fbpx

Zillow.com compares prices of thousands of solar and non-solar homes. NYC has highest premium among cities.

According to an April 2019 study by Zillow.com, Brooklyn homes with solar systems have a 4.1% higher resale value than comparable homes without solar. This translates into an additional $9,274 for the median valued home nationally. The study drew on a large sample of homes posted on Zillow’s website between March 1, 2018 and February 28, 2019.

The study found that the solar boost was higher in the New York metro area than the national average, topping out at 5.4% – with the NYC solar premium being 1.8% more than it is statewide. That’s an extra $23,989 in value for solar home owners in the five boroughs. This was the biggest differential observed among major cities.

zillow.com brooklyn ny

Data reaffirms earlier 2015 study . . . and BSW customer feedback.

The study reflects similar findings published by the Lawrence Berkeley National Laboratory in 2015. This earlier study drew on a sample of 23,000 homes in multiple states, including New York.

The data is also consistent with Brooklyn SolarWork’s own communications with current homeowners looking to sell in the near future, as well as with anecdotal feedback from a number local real estate agencies here in Brooklyn. Solar is an incredibly valuable investment in New York, given local incentives and high utility rates. It’s hardly a surprise that this fact is clearly showing up in local home prices.

By law, higher home value from solar is exempted from property tax assessments.

And while solar clearly increases resale value, no need to worry about solar adding to your property taxes. Albany has you covered with two separate laws that have been in the books for years. Under the NYS real property tax law sec. 487 rooftop solar is “exempt from taxation for a period of 15 years to the extent of any increase in assessed value due to the system.” And on top of this, through 2021, solar owners enjoy a property tax abatement equal to 20% of gross system cost. The abatement, first passed by the legislature in 2004, was extended in June 2018.

Tesla solar roof in NYC

Mar 31, 2021

On this page:  Does Tesla customize their solar solution for each home? Where does Tesla install? Does Tesla install on flat roof buildings? Tesla roof tiles vs. LG solar panels?…

BSW Joins Clean Energy for Biden

Oct 5, 2020

For the former Vice President, global warming is an era-defining challenge, and combating it is an economic opportunity. Presidential candidate Joe Biden knows there is no greater challenge facing our…

Solar Battery Storage & Net Metering in NYC

Jul 21, 2020

We’ll dive into the current status of net metering in New York City as well as the benefits of solar battery storage. When the sun is shining, solar panels in…