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J U N E , 2 0 1 6
MANAGEMENT
TRENDS
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T
here have been an increasing number of seniors over
the past several years that have begun installing solar
panels on their homes. This may be due to several
factors, including the new programs that make installation
more affordable, the investment opportunities and cost
effectiveness for many of our seniors who are living on a
fixed budget. Either way, it’s become more popular and
will therefore affect our age restricted communities.
The main reason for its popularity is the financial benefits.
The installation of solar panels reduces the cost of electricity
to the average home by as much as 40 percent. This can
save homeowners an average of $100 a month, which
means over $1,000 dollars a year. That can make a big
difference for anyone who is living on a fixed income.
By moving to solar, you can also protect yourself against
unpredictable utility rate increases.
In the past, an obstacle in going solar was the initial cost
of purchasing the panels. It was a high up front cost for
an investment that many homeowners, especially seniors,
could not afford. However, with new programs out there,
homeowners can pay as little as no money down. There
are many options that have made it possible for the aver-
age homeowner to go solar. Many solar companies are
offering leases, where the homeowner is paying a small
rental fee with little or no up front cost. Other programs
sell you the electric made by solar power. There are many
different options that do not require the purchase of the
panels, making it a more cost effective solution.
Solar can even be a source of income. With some
plans, if you don’t use the electricity you generate, at the
end of the year you receive a check for the difference.
There are also federal grants that provide incentives, one of
which is a tax credit. In addition, solar panels have been
known to increase the value of your home.
Not everyone loves solar panels. Some HOA’s have
denied homeowners request to install them on their homes.
The main reasons have to do with aesthetics and con-
Solar Seniors
By Dawn Mackanic,
Association Advisors of NJ
cern that they will decrease the value of the community.
However, legislation has been introduced, including
Assembly Bill A210, which will make it clear that HOA’s
will not be allowed to unfairly restrict homeowners who are
looking to install them. Although the laws are intended to
make it easier, they will permit appropriate restrictions to
be imposed by HOAs. Many boards have already begun
enacted rules and specifications that homeowners will need
to follow when they install solar panels.
Installing solar panels allows homeowners to be energy
self-sufficient, be environmentally friendly, and save on
monthly bills. Therefore, they have become an attractive
option for seniors on a fixed budget. The new programs
and government incentives are making it easier than ever
to get started. With all of this in mind, it is no wonder solar
energy is increasing and becoming the new normal in age
restricted HOA’s.
Board members and managers should take the time to
look into the facts and consider whether solar should be
encouraged, not discouraged, for their communities.
n
“With some plans, if you don’t use the
electricity you generate, at the end of
the year you receive a check for the
difference.”