Can Solar Energy Installation Hurt My Property Value in NJ?

Solar Panels

Buying a house is a significant milestone in most people’s lives. It is likely their most significant investment, and therefore, they are cautious in their decision-making. They inspect the property and analyze its worth by considering a variety of factors – the amenities, the neighborhood, the appliances, and so on. In recent years, solar power systems have found their way into the mix in New Jersey. The vibrant renewable energy ecosystem of New Jersey has made solar power accessible and affordable for the vast majority of homeowners.

Houses with solar power systems are a relatively a new addition to the homebuying decision-making process. For this reason, homeowners are not sure how this addition will factor into potential homebuyers’ decision process.

Do solar panels increase the value of the property?

Do they decrease it?

Do they drive away a vast majority of the potential buyers?

The answers will surprise you!

Homes With Solar Panels Sell Faster

A National Renewable Energy Laboratory report reveals that homes with solar panels sell up to 20% faster than those without them.

It’s not difficult to see why. Solar power systems come with various financial benefits – tax credits, electric bill savings, redeemable energy credits, and so on. Most homebuyers quickly understand the terrific benefits offered by solar power, and consider it as a big plus for their new home.

Homes With Solar Power Sell for Higher Value

Once you purchase and install a solar power system for your home, it will continue to deliver money savings for years to come. With most solar panels lasting 25-30 years, the cumulative benefit is massive. It’s no surprise that solar panels appreciate the value of the houses.
What’s impressive is that this appreciation in house value is not reflected in your tax computation. So, you continue to pay the pre-solar taxes on your home. Once again, this benefit is not lost on the homebuyers.
For all these reasons, houses with solar panels sell at 17% higher value than those without them.

Solar Leases Don’t Affect Property Value

A recent Lawrence Berkeley National Laboratory report asserts that solar leases do not affect property value.

77% of the homebuyers were happy to get the solar leases transferred to their name. So, there is mounting evidence to show the improving awareness of solar leases.

Conclusion

The impact of Solar Energy Installation in NJ can be very positive. It certainly won’t devalue your property, or affect sale prospects when it’s time to sell.

Contact Green Power Energy for more information.