Solar Lease vs Buy: Which One Is Profitable for You?
updated at : Friday, February 24th, 2017
Solar lease vs buy is not a clear concept to all potential solar energy system seeking homeowners. Solar energy system leasing is a great way to have a solar energy system installed with $0 or very little upfront cost.
To Buy or To Lease, that is the question.
If you are interested in saving monthly on your electricity bill but you do not have the finances to pay upfront to install a solar energy system, this is a great option for you. With solar panel leasing, the panels are installed for free and you pay a monthly fee. Through this leasing agreement, the solar energy company monitors the system’s performance to ensure optimal levels of energy. If problems arise, the solar company fixes it at no cost to you. There is insurance on the panels that protect against theft and damage.
To Buy
On the other hand, when you buy the solar energy system, you must pay the price upfront. It is a one-time payment. However, if problems arise in the future, you are the one who is responsible for all issues. To maximize financial benefits, we recommend purchasing the system outright. However, leasing is a better option if your interests lie in the renewable resource region. One of the major advantages of buying is receiving 30% of the solar panel installation cost back from the federal government as the federal solar tax credit. On the other hand, if you are leasing the panels, the solar tax credit goes to the solar panel leasing company.
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