WRG installed a rooftop solar system in 2014 and the benefits have been beyond expectations.
We learned a few things since the installation about rooftop solar:
- solar panels help prevent ice dams
- rooftop solar systems are currently exempt from property tax assessments, unlike other improvements made to your home or property (check with your local town or city to see if this is true in your area)
- it is more advantageous to own your solar system vs. leasing
- homes with solar systems that are owned may see a minimum value of $15,000 compared to a similar home without solar panels
- Read: Solar Panels and Home Values by NYT
- take advantage of the 30% federal tax credit which ends by end of 2016
- $1000 Massachusetts tax credit
- Solar Renewable Energy Credit (SREC) ProgramSRECs are certificates earned by producing clean, renewable energy. The homeowner can earn an estimated average of $150-$310 for every $1,000 kWh generated. SRECs guarantees that income is paid out every quarter for 10 years.
From the NYT article: “Researchers found that buyers were willing to pay a premium of $15,000 for a home with the average-size solar photovoltaic system (3.6 kilowatts, or 3,600 watts), compared with a similar home without one. Put another way, that translates to about four additional dollars per watt of solar power.”
This should be enough information to get you started. If you are part of a condominium complex, perhaps see if your roof could support a solar installation which would pay for common electric charges. Overall, we agree with most of the research that promotes “owning” vs. “leasing” a rooftop solar system, if possible.