Solar Panels – Lease vs Buy?

Is Buying or Leasing Right for YOU?

Once upon a time, you needed thousands to be able to buy solar panels for your roof. Sure, it was green, clean energy, but not everyone has that sort of money available.

Now, you can get a no-money-down lease for those same solar panels. You can go green, move towards off-grid living, reduce your carbon footprint, and Do The Right Thing without a large capital investment.

But the question is, if solar panel leasing is available in your area, should you lease?

Here’s the low-down on the pros and cons of leasing versus buying solar panels.

This article will help you to choose with confidence – and whether you lease or buy, solar is a great way to go green!

Solar Panels – Leasing Advantages

There are obvious advantages to leasing solar panels.

• You don’t have to pay money up front – you sign the lease and the panels are installed on your roof.
• It’s possible to start saving money from day one. Companies like SolarCity say the lease plus your reduced electricity bill usually add up to a smaller monthly charge than your old energy bill.
• Installation, repairs and maintenance don’t generally cost you up front
• Solar panel performance is monitored for you
• Generally, it’s easier to upgrade panels on a lease. The technology is improving rapidly so you may be able to keep up-to-date without additional capital expenditure – not all leasing companies offer this option though.

Solar Panels – Leasing Disadvantages

Of course nothing is perfect!

• Over the lifetime of the lease, you will normally pay more in total than you would if you bought the solar panels outright.
• The solar lease companies own the solar panels, so they get the tax credit advantages, the cash incentives, and the renewable energy credits.
• If you sell your home, a solar panel lease could complicate things. The purchaser may not want to take on the lease. You might have to pay off the lease prior to completing the sale.

Now What?

So, suppose you decide to go solar by leasing. Great!  You can have solar power with no money down.

However, there are a few things you need to know before you sign that contract.

Fin out What The Leasing Companies Won’t Tell You 

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