Owning vs Leasing
Owning vs Leasing
Buy or Lease Solar Panels
Congratulations on deciding to go solar! As you may know, there are two very different options for going solar. You can buy or lease solar panels for your home. There are pros and cons to each option, but both options afford you the same ability to enjoy fantastic environmental benefits.
Buying
Leasing
Cost
- The immediate costs of a solar system are greater unless financed
- You enjoy free electricity for 20-30 years
- Financing only requires a 640 credit score
- Your initial costs may be lower
- You continue to pay for electricity (even the power the solar panels produce)
- Requires a credit score above 680
Savings
- You’re eligible for state and federal tax credits, rebates, and other various incentive programs
- Tax credits and rebates where available can reduce the cost of the system by up to 50%.
- You can sell your energy to utility companies through the MA SMART program
- Your home’s value appreciates
- You can earn annual returns on investment
- You are not eligible for any rebates, tax credits or incentives
- You cannot sell your energy back to the utilities (the leasing company does)
- Your home value does not increase because you do not own the system
Maintenance
- You are responsible for your system’s maintenance after warranties expire
- You must navigate a financing plan, or pay for the panels outright
- The solar leasing company is responsible for maintaining your solar panels
- You and your home are committed to a 20 year contract which is extremely difficult to transfer in the event of a property sale
