Want to go solar? More than 600,000 homes in the United States now have solar panels — and affordable leasing programs have contributed to that number. But is renting always the best option? Read this information about leasing vs. buying solar panels before you go any further.
Buying solar panels is a great option if you own your home or business. Although you will need to pay for upfront costs and installation, solar panels can provide you with a huge return on your investment. Then there are other financial incentives. Solar energy tax credits and rebates, for instance, can reduce the cost of a solar power system by as much as 30 percent. But how much will you save? If you installed a 3 kilowatt solar system on the roof of your home today, it would take nine and a half years before it started paying for itself. On the flip side, you could generate total savings of $22,000 over the next 25 years and increase the value of your property by $17,000. Pretty impressive, right? In Colorado, the cost of solar panels is even less when you qualify for the property tax exemption program.
The downside to buying is that you will need to maintain the unit; however, taking out a protection plan can lessen the financial burden if you need to fix your system. Maintenance might be less of a problem than you might think — especially when the only outlays are the occasional clean.
Leasing solar panels can be a cheap way to obtain affordable energy without having to pay any upfront costs. You can “lock in” energy prices, which can save you money if rates increase in the future. Better yet, your solar panel system is installed for free, and you won’t have to pay for maintenance.
If you’re a homeowner, leasing might seem attractive — especially because you won’t have any setup costs — but your residential solar system could prove to be a headache if you sell your property. Prospective home-buyers might balk at the prospect of a solar home, especially if they need to make payments on the remainder of the lease term or meet strict credit requirements.
Deciding whether to buy or rent your solar panels depends on your finances and personal circumstances. Want a good solar panel ROI? It’s better to buy. Don’t want to fork out on operational and installation costs? Leasing is a good idea. Think of the future. Where you’ll be in five or 10 years will help you decide whether buying solar panels is a good investment. Interested in installing solar panels for your home? Request a free Colorado solar panel installation quote today!