Having solar panels installed on your home or business is a win-win situation. You’ll save money on your electric bills and you’ll be helping save the planet. If you’re worried about the price of solar energy systems, you should know that prices have gone down a lot in the last few years. You should also know that you have the option to lease panels if you don’t want to take the leap and buy them outright. There are pros and cons to both buying and leasing, so you should weigh your options carefully and choose the best arrangement for you. Go Solar Energy will go over these options and help you choose which is best for you, so you can start saving!
Buying Solar Panels
Choosing to buy solar panels will cost you more upfront, but will ultimately have the most benefits. You will be the owner of the solar panels after you are done paying them off, unlike with leasing, and you will eventually make back the money you invested in them. When you buy your solar panels, you will:
- Pay an initial installation fee of anywhere from $15,000-$25,000.
- Receive federal and state rebates and incentives, which can reduce the cost of purchasing them by up to 50%!
- Be offered a 25-30 year warranty on your purchase.
- Increase your home’s value, because your prospective buyers will be buying the house and the system.
- Be able to sell any excess energy that your system produces back to the grid.
- Save between 40-70% on electricity costs over the lifetime of your solar energy system.
Leasing Solar Panels
If you are looking for an option that has lower upfront costs, you can sign a solar lease or PPA (Power Purchase Agreement) which allows you to rent a solar panel system from a solar company. Solar loans are generally available for 10-20 years, and leases and PPAs are available for 20-25 years. You will still be using clean, renewable energy in your home, and you will still save money on your electric bills, but you will not own the actual system. By leasing solar panels, you will:
- Get a solar energy system for little to no money down.
- Pay a monthly rental fee to the company that owns your panels.
- Not have to worry about maintenance. The solar company who owns your system will maintain it.
- Be able to track the performance of your solar energy system with the free apps included with your lease.
- Save between 10-30% on your electric bills.
- Not be able to sell excess energy back to the grid.
- Need to find buyers willing to take on your lease if you decide to sell your house.
Your Best Option
The main differences between buying or leasing are the upfront costs and the amount of money you can save over time. If you want to own your solar panels outright and get all of the incentives available to owners, then your best option is buying solar panels with a loan, if necessary. There are $0 down solar loans available, so you could begin saving right away, since your monthly payments would probably be less than your current electric bill.
On the other hand, if you would like the benefits of lower electric bills but cannot afford to pay for solar panels outright (and you don’t want to take out a loan), then you can lease your solar panels. Just remember that you’ll be paying a monthly fee for the entirety of the lease; however, if you purchase your panels, they will eventually begin to pay for themselves. Also note that not all states allow solar leasing, so be sure to ask one of our agents if your state allows this arrangement.
If you can’t decide whether to buy or lease a solar energy system, Go Solar Energy can help you choose which option is best for you. We will go over your budget with you and give you quotes for all of the different plans available, and we’ll do it all for free. Once you’ve made your choice, we will help you sign up for a plan that will let you switch to clean energy and save money while you do it. To get started, enter your zip code on the homepage, or to speak directly to one of our agents call (888) 290-3112.