Do Solar Panels Increase Property Taxes?
Installing solar panels can potentially increase your property taxes, but this largely depends on the state and local property tax laws where you live.
Key Points
- Solar Panels and Home Value: Solar panels can increase the value of your home. According to recent studies, homes with solar panels sell for about 4% to 6.8% more than those without them.
- Property Tax Impact: While solar panels increase property value, they do not necessarily increase property taxes in many U.S. states. Currently, 29-33 states offer solar property tax exemptions, meaning that the added value of solar panels is excluded from property tax assessments.
- States Without Exemptions: If your state does not have a property tax exemption for solar installations, your property taxes might increase due to the added value of the solar panels. However, even without exemptions, the increase might not always occur, as some local assessments may not include the solar system’s value as a permanent part of the property.
Conclusion
Whether solar panels increase your property taxes depends significantly on local laws and exemptions. While they can add value to your home, in many states, you won’t see a corresponding increase in property taxes thanks to solar property tax exemptions.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/do-solar-panels-increase-property-taxes/
