Useful Tips on Whether to Purchase or Lease Solar Panels

Updated: Feb 11

Are you considering going solar for your home or business?

One of the key decisions you’ll need to make is whether to purchase or lease your solar panels. While leasing may seem like the easier option, purchasing your panels can bring a host of benefits, including cost savings, increased home value, energy independence, and more.

In this comprehensive guide, we’ll explore the top 7 benefits of purchasing solar panels and help you make an informed decision.

Solar energy is a clean and renewable energy source that has gained immense popularity in recent years.

It offers a number of benefits over traditional energy sources, including cost savings, reduced dependence on fossil fuels, and lower carbon emissions.

However, the cost of installing solar panels can be prohibitive for many households and businesses. This is where the option of leasing solar panels comes into play. Leasing allows individuals and organizations to enjoy the benefits of solar energy without the upfront cost of purchasing panels. However, there are also several disadvantages to leasing, and in this guide, we’ll explore the benefits of purchasing solar panels over leasing.

The Cost Savings of Purchasing Solar Panels

One of the primary benefits of purchasing solar panels is the cost savings it can offer over the long term.

When you lease solar panels, you are essentially paying a monthly fee to the leasing company in exchange for the use of their panels. This monthly fee can add up over time, and you may end up paying more for your energy over the course of the lease than you would if you had purchased the panels outright.

In contrast, when you purchase solar panels, you make a one-time investment that pays for itself over time. The cost of electricity from solar panels decreases significantly over the life of the panels, making it an increasingly cost-effective option as time goes on.

Additionally, the federal government offers a 30% tax credit on the cost of purchasing and installing solar panels, further reducing the overall cost.

The Freedom to Choose Your Energy Provider

Another advantage of purchasing solar panels is the freedom to choose your energy provider. When you lease solar panels, you are typically locked into a contract with the leasing company, which limits your ability to switch to another energy provider if you find a better deal or if your needs change.

In contrast, when you purchase solar panels, you are in complete control of your energy supply. This allows you to switch energy providers at any time, giving you the flexibility to choose the best options for your needs.

Increased Home Value

Purchasing solar panels can also increase the value of your home. A home with solar panels is more attractive to buyers, as it offers a source of clean and renewable energy, as well as cost savings on energy bills. Additionally, homes with solar panels tend to sell faster and at higher prices than homes without them.

No Maintenance Costs

Leased solar panels are typically maintained by the leasing company, but you may still be responsible for some costs associated with maintenance. In contrast, when you purchase solar panels, you are responsible for their maintenance, but the costs are typically minimal.

Solar panels require very little maintenance and have a long lifespan, making them a low-maintenance and cost-effective option over the long term.

Tax Credits and Incentives

In addition to the federal tax credit mentioned above, there are numerous other tax credits and incentives available to homeowners who purchase solar panels. These credits can significantly reduce the cost of purchasing and installing panels, making it a more affordable and cost-effective option.

Increased Energy Independence

Purchasing solar panels allows you to become more energy independent and reduce your dependence on traditional energy sources. This not only reduces your carbon footprint, but it also offers peace of mind in the event of power outages or other disruptions to the energy grid.

Customization Options

Finally, purchasing solar panels allows you to customize your energy setup to meet your specific needs. Whether you want to add panels to your existing setup or create a new setup from scratch, purchasing panels gives you the flexibility to choose the best options for your needs.

Conclusion

In conclusion, purchasing solar panels offers numerous benefits over leasing, including cost savings, increased home value, the freedom to choose your energy provider, tax credits and incentives, increased energy independence, maintenance savings, and customization options. If you’re considering switching to solar energy, purchasing panels is a smart investment that offers long-term benefits for your home or business.