Computers and Technology

Should You Buy or Lease Solar Panels?

As people grow increasingly disenfranchised with fossil fuels and more concerned with preserving the environment, solar energy has gained a lot of traction as a primary replacement. So, it’s not a surprise that the US is now home to over 2 million commercial and residential solar installations.

For the individual homeowner, though, one of the big questions that surround getting solar panels is whether you should buy or lease solar panels. Both options offer benefits and pitfalls that you should know about before you make the investment.

Keep reading for a breakdown of the pros and cons of both choices.

Leasing Solar Panels Benefits

One of the big benefits of leasing solar panels is that it reduces the upfront costs. In many cases, you can get an installation for no money upfront with a lease. That generally means working through a solar installation company, such as Blue Raven Solar.

Another key benefit of leasing over buying is the maintenance. Since the company typically owns the panels and associated hardware, they will usually include a maintenance program. That helps them ensure the system components remain in working order.

While they can’t simply reuse the panels when the lease expires, they can recycle panels that remain in good condition.

Leasing Panels Pitfalls

One of the big pitfalls of leasing your panels from a company is that you see a lesser reduction in your utility bill. It will vary anyway depending on your home and location usually tops out at 30%.

As a general rule, like most financing agreements, you’ll end up paying more for the system over time than you would for a direct purchase.

Buying Solar Panel Benefits

As noted above, buying your solar panel system is typically more cost-efficient over the long haul. You also see a much better reduction in your energy costs. On the high end, a solar system can cut those costs by as much as 70% depending on your location.

You also get full access to any rebates, tax deductions, and local incentives.

Buying Solar Panel Pitfalls

The big pitfall with buying your system outright is that you must come up with the money at the get-go. Many people choose to finance the purchase with a loan, but that can prove tricky if you have a so-so credit score.

All maintenance and maintenance costs become your problem as well. While most maintenance is simple, major problems or damage can mean very costly repairs.

Should You Buy or Lease Solar Panels?

Deciding whether you should buy or lease solar panels depends on a lot on your own priorities.

If keeping costs down at the outset is your priority, leasing can make more sense. Likewise, if you don’t want the hassles of maintenance, leasing with a maintenance agreement may prove attractive.

If you want to maximize your long-term savings and benefits, buying your solar panels will likely make more sense. That also means taking on maintenance.

Looking for more home improvement info? Check out the posts over in our Home Improvement section.

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