Choosing solar panels to supply your home’s energy needs is a great decision. Not only are you helping to keep your budget fit and trim, but you’re also contributing to a cleaner environment by reducing the amount of harmful emissions that are released into the environment from traditional energy sources.
Once you’ve made the decision to go solar, the next step is to decide whether buying or leasing solar panels is right for you. We think they are both great options. The decision rests on your personal preferences, your lifestyle, your financial situation, and other individual factors. Here is what you need to know about leasing solar panels.
Buying or Leasing Solar Panels: Understanding Cost
The costs and savings associated with buying and leasing solar panels can play a significant role in making your decision. Leasing solar panels results in lower upfront costs, but your long-term savings are a bit lower as you’ll continue to pay for electricity during the lease. You’ll also need a credit score of at least 650 so if you’ve run into trouble recently, you may have a difficult time obtaining a lease.
There are also fewer savings and rebates associated with leasing solar panels as well. Because they are not a permanent feature of your home, they won’t boost the value of the property, and you won’t be eligible for tax credits and rebates. However, as soon as the panels are switched on, the clean energy savings begin.
If you are leasing solar panels, then the responsibility of maintaining them falls on the leasing company. On the other hand, solar panels require very little maintenance, as there are no moving parts or things that need replacing. The only basic maintenance that solar panels need is a quick washing a few times per year to remove dirt and debris.
If you think you might sell your home within the next 20 years, leasing might pose some inconveniences when you list the home. You and your home will commit to a 20-year obligation, and that lease can be difficult to transfer during a property sale. On the other hand, if you are happy and know you’ll be staying in your home, this will not be an issue for you.
The Bottom Line
Leasing solar panels is a great option when you don’t have a lot of cash to spend upfront, but you want to start using cleaner, more affordable energy right away. There is very little hassle when leasing solar panels, as you don’t have to worry about maintenance or complicated tax rebates. For people who are not looking to move in the near future, have good credit, and are ready to start enjoying clean energy as soon as possible, a solar panel lease will achieve those goals.
Explore Your Solar Options
Solar energy produces no harmful emissions, and it is clean and renewable. Solar panels are durable and require little maintenance so an interruption of service is unlikely. Plus, the energy savings provided by the solar panels will offset the cost of leasing the panels so you can keep your budget in check.
When you schedule your free solar consultation, we’ll determine whether your home is a good candidate for solar panels. Then, we’ll create a customized installation plan for you home while also helping you determine how much you can save by switching to solar. We’ll go over the lease agreement, as well as cover the financing options that are available. Plus, when you choose Energy Monster, we’ll take care of all the paperwork, as well as the installation and connection of your system to the grid.
To learn more about making the switch to solar or to schedule your solar consultation, contact us today!Return to Blog