- How do the rebates and Federal tax incentives work?
- Am I responsible for the maintenance of the system and panels once installed?
- Are solar panel prices expected to go down in the next few years?
- What happens after my agreement is up?
- What if I move?
- Since solar power usually increases the resale value of my home, what will it do to my property taxes?
Since solar power usually increases the resale value of my home, what will it do to my property taxes?
You’re protected by Section 73 or of the California Revenue and Taxation Code, which allows a property tax exclusion for your system. Your property taxes CANNOT be increased because of a solar installation. Which is nice, because your home’s value increases a whopping $20 for every $1 you save in annual energy costs!
Section 487 of the New York State Real Property Tax Law provides a 15-year real property tax exemption for solar energy systems constructed in New York State. As currently effective, the law is a local option exemption, meaning that local governments are permitted to decide whether or not to allow it. The exemption was mandatory prior to a 1990 reenactment in which the local option clause was added. The exemption is valid unless a government opts out of the exemption, as opposed to the more common practice of requiring governments to “opt-in” in order to offer an exemption.
In October 2008, New Jersey enacted legislation exempting renewable energy systems; such as solar PV, used to meet on-site electricity needs from local property taxes. The exemption may be claimed for all qualified systems installed on residential properties. In order to claim the exemption, you will need to apply for a certificate from your local assessor which will reduce the assessed value of your property to what it would be without the renewable energy system. Exemptions will take effect for the year after a certification is granted. The New Jersey Division of Taxation has developed an Application for Certification of Renewable Energy Systems. You will want to direct questions about the law to your local assessor.