Transitioning to solar power provides homeowners with many tangible advantages, minimizing their carbon footprint while maximizing savings on energy costs. Owning and leasing your solar panels each presents unique benefits; ultimately, there is no “right” decision. Learn more about the differences between leasing and buying solar panels to see which may be the better option for you.
Owning Solar Panels
When buying solar panels, you can purchase the system outright or finance it through a loan. Owning solar panels allows you to take advantage of tax incentives and rebates. Additionally, you may be able to sell any excess energy generated back to the grid, further increasing your savings. Solar panels also boost the value of your home, making the property more attractive to potential buyers if you plan on selling in the future.
Buying Solar Panels – Additional Benefits
Purchased solar panels are typically warrantied for 20-25 years, providing peace of mind and hassle-free repairs. Your return on investment is also significant as your solar system will essentially pay for itself over time.
Leasing Solar Panels
Solar leases and power purchase agreements (PPAs) allow consumers to host solar energy systems that are owned by solar companies and purchase back the electricity generated. Consumers enter into agreements that allow them to have lower electricity bills without monthly loan payments. In many cases, that means putting no money down to go solar. Solar leases entail fixed monthly payments that are calculated using the estimated amount of electricity the system will produce. With a solar PPA, consumers agree to purchase the power generated by the system at a set price per kilowatt-hour of electricity produced. With both of these options, though, you are not entitled to tax benefits since you don’t own the solar energy system.–US Department of Energy
Leasing Solar Panels – Additional Benefits
When leasing solar panels, maintenance, repairs, and system monitoring are all taken care of for you. Leasing solar panels is ideal for homeowners who want to go solar without investing upfront. Leasing can also be an intelligent decision if you are not planning on living in that home for an extended period of time. And as always, you are contributing to a healthier environment.Ready to Go Solar?
At Harvest Power, our solar energy experts are here to help you make the decision that is best suited to your unique circumstances. Contact us today to learn more.