CAI-NJ Jun.2016

MANAGEMENT TRENDS

Solar Seniors By Dawn Mackanic, Association Advisors of NJ

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-

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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.”

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