Jersey City, NJ · Member since 2014 · 1 post · 1 vote
I had a contractor tell me he knows how I can get a new roof with the installation of solar panels...anyone else hear of this? Have you done it? What are the pros/cons?
I bet he does. Tell him you'll talk to him after he urinates into a cup you bought at CVS.
There are incentives for solar in places, a new roof....no, probably not. But much like Trumps wall that Mexico will pay for, its easy to say if you install solar you'll get a tax break equal to the cost of a new roof. Even if you were a CPA, you'd still say "Thanks, Obama."
Hi @Gloria Washington we own a solar maintenance company in California and would be happy to answer any questions that you have. My first questions would be, are they installing "solar shingles" (which I would not recommend) or a standard solar system with the installation of the roof. Watch out for contractors or electricians trying to sell solar. They are not experts in the installation and will not know how to maintain the system. There is also a larger variation in the quality of the equipment and if the wrong system is sold to you, it could be useless. If he or she is suggesting to install the solar at the same time as the roof, this is wise to do, as the roof attachments can be sealed by certified roofer and the warranty should stay stay valid. As @Matthew Paul said, no one does anything for free and make sure the contractor knows what he is doing or you will be left with a headache.
Also, have you thought about how you will have the tenant pay you month for the solar investment? I do not know of the best answer and would like to heard your thoughts.
@Gloria Washington the gimmick is likely that you “lease” solar panels and the put on a new roof...but the lease is going to be $$$$ and not Lilly to be worth it. They’re in business to make money. We are huge fans of solar and put it on our primary residence, the numbers make sense for our purpose but I would have a hard time justifying putting it on a rental unless it was a MFH where I, the landlord, payed the electric bill. Do your research and keep an eye out for the solar “lease” progam...likely not work it. FYI our system will break even at 8.5 years and has a 30 year life (panel production will deteriorate slickly toward end of live but still above 80% of new production)
The benefit of going solar at the same time as a roof replacement is that the Federal Tax Credit (currently 30%) applies to the roof as well as the solar system. In other words you receive a 30% tax credit on the solar system as well as a 30% tax credit at the least on the roof that is under the solar system (full roof 30% depends on the advice of your CPA).
Couple that with the roof now becoming a producing asset and offsetting the utility bill instead of a liability and the increase in appraised home value assuming the solar system is not leased then going solar makes a lot of sense at the same time as replacing/repairing a roof.
So in short you don't "get a roof if you go solar", but there are certainly advantages to adding solar to a roof replacement.