Deciding Whether to Buy or Lease Your Solar Panels
- Posted by adminsolar
- On February 7, 2019
- 0 Comments
With all of the research and optics provided to us about renewable energy sources nowadays, it seems hard to deny that solar energy is the way in which we should all be going. But deciding to go solar is one major decision in a long list of decisions you have to make before those panels are on your roof and turning the sun’s energy into electricity for you.
Once you have made up your mind that solar is the way to go, you then have to think about whether you want to buy or lease your panels. One saves you money now, but is likely to cost you money in the long run so knowing the benefits and downsides to each option is extremely important. Here is a short guide to help you make the right decision for you.
When it comes to outright buying the panels from a solar company in Firestone, there are basically three different ways you can go about it. The first of which is paying for it all up front, which is by far the easiest option. Unfortunately many people can’t afford to do this as the cost of buying and installing a solar system on your house usually costs around $18,000. So unless you have a slightly used car’s worth of spare money laying around, chances are that you are not going to be able to pursue this method of purchase.
Luckily you also have the option of getting a home equity loan to cover the cost of buying the panels. Using your house as collateral, this loan usually offers some pretty low interest rates. They also have the benefit of the interest being tax deductible.
If neither of these seem like the best options for you then there is always the option of getting a solar loan as well. These loans are offered in both secured and unsecured formats, each offering their own upsides and downsides. Be sure to shop around to see what the best loan you can get is, and with solar loans it is generally best to get it directly from a bank or credit union rather than using a third-party lender provided by the solar company.
The benefit of leasing is really only one thing, but for many people it is a very appealing thing, and that is the fact that you pay little or nothing at all to get the panels up and running on your roof. Compared to having to pay around $18,000, paying nothing sounds rather great. However if you choose leasing you are not in control of the system and if you ever decide to move it can cause some major hassles in trying to unload the system on the new homebuyers or transferring it over to your new house.