Do Solar Panels Increase My Property Taxes in Texas?
When people look into solar panel installation for the first time, one of the most frequent questions is about property taxes. It comes as no surprise that having solar panels can greatly increase the value of any home, but does that also mean you’ll be seeing similar inflation when it comes to taxes? Solar Bear Dallas breaks down everything there is to know about solar panel incentives in Texas.
How Solar Panels Increase a Property’s Value
Because Texas is home to the highest energy users in the country, home buyers will jump at the chance to own a house that comes with solar panels pre-installed. Why? For immediate savings on their electric bill, of course. This phenomenon has led to a drastic increase in property value for any building equipped with solar panels with up to three dollars more per wattage with a total of over $20,000 altogether. For these reasons, solar-powered homes tend to sell much faster than houses without them. But the big question is how solar panels affect property taxes, and you’ll be pleasantly surprised at the answer.
The Texas Property Tax Code Explained
Thanks to the Texas Property Tax Code, you can get a full exemption on the property value that solar panels add to your home. This means that whenever your home’s value is evaluated for tax calculations, the cost of your solar panels will not be included, which can lead to a great deal of savings over time. If your solar panel installation increases your property value from $210,000 to $235,000, your taxes will only account for the $210,000, almost as if you don’t have solar in the first place. This is just one of the many ways that Texas officials are combatting the overall cost of the state’s high energy usage.
Additional Solar Incentives in Texas
The Texas Property Tax Code isn’t the only incentive for solar panel owners in Texas. As the benefits of solar panels become increasingly recognized, those with the power to do so will do what they can to entice the average homeowner to get them installed in hopes of them becoming more standardized for a greener climate.
Federal Solar Tax Credit
Until December 2022, you can get 26% of your solar panel installation cost deducted from the final price. Depending on the specifics of your particular installation, you could be seeing an average savings of around four thousand dollars! After December 2022 (and until December 2023), this percentage will decrease to 22%, so it’s better to get it done sooner than later.
Local Utility Company Solar Rebates
Depending on who you go through, some companies will offer rebates on the total cost of your solar panels. Each company is different, so it pays to seek out an expert’s help in finding you the best deals in your area.
Let Solar Bear Dallas Upgrade Your Home with Solar!
If you want to maximize your solar panel savings but are overwhelmed at all of the different programs and possibilities, let Solar Bear Dallas lend you a helping hand! We can equip your property with the best solar setup for you and we’ll make sure that you get all of the incentives that you deserve for playing your part in a greener environment. Call us today at (727) 471-7442 for a free estimate!