Should I Buy or Lease Solar Panels?
How you answer that question will depend on the goals you’re hoping to achieve by switching to solar. You’ll reduce your overall energy costs regardless of which option you choose, so short-term financial gain shouldn’t be the only factor when deciding.
If you want to own outright and are looking for a long-term way to maximize your financial gain, buying is often a good solution. Homeowners who are planning to sell in the next few years may consider buying solar panels because solar systems can increase home value.
On the other hand, if cost is a concern and you’re looking for immediate savings, leasing is a hassle-free option that doesn’t require a lump sum upfront, loans, or long-term upkeep.
What Are the Benefits of Buying?
Buying solar panels is a long-term investment, and it isn’t the right solution for everyone. Consider buying over leasing if:
- You are eligible for state and federal tax credits
- You want to increase the value of your home
- You want to gain maximum financial benefits from owning a solar system, not just enjoy the environmental benefits
What Are the Benefits of Leasing
You may want to consider leasing a solar system over purchasing one outright if:
- You are not eligible for state and federal tax credits
- You don’t want the responsibility of maintenance and upkeep
- You are mostly interested in immediate savings and being more environmentally conscientious
Every home is different, and your monthly savings will depend on the size of your home, the solar panel system, and how much energy you and your family use on average. But regardless of whether you decide to buy or lease, CES Solar San Diego can help you slash your energy bill from day one. Learn more about financing options and find the solar system that’s right for you by calling 1-855-45-COAST today.