Tesla Solar Roofs harness the sun’s energy and convert it to green, earth-friendly electricity. Homeowners with solar roofs don’t have to worry if the power goes out. They can go off-grid if they please and they’re doing great things for the planet. One question customers often have is if a Tesla Solar Roof will raise their property taxes.
The short answer to this question is “yes.” But don’t stop reading here! There’s more nuance to consider. In particular, while Tesla Solar Roofs raise your property taxes, it may actually be a good thing in the long run.
Increasing Property Value
To understand why a Tesla Solar Roof may raise your property taxes, you must first know how property taxes are determined. In most municipalities, taxes are based on property value. Someone with a $300,000 home will pay proportionally more property tax than someone with a $250,000 home.
Since a Tesla Solar Roof raises your property value, it will increase the amount of property tax you’re responsible for paying. The increase may not happen immediately. It depends on how quickly the tax assessors get around to reviewing your property value and adjusting your tax rate.
We’ve found that adding a Tesla Solar Roof, on average, increases a property value by 11%. So, the tax increase should not be huge. And here’s the good news: your property value is increasing! This is always a good thing.
The Cost-Benefit Analysis
While you can expect your property taxes to increase with a Tesla Solar Roof, it’s a small price to pay for this improvement. You’ll recapture those funds when you sell the home and can ask significantly more for it, thanks to the Tesla Solar Roof.
Say you and your neighbor have identical homes, but yours has a Tesla Solar Roof and theirs does not. Your home is likely to sell for more than theirs, just because of the roof. In other words, if their home sells for $300,000, yours could sell for $333,333 or more. You’ll forget all about having to pay a bit more property tax. Having a Tesla Solar Roof installed is a great way to raise your property value and simplify your life. Don’t let a marginal increase in property taxes deter you. Contact Kelly Roofing in South Florida if you would like to learn more about Tesla Solar Roofs or schedule an estimate.