Many variables determine market value so it’s difficult to determine if substations have an effect on individual perceptions of value.
We are not aware of a study that examines the relationship between electric substations and property values, but there are studies that examine the relationship between transmission lines or natural gas pipelines and property values.
The findings of these studies are varied. In some instances, the facilities had no impact on property values, or property values increased. In instances with negative impact, it disappeared about three to five years after the facility was built.