Are you tossing back and forth about whether to purchase or lease solar panels for home? Know that, whether you make an outright purchase or choose to rent out your panels, you will continue to enjoy the innumerable benefits of producing green and clean energy.
Listed below are some of the pros and cons of purchasing and or leasing solar panels:
Purchasing Solar Panels
If you decide to buy solar panels, you will begin to receive solar energy tax credits, rebates and savings from various federal and state level programs. You also avoid making monthly payments towards your system. Considering you don’t have to pay interest, you’ll be saving a lot of money. Purchasing has the added benefit of a 30-year insurance or protection plan.
The addition of panels also helps to increase the value of your home. Solar panels are a marketable feature that attract homebuyers.
Leasing Solar Panels
Leasing your solar panels enables you to enjoy upfront cost savings. This means you don’t have to take out large loans or pay large upfront costs while you enjoy your renewable and clean energy source. Many solar companies offer affordable energy rates and leasing options that equate to small monthly payments which are not only affordable but also enable you to upgrade to a better system later on. Leasing is definitely more affordable when you consider the initial purchase cost. Some leasing companies also offer bi-annual or annual solar panel maintenance services.
Both options enable you to safeguard yourself from rising and often volatile energy costs.
Irrespective of whether you lease or purchase your solar energy system, you will still save a lot of money on your monthly utility bill. The best part is you begin to gain this benefit as soon as your panels are installed.
So is it better to lease or purchase your solar panels for home? Both options have their strengths and drawbacks; however both enable you to invest in a cleaner and greener energy source that can potentially change the course of mankind.
Get in touch with OhSolarMio today to learn about our solar panel systems.