One notorious myth about solar is that it increases property costs for homeowners.  Today we are here to dispel that myth…

In New Mexico, HB 233 (of 2010) exempted residential solar energy systems from property tax assessments.  HB 233 states that solar systems will not be treated as physical improvements, and therefore, will not increase the value of the property for property tax purposes. But future assessments will include the value of the solar energy system if the property is sold.  According to the Database of State Incentives for Renewables & Efficiency, “the value of a property cannot increase by the greater of 3% of the previous year’s assessment, or 6.1% of the assessment from two years ago.”

Therefore, solar power systems are actually exempt from property tax in the State of New Mexico.  Also, solar has been shown to raise the value of the house.  According to U.S. Department of Energy research, solar homes sell at twice the rate of a conventional home.  Their research also found that homeowners consider energy costs an extremely important factor in the decision to buy a home. Solar panels provide a competitive advantage because a home’s owner is not as subject to constantly rising utility prices.  This research, completed by Lawrence Berkeley National Laboratory for the State of California,  is the first to empirically explore the existence and magnitude of residential solar sales price impacts across a large number of homes and over a wide geographic area.  (The next edition of research will include the solar market beyond California.)

In New Mexico, adding solar power to your home is a compelling investment opportunity.  If you are a homeowner who is considering making home improvements, installing a solar power system is one of the few household expenses that will pay for itself – unlike that new garage conversion or swimming pool.

 

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