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.