Solar Panels for Your Home: Should You Lease or Buy?
The rise of solar panels in residential neighborhoods mark the success of the eco-living trend, proving that its popularity will continue to skyrocket as it promotes sustainability and money-saving solutions for homeowners.
There’s no doubt that homes that are qualified for solar power are making the switch to eco-conscious living, but this leads to the great solar debate: should you lease or buy solar panels? The guide below should explore your options and help make you informed decisions down the road:
Leasing or Buying Solar Panels: What’s the Difference?
The main difference between buying or leasing a solar system falls on your ownership. Making a purchase means paying for it in cash or through a solar loan, both of which can exhaust more money from your wallet, but can pay for itself through the years as it derives higher energy savings.
Whether you’re planning to get a loan or make a cash purchase, most solar power systems can come at a steep price between $15,000 to $30,000. With that in mind, here’s when it makes sense to buy solar panels:
You should buy solar panels if you want to make the most of its financial benefits;
Full ownership means you can boost the market value of your home;
Owning a solar panel also makes you eligible for the federal investment tax credit, which reduces your federal and state tax liability;
When Does it Make Sense for a Solar Lease/PPA?
Buying a solar panel makes you responsible for its maintenance or repairs, so homeowners who only want to use a portion of the generated electricity without having to pay thousands of dollars upfront.
It’s an attractive option for those who are on a tight budget but want to reap the environmental benefits of installing solar panels at home. Solar agreements last between 10 to 20 years, though renting solar power can still fulfill the growing demand for reducing the world’s carbon footprint.
The Bottom Line: Knowing the Best Option for you When Going Solar
Choosing between leasing or buying solar panels largely depends on your financial means and goals. Buying solar panels give you full ownership and allow you to reap higher energy savings, reaching as high as 70 percent compared to the 30 percent reduction you would get in a solar lease.
Nonetheless, conserving energy can still contribute to the environment no matter the percentage, so both choices offer clear incentives to Mother Nature. Now, it’s all a matter of choosing which one will suit your budget and current needs.
How can we Help Improve your Home’s Energy Consumption?
If you’re looking to embrace a sustainable home-living, browse our extensive selection of solar panels. Whether you’re planning to buy or lease solar panels, we can take the guesswork out of the process and connect you with the best manufacturers and solar programs in Upland, California.
Here at SoCal Solar Guru, we can provide you with better solar-powered systems so you can reap bigger savings with your investment. Get in touch with us today at 626.629.2776 and see if your home is eligible to go solar!