To answer that question, you need to think carefully about your goals. The decision you make shouldn't be based solely on how to save money on electricity. You can lower your energy costs whether you buy or lease solar panels, so immediate savings shouldn't be your only concern.
Customers who choose to buy a solar panel system are usually focused on maximizing the financial benefits and have cash on hand to invest. They also tend to be in a position to benefit from investment tax credits associated with solar power systems. Finally, homeowners planning to sell within the next few years may opt to buy a solar system because it can increase the value of a home.
Those who decide to go with a solar lease are often more concerned with sourcing their electricity from a clean, renewable source and want to start enjoying cost-saving benefits immediately. They are looking for a hassle-free way to use solar power without having to pay upfront costs, take out loans or deal with long-term maintenance.
If you can’t decide whether leasing or buying a solar panel system is more beneficial for you, contact us for a free consultation. Our team of experts will complete a thorough evaluation of each homeowner's needs and goals before making our recommendations.
With all of the solar energy financing options available, choosing whether to buy or lease solar systems can be difficult. Buying is a great option for many homeowners and businesses, especially since the solar power system is an investment. While the cost of a solar power system varies, rebates and solar energy tax credits can actually reduce the cost by up to 30 percent.
One of the main benefits of owning a solar energy system is that you may not pay a monthly solar payment. Buying solar panels often means maintaining them. When that's the case homeowners are usually surprised to discover that most solar panel systems require little to no maintenance. Here at SolarCity, our solar panel systems come with a 20-year protection plan. We handle all repairs and insurance at no extra cost to you.
Leasing a solar power system is the best option if you want a cleaner, more affordable alternative to traditional energy delivery with little or no upfront costs. There's no upkeep, no need to consult with an accountant to take advantage of tax credits, and at the end of the lease you may have the option to upgrade to a new system featuring the latest solar technology. Leasing a solar system is a hassle-free way to lock in low affordable energy rates, which means your savings grow over time when rates go up unpredictably.
You start saving as soon as your solar energy system is switched on. When you lease, your solar panels are installed for free and they're maintained at no cost to you for the duration of your solar lease. In addition, performance is tracked by SolarCity’s full-time system monitoring. If you move, you can just transfer your solar lease to the new owner. To find out what plans are available in your area, schedule a free consultation.
Whether you decide to buy or lease solar panels, you can save money on your energy bills from the moment your system is installed. Not only does solar power often cost less than other forms of power generation, leasing a solar energy system means paying a locked-in fixed rate for your power. Your savings go up when energy prices do. You can prepay some or all of your solar electricity rates so you don't have to worry about monthly bills. Even better, there are often no upfront costs when you lease, so you can start saving immediately.
Because every home is different, how much you save will depend on the size of your solar panel system, average electricity usage and whether you've opted to lease or buy solar panels. In some cases, your utility company may even credit you for the excess energy your solar power system generates. SolarCity will determine how you can save the most on your energy bills and design a solar energy system that's just right for your home.