Buying or Leasing Residential Solar Panels: What’s Right for You?
Solar customers, more often than not, elect to lease or loan their systems vs purchasing. What works best for you as the homeowner is reliant on multiple financial factors, including whether or not you can afford to buy it. Average residential solar panels range between $24,000-$34,000. If you are in such a position, there are definite benefits to a purchase:
- Receive the federal tax credit and state incentives for owning your system
- Increase the market value of your home
- Achieve maximum financial benefit by selling credits back to the utility company if your system overproduces
- Often, however, average homeowners don’t have the kind of cash to buy a system. Fortunately, there are many businesses that install the system for little to no down payment, and offer a lease or power purchase agreement for using the power.
A lease is a fixed monthly payment based off of the power usage projected over the course of the agreement — the number will never change. A power purchase agreement allows you to buy the energy that the system produces each month. Both options offer complimentary maintenance and monitoring, so it relieves some responsibilities from you as well. You just have to enjoy lower monthly bills and cleaner energy usage. We can help connect you with a solar installer that will walk you through which option is best for you.