Princeton Town Topics – Let’s Talk Real Estate – April 28, 2021
SHINING SOME LIGHT ON SOLAR PANELS FOR YOUR HOME
Homeowners who would like to follow a greener lifestyle and save on energy bills often decide to invest in solar panels. Most people who consider solar panels are swayed by the potential to save money on their future electric bills over 10+ years.
But studies show that solar panels are also viewed as an upgrade to a home similar to a renovated kitchen or bathroom. Solar panels can increase a home’s value in a range of 3-4% or more.
New Jersey is one of the states where solar carries a higher premium, as the state offers a combination of grants and tax incentives. Some estimates show that in NJ, homes with solar panels can sell for 9.9% more than homes without solar energy panels.
It’s important to note that the higher home values pertain to homeowners who own their solar panels outright. When solar panels are leased and owned by a third-party company, that value might not transfer when the home is sold. The bottom line: do your research more committing to a specific solar energy investment.