How are you financing your solar panel system.
Does solar panel leasing make sense.
If you have enough to make a purchase in cash you ll save more than with any other option but even with a 0 down solar loan your savings could still be in the tens of thousands.
The steep up front costs for a residential solar system can make a leasing company s sales pitch sound pretty appealing.
While solar leases and power purchase.
J ulie griffiths wanted to reduce her carbon footprint by installing solar panels.
You might think that owning a solar system would ensure 24 7 access to electric power even when the grid goes down from hurricanes or other disasters or accidents.
Solar leasing can make sense for certain consumers.
Pay little or nothing and save hundreds of dollars per year on average.
Whether you decide to buy your solar panels outright or lease them you ll still get the same clean solar electricity powering your home.
Whether you choose to buy or lease your solar panels will have a major impact on your system s long term value.
If you buy a solar panel system you own the system either outright if purchasing with cash or after repaying your solar loan.
But that s not the case.
Why loans make more sense than leases or ppas.
In my last article i may have seemed unwaveringly against solar leasing and ppa s but nothing could be further from the truth.
If you lease the system or sign a power purchase agreement ppa a third party owns the solar panel system.
The cost would have been a prohibitive 12 000 so she signed a deal to lease part of her roof to a solar power.
The main practical distinction between buying and leasing a solar pv system is in ownership.
Solar source technician jason breaux is tethered to the roof of a house in dunedin florida during a solar panel installation.
Chris zuppa the penny hoarder.
The payback period to recoup the cost of the system would simply be too lengthy.
We simply do not recommend it.
In most cases you ll save much more money in the long run by exploring other financing options like an fha title 1 loan or a traditional loan from your personal bank.
But the finances and ownership of your solar energy system will change depending on whether you decide to own them outright or not.
On the other hand if your main reason to install solar is to cut pollution not save money then solar would make sense.
Like other financing tools solar leasing has its place in the home improvement industry along with same as cash financing helocs home equity lines of.
Should i lease or buy solar panels does it really make a difference.
It just wouldn t make economic sense assuming you own rather than lease the solar panels.
