Do Solar Panels Increase a Home’s Selling Price?
We all know that switching your home to solar energy saves you money on your monthly electric bill, while being environmentally-friendly. But on top of this, a recent Zillow study has shown that over the past year, solar-powered homes sold for an average of 4.1% more than similar homes without solar power.
For the median-valued home, that translates to an additional $9,274.
Buy, rather than lease
However, you must own the panels for your property value to increase. When you lease your panels, they are owned by a third party provider, and leased panels won’t be considered when your home is being valued.
Will solar increase your NJ property tax?
No! Even though owning solar panels will increase your home’s value, it will not increase your property taxes in New Jersey. The state of New Jersey offers a property tax exemption for solar panels and other renewable energy systems.
To avail of this tax exemption, you just apply for an exemption certificate from your local tax assessor. This tax exemption will reduce your local property tax liability by the amount of value added by your solar energy system.
The many financial benefits of switching to solar
Going solar is an investment that pays dividends over time. When you purchase your solar panels, you’ll be able to claim several rebates and tax incentives that significantly offset the price you pay.
You will of course, also save money every month on your electric bill. As well as all this, going solar is an investment in your home’s property value.