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Earlier this week I received and set up the Davis 7714 shield with a 31 sensor. It's about 8ft away and 1.5ft lower than my FARS (whose intake is at 5' 2").
This is the 3rd calm, sunny day in a row. Temps in the 70s mainly. Winds <3mph (~1 m/s) at 30ft (virtually calm at ground level).
I put some data into a spreadsheet and found that around solar noon the difference between the two shields averages around 3-3.5F, sometimes 4F or more (passive sensor running higher). Overall, the average daytime difference is about 2-2.5F. The only time the shields are within 1F during the midday and afternoon is when heavy clouds pass overhead.
The height differential between the shields may play some role. However, raising the shield to 5ft won't produce much additional wind because the measurement location (like so many backyard weather stations) is hemmed in by taller structures on multiple sides.
Overnight lows are a bit lower (0.5 - 1F) on clear nights in the 7714, but not enough to balance out the false highs. On nights when skies are cloudy and winds are greater than 3mph, the shields run within 0.5F of each other (within sensor's margin of error).
This is about the same performance as I was getting from the stock VP2 passive shield mounted in the same location. I'm hopeful, with just a bit more wind coming from a prevailing direction (rather than a sheltered direction), the 7714 will outperform the stock passive shield. Unfortunately, those conditions have yet to happen. And there's no end in sight to the days with 10m winds at or below 5mph.