No matter what you consider in life there are always advantages vs disadvantages or pros vs cons to most things, and the same is true of living near a nuclear power plant (NPP or a thermal power station). But before you buy a home near one, it’s important to carefully consider the pros and cons of living near a nuclear power plant.
Pros of living near a nuclear power plant include good job opportunities with higher living standards and cheap properties. Whereas the cons of living near a nuclear power station include the risk of nuclear accidents or radioactive leaks, environmental contamination and problems selling your home.
Please also read this article to discover how you could save £71,475 on your next mortgage if you sell your house and rent before buying again. Even I was amazed when I did the calculations! The strategies you learn in this article will not only save you money, but it will also reduce the stress of buying your next home.
What are the pros of living near a nuclear power plant?
- Job opportunities: Nuclear power plants create jobs, both during the construction phase and at the end of the project when the power station is live and producing electricity. Property investing courses always teach newbie property investors to look for the next property growth opportunity. Buying properties near where a nuclear power plant is to be built is one such opportunity. Many of the construction workers who build a NPP or thermal power stations are transient and need rental properties, which means good news for property investors looking for a good return on their investment.
- Higher standard of living: Employees who work at nuclear power plants are paid well, which leads to a higher standard of living.
- Cheaper properties: Properties closer to nuclear power plants tend to be cheaper as not everyone wants to live near a nuclear power plant.
- Reduced property taxes: The property taxes in America for properties in the area surrounding nuclear power plants tend to be lower than similar homes in areas where there’s no power plant nearby.
- Enhanced power supply: Nuclear power stations provide good and reliable electric power, which is good for nearby residents, and means no more brown-outs, with less chance of suffering from power cuts.
What are the cons of living near a nuclear power plant?
- Risk of nuclear accident or radioactive leaks: There is always the risk of a nuclear accident or the chance of a radioactive leak, which would probably affect nearby residents. The most recent accident was the Fukushima incident in Japan after the 2011 tsunami. But for most counties around the world it’s unlikely that the type of incident that occurred at Fukushima would happen elsewhere. Also, with the advancement of technology and safety procedures around nuclear reactors, it is also unlike that the disaster that happened at Chernobyl would ever happen again.
- Environmental contamination: There is a small chance that the local environment could be contaminated as a result of a leak, but very unlikely with modern-day thermal power stations.
- Difficult to sell your home: Due to people’s fear of living near a nuclear power plant it will be harder to sell a property, as the fear of a nuclear disaster will reduce the market size of people who will want to buy homes near nuclear power stations.
- Fear: Homeowners may live in fear of a nuclear meltdown happening, although this fear is more likely irrational*.
- Lower property growth: Due to the lower demand for properties near nuclear power plants, the property grown will be lower when compared to other areas. However, there may be a mini-boom in property prices when the site of a new nuclear power station is first announced, as investors start buying up properties, and then when people start to move to the area to work on the thermal power station.
- Insurance cover: Many insurance companies specifically exclude nuclear hazard liability, which could be a problem if there were an accident. But Americans have this cover under the nuclear industry contingency fund mandated by Congress in 1957.
* Is this fear unfounded, as the safety surrounding nuclear plants is very high? There’s probably more risk of radiation contamination from X-rays and from the EMF produced by mobile phones.
There have been three notable thermal power station disasters in the past, which includes Chernobyl in Ukraine in 1986, a partial meltdown at Three Mile Island, Pennsylvania in 1979, and the most recent disaster at Fukushima in Japan in 2011 after an underwater earthquake and tsunami.
When a meltdown happens it hits the news as it is a dramatic event, but in reality there have been very few accidents and the risk is low. It’s a bit like plane disasters, it’s safer to fly on planes than it is to drive on the road, and yet many people have a fear of flying when it’s one of the safest forms of transport.
Is it bad to live near a nuclear power plant?
It’s not bad to live near modern-day nuclear power plants as they have many safety and security procedures in place to make it as safe to live near a thermal power station vs living nowhere near one. But if you are exposed to radiation this will lead to long-term health effects including cancer.
Is it safe to buy house near nuclear power plant?
It is probably as safe to buy a house near a modern nuclear power plant as it is to buy any other house, as studies show that homeowners living near a NPP are at no greater risk than those who live nowhere near one.
“Nuclear power plants are among the safest and most secure facilities in the world. But accidents can happen, adversely affecting people and the environment. To minimize the likelihood of an accident, the IAEA assists Member States in applying international safety standards to strengthen nuclear power plant safety.”International Atomic Energy Agency (IAEA)
Final thoughts on the pros and cons of living near a nuclear power plant
The reality about nuclear power plants is we need the power they generate. The world is fast changing over to electric powered cars and electric boilers, which will require a bigger electricity power supply than we already have.
The only way this increase in demand will be satisfied using current technology is to build more nuclear plants, which inevitably will be near where some people live, as these powerplants have to be located somewhere.
That being said, I personally wouldn’t buy a house near a nuclear power plant, but that’s me and perhaps it’s an irrational fear. Although many people buy homes near these power stations, as often times they are built near water.
Please don’t forget to read this before you leave…
Please don’t forget to also read this article to discover how you could save £71,475 on your next mortgage if you sell your house and rent before buying again. As I said earlier, even I was amazed when I did the calculations! Learn about how you will reduce the stress of moving house, whilst at the same time potentially save thousands in the process!
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