The decision over whether to buy or lease solar panels depends on your current financial condition and long-term housing plans. Buying and leasing solar panel and battery packages are both apt alternatives under different situations.
You should thoroughly go through the pros and cons of leasing and buying solar panels to decide which is the right option for you that can fit your needs.
Solar leasing might be apt for house owners who can pay a flat monthly fee but don't have enough money on hand to purchase the system outright. Also, they might not be able to secure the loan.
The other homeowners are the potential enough to buy outright or with the help of solar loans. This is the most suitable alternative if you are thinking of increasing the long-term value of your home for a future sale.
Pros of Buying Solar
There are various reasons to take ownership of solar panel and battery packages. It enhances your property value, offers you long-term savings and you can leverage tax credits.
Long term savings
A big reason for purchasing solar panels outright ensure long-term savings. Your solar panel system generally produces electricity for 25 years or above which helps reduce your energy usage and lower your electricity bills. If you finance the solar system, you have monthly payments to pay. However, you should be able to save the money each month and once you pay off the loan, all the extra savings will go right into your pocket.
Easy to sell property
When your home is incorporated with a solar system, selling a house becomes easier. In fact, you will get greater money than a home without a solar system. That is the reason why many homeowners choose to buy solar systems.
Tax credits and incentives
When buying solar panel and battery packages, you can take advantage of tax credits and incentives that can notably reduce the cost of solar panel installation. In addition to that, you can take advantage of local incentives such as net metering programs that can aid you to save more electricity. Since you're the owner of the solar system, you are the only one who can reap most of the benefits. In the case of leasing, it is the contrary.
Advantages of leasing solar
Less upfront cost
One of the greater pros of leasing solar panels is that solar installers pay for the full cost of installation. The installers will deploy the solar panels on your roof at little to no upfront cost once you agree to their terms and conditions.
Less maintenance cost
The solar company is accountable for ongoing monitoring and maintenance costs as it retains ownership of the entire solar panel system.
Low utility bill
You can make savings on your utility bill after having solar panels on lease. Most household needs get sufficed by the clean energy from the solar power system. You draw a little power from the electricity grid.
In the end, you generally anticipate gaining something with any investment you make. If your aim is to maximize the financial benefits of solar panel installment and enhance your property value then buying solar panel is the best option.
If you are interested in the environmental pros and saving doesn't matter to you much then you should consider leasing.
All in all, buying or leasing solar panels both permit homeowners to enjoy utility bill savings while helping the environment.
Source URL : https://halcolenergy.com.au/