For years in Colorado we have dealt with mineral rights, water rights, surface rights, and air space rights, but apparently in the near future we are going to have to deal with the wind rights attached to the land. During a referral conversation between one of our agents and an agent from Oklahoma this subject was addressed and apparently it is not new to the Midwest and is currently being negotiated in contracts.
Not having addressed this issue yet here in Colorado, my curiosity was peeked to investigate this further. I found a plethora of information on the subject of wind energy as it pertains to real estate transactions and was even more impressed to find that some states such as North Dakota had legislation in place with many of the concerns addressed in reference to landowners, developers, and the operation of wind farm equipment. Their Bill HB 1509 could very well become a template for Colorado.
Another great resource was the American Wind Energy Association website. Here you can find updates on current legislature as well as tax benefits from wind farming all covered in the American Recovery and Reinvestment ACT of 2009.
Colorado land owners currently have a right to the air space up to 400 feet above the surface, but that right could very well be a thing of the past. On the other hand, allowing companies to harvest wind power might become a very profitable endeavor in the near future that can become residual income for the land owner savvy enough to obtain the right to the wind above their property.
For more information on owning a home in Colorado Springs, contact Lorraine Sayer