Buying vs Leasing Solar Panels: Which Is Right for You?
Are you looking for an energy-efficient way to heat your home? Are you considering switching to solar?
Solar energy might seem like a bit of an investment, but it can actually end up saving you money in the long run. You’ll also enjoy a lower carbon footprint and the satisfaction of knowing you’re doing your part to help the environment. Yet what is the best way to purchase them?
Here’s what you need to know about buying vs. leasing solar panels.
The Benefits of Buying Solar Panels
Solar panels can cost anywhere between $15,00 and $40,000 to install. Be sure to contact a qualified professional such as Blue Raven Solar. The exact cost will depend upon the size of your house, the condition of your roof, and your geographical location.
This may seem like a hefty sum, but you will actually end up saving money in the long run. You could be saving over $100 a month in energy costs. Your exact savings will depend upon your family’s energy usage as well as your neighborhood’s sun exposure.
Over time, you could end up saving a lot of extra money due to your solar panel investment. In some cases, you may even end up eliminating your energy bills altogether.
In addition, purchased solar panels can raise your home’s value by up to 4.1%. Potential buyers know that your installed solar panels will save them money if they purchase your home.
Furthermore, there’s currently a tax credit of up to 26% of solar systems installed. This is money that you won’t have to pay in income taxes as long as you can provide proof of installation.
Beyond your financial savings, solar panels can replace the use of fossil fuels to heat your home with a renewable energy source. This will help with pollution. You’ll also have access to a regular source of energy in case there is ever a power outage in your area.
The Benefits of Leasing Solar Panels
Some folks prefer to lease their solar panels rather than buy them. You will pay much less for them at between $50 and $250 per month with no upfront cost. And you can still enjoy energy savings on your utility bills.
In addition, the maintenance of the system will be the responsibility of the leasing company.
Buying Vs. Leasing Solar Panels
In spite of the price difference, many experts recommend buying solar panels over leasing them. When you sell your home, your prospective buyer will have to take over the cost of the lease unless you buy the system. This can scare away prospective buyers.
In addition, the leasing company takes the tax incentives when you lease, so you won’t be getting this benefit. If you’re committed to investing in solar, many recommend financing a purchase over leasing a system.
If you’re considering buying vs. leasing solar panels, you’ll need to weigh your options carefully. With the right system, you could be saving money for years to come.
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