More and more homeowners are choosing to install solar panels for homes to save money on their monthly energy costs but also in an effort to be more environmentally conscious. While getting solar panels is a great choice for most homeowners, not all homeowners are sure of how to cover the cost. Here we breakdown the differences between buying the panels outright, financing the solar panels, or simply leasing them for a period of time.
Buying solar panels is ideal for homeowners who plan to live in their homes long-term or sell within the 20 or so year lifespan of the solar panels. Most homeowners see a return on investment in less than 10 years, some as soon as five depending on their energy use. Adding solar panels to your home will also add value, so you can potentially sell your home for more than you would without the panels. Homeowners who choose to buy their solar panels in San Diego will also benefit from federal and state tax credits that help offset the cost.
Financing solar panels is best for people who can’t afford the whole cost of purchasing and installing the solar panels upfront. Even with financing homeowners will realize a return on investment, although smaller than if they buy outright, within 10 years. There are also numerous government programs that can help homeowners afford the cost of solar panels, including financing programs with no or low interest and fixed terms.
Although homeowners who lease aren’t entitled to tax credits or special incentives, they will still significantly lower their monthly energy bill and they are not responsible for the cost of maintenance or upkeep. Unlike buying and financing, homeowners who lease their solar panels will enjoy an immediate return on investment. Leasing is ideal for homeowners who aren’t planning to stay in their home longer than five years.
If you’re currently looking for a trusted solar power provider, reach out to CES Solar San Diego at 1-855-45-COAST today and request a free consultation. Our friendly solar experts are standing by to answer your questions and share the benefits of going solar.