If you’ve been considering the benefits of getting solar panels, you’re in good company. In 2020, the solar industry capacity grew 43% from 2019!
There are pros and cons of whether you consider owning or leasing solar panels. Keep reading to learn more about these choices to help decide what works best for you.
Owning Solar Panels
If you go the route of owning your solar energy system, it could increase home value. You might decide to sell your home down the road, and you’ll want to get as much for it as possible. You may make a career move or downsize and need the house to have some perks.
Going solar could increase home value by over 4 percent! That could mean thousands of dollars. That’s aside from the tax deductions you get.
Many people get hit with rising energy costs during hot summers and frigid winters. When looking to save on utility bills, solar energy can help. Since it draws natural power, you don’t have to pay for as much electricity.
When you’re on a budget, it may seem impossible to justify the installation costs of a solar energy system. Depending on the size of the unit needed, it can cost anywhere from $5,000 to $40,000. You can get financing at Blue Raven Solar, which makes owning your system affordable!
In some cases, you can get approved for no money down. That removes all installation costs, but you may need an impeccable credit history.
Another possible con is that owning your system means you will have to pay to get it fixed if needed. The associated costs will vary according to what needs maintenance.
Leasing Solar Panels
When you lease solar panels, you get to make monthly payments. Many people may not want to borrow money or don’t qualify for a loan. Leasing also gives you the benefit of solar panels without the installation costs.
You can save money on utility bills and not get too concerned about rising energy costs. Leasing gives you a way to have an efficient solar system without breaking the bank.
If you decide to lease, you don’t get overwhelmed with any maintenance fees. When something breaks, the solar company agrees to fix it at no charge to the customer.
On the downside, you won’t get any of the tax benefits owning the system gives you. That could mean thousands of dollars lost in savings.
When you make monthly payments on a leased system, it won’t increase home value. The solar panels will get removed if you sell the house. You won’t reap the benefits of a higher sale.
The Best Option
Is owning or leasing solar panels the best option for you? It depends on what you want to accomplish and your situation at the time. The crucial point is that getting solar panels can benefit your home whether you buy them or lease them.
There are affordable ways to get solar panels, so no matter what option you choose, you will get the benefits. It’s an investment in long-term savings! Check out our other articles for more informative lifestyle content!
To read more on topics like this, check out the Home & Garden category