Solar Panels On Roof Real Estate Value In Nj

The prices for trecs vary depending on the type of system you install.

Solar panels on roof real estate value in nj.

Electricity rates in nj. You install a solar array on your roof that adds 15 000 in value to your property. Because electricity rates in nj are high a typical nj solar panel system will save you more than 75 000 over a 20 year span. These trecs can then be sold on a market to utilities to help them meet the new jersey renewable portfolio standard rps.

Says real estate agent aaron zapata of inman according to fha and fannie mae whether solar panels add value or are viewed as a liability is still unclear while many websites selling solar will lead you to believe it s the best possible investment for your home the true benefits of solar especially for a potential buyer interested. If you were paying property taxes on that additional value that would mean your annual property taxes would go up by 378. For the median valued home that translates to an additional 9 274. The average cost per watt of residential solar panels in new jersey is 3 30 per watt installed.

Not only can adding solar panels to a home save energy costs and help the environment it also can potentially increase a home s value. On average solar panels raise a home s value by 4 1 across the u s according to a new zillow analysis of homes across the country that s a boost of 9 274 on a 226 300 home according to the study. Remember too that solar panels have a 20 30 year warranty so that is lots of savings over time. In new jersey homes with solar panels can sell for 9 9 more than homes without solar energy systems.

That means a pretty typical 6 kw system will cost 20 000. During the past year homes with solar energy systems sold for 4 1 more on average than comparable homes without solar power. Electricity rates in new jersey average 15 78 kwh the 7th highest in the nation.