Published on August 27, 2010 by Dan Hahn.
Categories: Reports.
About this section of the report
While rated at just 3% of the overall report card summary grade, property tax exemption status is a very important consideration when putting together your solar investment information. The availability of a property tax exemption for solar energy was sourced from the Database of State Incentives for Renewables and Energy Efficiency. The stronger the tax exemption, the higher the grade.
Why should I care about property tax exemptions for solar?
When you add solar panels to your roof, you’re adding value to your home. Not only are solar panels beautiful, they produce a clean, economical, and reliable source of electricity for your family. Some states ding you with added property tax for your forward thinking, while others reward your common sense with a tax exemption.
How much value will solar add to my home?
Solar will immediately add approximately twenty times your annual electricity bill savings immediately to the value of your home upon installation. For many 5kW systems, that amounts to about $20,000. Don’t believe it? Check out this video!
Whoa, that’s a lot of property value increase!
Indeed it is. However, an additional $20,000 in property tax basis in many states amounts to a big chunk of change owed back to the state come tax time. If you’re lucky enough to live in a state with a complete exemption from added taxes, you can breathe a sigh of satisfaction that your state legislators are doing something right!
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