Is it better to lease or buy solar panels? What you need to know!

Switching to solar panels for the home can be quite expensive, and thus, many homeowners tend to be reluctant to opt for this renewable and clean energy source. The Government of the USA offers various attractive incentives to motivate the residents across different states like solar incentives in Florida. Yet, there are many homeowners who do not have enough cash in hand for purchasing solar panels.

In that case, the homeowners can opt for various financing options, such as solar leasing or taking solar loans. This makes the switch to solar energy a much feasible option.

If you wish to know about the benefits of solar leasing over purchasing solar panels, then we have got you covered. Read on and explore the multiple advantages of leasing solar panels.

Is it better to lease or buy solar panels

Leasing v/s buying solar panels:

Pros:

  • Maintenance: When you lease a solar setup, you need not worry about maintenance. The responsibility falls entirely upon the solar leasing company.

 

  • Monthly payments: Generally, solar leasing comes with a price escalator. This means the monthly payment tends to increase every year. But if you wish to save big on your leasing deal, then opt for a solar lease that does not come with a price escalator.

 

  • Long-term savings: Whether you lease or purchase solar panels, it results in the long-term saving of your precious money by bringing down your energy bills.

Cons:

  • Tax credits and incentives: This is perhaps one of the biggest shortcomings of solar leasing. Homeowners who opt for leasing do not get to enjoy the solar incentives offered by the Government. You will not be eligible for the incentives because you are not the owner of the solar panels. The solar installer who offers you solar leasing facilities will get to enjoy the benefits of the various rebates and solar tax credits.

 

  • Selling your home: If you have taken solar panels on a lease, you will find it quite difficult to sell out your place. There will be very few people who will show interest in taking over the lease. Also, the solar lease company may or may not agree to continue the lease with them, depending on their credit score.

Now that you know about the pros as well as cons of leasing solar panels, you can make a smart and well-informed choice, depending on your situation. If you have enough cash to pay for the upfront cost of solar installation, then you should definitely buy a solar setup. In case you cannot afford to do the same, simply lease the panels from a reputed solar company.

If you are not sure as to which solar company to approach, then we at Clean Energy Savings USA can definitely help you. We have connected numerous homeowners with the best solar companies across the USA. Whether you wish to lease solar panels or purchase a solar panel system, straightaway connects with us and gets to hire the best solar company in the US.

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