Do Solar Panels Increase Home Value In New Jersey

3 minutes installing solar panels can significantly increase your property s value according to a new study from the lawrence berkeley national lab lbl.

Do solar panels increase home value in new jersey. In terms of resale john distefano president of first fidelity appraisal services of new england said solar panels are growing in popularity. If they are leased the banks do not recognize a value. Installing 5kw of solar panels adds an average of 29 555 to the retail value of a medium sized home. New jersey solar power overview.

In new jersey homes with solar panels can sell for 9 9 more than homes without solar energy systems. High electricity rates the federal tax credit net metering and the state s transitional renewable energy credit program means that homeowners in the garden state can get an excellent return on their investment when installing residential solar panels. The report titled selling into the sun. They definitely add value to your home as long as they are purchased.

That is a profit of 32 281 for the median valued home in that state. New jersey is one of the top states to install solar in the nation. If you are buying an existing home with a working system in place you need to know how to determine the value. Do solar panels increase the value of your home.

Price premium analysis of a multi state dataset of solar homes builds on previous research which concluded that homes with solar panels in california sold for more than those.