard Hughesville MD 47 5.00 20 18% 0% 75% 6% 8 Talbot Easton MD 50 0.55 o 81% 0% 19% 0% 9 Neal Hawkins Gastonia NC 35 5.00 49 33% 230/6 0% 44% 10 Summit Moyock NC 2,034 80.00 4 4% 94% 0% 2% 11 White Cross H Chapel Hill NC 34 2.80 35 25% 75% 0% 0°h 12 Tracy Bailey NC 50 5.00 10 29% 71% 0% 0% 13 McBride Midland NC 627 75.00 140 12% 78% 10% 0% 14 Beetle -Shelby Shelby NC 24 4.00 52 22% 0% 77% 1% 15 Courthouse Bessemer NC 52 5.00 no 48% 52% 0% 0% 16 Mariposa Stanley NC 36 5.00 % 48% 52% 0% 00h 17 Clarke Cnty White Post VA 234 20.00 70 14% 46% 39% 1% 18 Walker Barhamsville VA 485 20.00 N/A 12% 20% 68% 00/0 19 Inaw 46 Hope Mille NC 532 78.50 0 17% 0% 83% 0% 20 lanes 42 Fayetteville NC 414 71.00 o 41% 0% 59% 00/0 37 Sunfish Willow Spring NC 50 6.40 30 35% 30% 35% 0% 38 HCE Johnston Benson NC 30 2.60 0 55% 45% 00/0 0% 41 Sappony Stony Crk VA 322 20.00 N/A 2% 0% 98% 00/0 Average 240 18.82 28% 33% 34% 4% Median 50 5.00 22% 23% 199/6 0% High 2,034 80.00 81% 94% 98% 44% Low 24 0.55 2% 0% 0% 00/0 1 mile Radius 12010-2018 Datal Med. Avg. Housing Population Income Unit 1,523 $37,358 $148,375 213 $67,471 $319,929 336 $41,368 $210,723 467 $40,936 $171,746 272 $52,386 $225,000 939 $166,958 $770,433 525 $106,550 $350,000 536 $47,136 $250,595 4,689 $35,057 $126,562 382 $79,114 $281,731 213 $67,471 $319,929 312 $43,940 $99,219 398 $63,678 $256,306 218 $53,541 $192,692 551 $45,968 $139,404 1,716 $36,439 $137,884 578 $81,022 $374,453 203 $80,773 $320,076 2,247 $58,688 $183,435 568 $60,037 $276,347 1,515 $63,652 $253,138 1,169 $65,482 $252,544 74 $51,410 $155,208 854 $62,888 $252,858 525 $58,688 $250,595 4,689 $166,958 $770,433 74 $35,057 $99,219 121 III. Distance Between Homes and Solar Panels I have measured distances at matched pairs as close as 105 feet between panel and home to show no impact on value. This measurement goes from the closest point on the home to the closest solar panel. This is a strong indication that at this distance there is no impact on adjoining homes. However, in tracking other approved solar farms across other states, I have found that it is common for there to be homes within 100 to 150 feet of solar panels. Given the visual barriers whether in privacy fencing or landscaping involved in these there is no sign of negative impact. I have also tracked a number of locations where solar panels are between 50 and 100 feet of single family homes. In these cases the landscaping is typically a double row of more mature evergreens at time of planting. There are many examples of solar farms with one or two homes closer than 100- feet, but most of the adjoining homes are further than that distance. 122 IV. Scope of Research I have researched nearly 700 solar farms and sites on which solar farms are existing and proposed in North Carolina, Virginia as well as other states to determine what uses are typically found in proximity with a solar farm. The data I have collected and provide in this report strongly supports the assertion that solar farms are having no negative consequences on adjoining agricultural and residential values. While I have focused on adjoining values, I note that there are many examples of solar farms being located within a quarter mile of residential developments, including such notable developments as Governor's Club in Chapel Hill, which has a solar farm within a quarter mile as shown on the following aerial map. Governor's Club is a gated golf community with homes selling for $300,000 to over $2 million. The subdivisions included in the matched pair analysis also show an acceptance of residential uses adjoining solar farms with no negative impact on property value. Beyond these references, I have quantified the adjoining uses for a number of solar farm comparables to derive a breakdown of the adjoining uses for each solar farm. The chart below shows the breakdown of adjoining or abutting uses by total acreage. 123 Percentage By Adjoining Acreage Res Ag Res/AG Comm Ind Avg Home Closest Home All Res Uses All Comm Uses Average 19% 53% 20% 2% 6% 885 347 91% 8% Median 11% 57% 11% 0% 0% 700 215 100% 0% High 100% 100% 100% 93% 98% 5,210 4,670 100% 98% Low 0% 0% 0% 0% 0% 90 25 0% 0% Res = Residential, Ag = Agriculture, Sub = Substation, Corn = Commercial, Ind = Industrial. Total Solar Farms Considered:652 I have also included a breakdown of each solar farm by number of adjoining parcels rather than acreage. Using both factors provides a more complete picture of the neighboring properties. Percentage By Adjoining Acreage I Closest All Res All Comm Res Ag Res/AG Comm Ind Avg Home Home Uses Uses Average 61% 24% 9% 2% 4% 995 347 93% 6% Median 65% 19% 5% 0% 0% 700 215 100% 0% High 100% 100% 100% 60% 78% 5,210 4,670 105% 78% Low 0% 0% 0% 0% 0% 90 25 0% 0% Res = Residential, AS = Agriculture, Sub = Substation, Com = Commercial, Ind = Industrial Total Solar Farms Considered:652 Both of the above charts show a marked residential and agricultural adjoining use for most solar farms. Every single solar farm considered included an adjoining residential or residential agricultural use. 124 V. Specific Factors Related To Impacts on Value I have completed a number of Impact Studies related to a variety of uses and I have found that the most common areas for impact on adjoining values typically follow a hierarchy with descending levels of potential impact. I will discuss each of these categories and how they relate to a solar farm. 1. Hazardous material 2. Odor 3. Noise 4. Traffic 5. Stigma 6. Appearance 1. Hazardous material The solar farm presents no potential hazardous waste byproduct as part of normal operation. Any fertilizer, weed control, vehicular traffic, or construction will be significantly less than typically applied in a residential development and even most agricultural uses. The various solar farms that I have inspected and identified in the addenda have no known environmental impacts associated with the development and operation. 2. Odor The various solar farms that I have inspected produced no odor. 3. Noise Whether discussing passive fixed solar panels, or single -axis trackers, there is no negative impact associated with noise from a solar farm. The transformer reportedly has a hum similar to an HVAC that can only be heard in close proximity to this transformer and the buffers on the property are sufficient to make emitted sounds inaudible from the adjoining properties. No sound is emitted from the facility at night. The various solar farms that I have inspected were inaudible from the roadways. 4. Traffic The solar farm will have no onsite employee's or staff. The site requires only minimal maintenance. Relative to other potential uses of the site (such as a residential subdivision), the additional traffic generated by a solar farm use on this site is insignificant. 5. Stigma There is no stigma associated with solar farms and solar farms and people generally respond favorably towards such a use. While an individual may express concerns about proximity to a solar farm, there is no specific stigma associated with a solar farm. Stigma generally refers to things such as adult establishments, prisons, rehabilitation facilities, and so forth. Solar panels have no associated stigma and in smaller collections are found in yards and roofs in many residential communities. Solar farms are adjoining elementary, middle and high schools as well as churches and subdivisions. I note that Solar Farm Matched Pair Set 9 in this report not only adjoins a church, but is actually located on land owned by the church. Solar panels on a roof are often cited as an enhancement to the property in marketing brochures. 125 I see no basis for an impact from stigma due to a solar farm. 6. Appearance I note that larger solar farms using fixed or tracking panels are a passive use of the land that is in keeping with a rural/residential area. As shown below, solar farms are comparable to larger greenhouses. This is not surprising given that a greenhouse is essentially another method for collecting passive solar energy. The greenhouse use is well received in residential/rural areas and has a similar visual impact as a solar farm. The solar panels are all less than 15 feet high, which means that the visual impact of the solar panels will be similar in height to a typical greenhouse and lower than a single story residential dwelling. Were the subject property developed with single family housing, that development would have a much greater visual impact on the surrounding area given that a two-story home with attic could be three to four times as high as these proposed panels. 7. Conclusion On the basis of the factors described above, it is my professional opinion that the proposed solar farm will not negatively impact adjoining property values. The only category of impact of note is appearance, which is addressed through setbacks and landscaping buffers. The matched pair data supports that conclusion. 126 VI. Conclusion The matched pair analysis shows no impact in home values due to abutting or adjoining a solar farm as well as no impact to abutting or adjacent vacant residential or agricultural land. The criteria that typically correlates with downward adjustments on property values such as noise, odor, and traffic all support a finding of no impact on property value. Very similar solar farms in very similar areas have been found by hundreds of towns and counties not to have a substantial injury to abutting or adjoining properties, and many of those findings of no impact have been upheld by appellate courts. Similar solar farms have been approved adjoining agricultural uses, schools, churches, and residential developments. Based on the data and analysis in this report, it is my professional opinion that the solar farm proposed at the subject property will have no impact on the value of adjoining or abutting property. I note that some of the positive implications of a solar farm that have been expressed by people living next to solar farms include protection from future development of residential developments or other more intrusive uses, reduced dust; odor and chemicals from former farming operations, protection from light pollution at night, it's quiet, and there is no traffic. 127 Richard C. Kirkland, Jr., MAI /��±± �/vCl (1Kirkland 9408 Northfield Court \ n-nd% Raleigh, North Carolina 27603 \C, Mobile (919) 414-8142 Appraisals, LLC rkirkland2a,emaii.com \�JvV w Jarklandaovraisals.com Professional Experience Kirkland Appraisals, LLC, Raleigh, N.C. Commercial appraiser Hester & Company, Raleigh, N.C. Commercial appraiser 2003 - Present 1996 - 2003 Professional Affiliations HAI (Member, Appraisal Institute) designation #11796 2001 NC State Certified General Appraiser # A4359 1999 VA State Certified General Appraiser # 4001017291 SC State Certified General Appraiser # 6209 FL State Certified General Appraiser # RZ3950 EL State Certified General Appraiser # 553.002633 OR State Certified General Appraiser # C001204 KY State Certified General Appraiser # 5522 Education Bachelor of Arts in English, University of North Carolina, Chapel HID 1993 Continuing Education Income Approach Case Studies for Commercial Appraisers 2018 Introduction to Expert Witness Testimony for Appraisers 2018 Appraising Small Apartment Properties 2018 Florida Appraisal Laws and Regulations 2018 Uniform Standards of Professional Appraisal Practice Update 2018 Appraisal of REO and Foreclosure Properties 2017 Appraisal of Self Storage Facilities 2017 Land and Site Valuation 2017 NCDOT Appraisal Principles and Procedures 2017 Uniform Standards of Professional Appraisal Practice Update 2016 Forecasting Revenue 2015 Wind Turbine Effect on Value 2015 Supervisor/Trainee Class 2015 Business Practices and Ethics 2014 Subdivision Valuation 2014 Uniform Standards of Professional Appraisal Practice Update 2014 Introduction to Vineyard and Winery Valuation 2013 Appraising Rural Residential Properties 2012 Uniform Standards of Professional Appraisal Practice Update 2012 Supervisors/Trainees 2011 Rates and Ratios: Malting sense of GIMs, OARs, and DCFs 2011 Advanced Internet Search Strategies 2011 128 Analyzing Distressed Real Estate 2011 Uniform Standards of Professional Appraisal Practice Update 2011 Business Practices and Ethics 2011 Appraisal Curriculum Overview (2 Days - General) 2009 Appraisal Review - General 2009 Uniform Standards of Professional Appraisal Practice Update 2008 Subdivision Valuation: A Comprehensive Guide 2008 Office Building Valuation: A Contemporary Perspective 2008 Valuation of Detrimental Conditions in Real Estate 2007 The Appraisal of Small Subdivisions 2007 Uniform Standards of Professional Appraisal Practice Update 2006 Evaluating Commercial Construction 2005 Conservation Easements 2005 Uniform Standards of Professional Appraisal Practice Update 2004 Condemnation Appraising 2004 Land Valuation Adjustment Procedures 2004 Supporting Capitalization Rates 2004 Uniform Standards of Professional Appraisal Practice, C 2002 Wells and Septic Systems and Wastewater Irrigation Systems 2002 Appraisals 2002 2002 Analyzing Commercial Lease Clauses 2002 Conservation Easements 2000 Preparation for Litigation 2000 Appraisal of Nonconforming Uses 2000 Advanced Applications 2000 Highest and Best Use and Market Analysis 1999 Advanced Sales Comparison and Cost Approaches 1999 Advanced Income Capitalization 1998 Valuation of Detrimental Conditions in Real Estate 1999 Report Writing and Valuation Analysis 1999 Property Tax Values and Appeals 1997 Uniform Standards of Professional Appraisal Practice, A & B 1997 Basic Income Capitalization 1996