For decades, solar panels have been the gold standard of eco-friendly appliances. Homeowners across the US have purchased these panels to reduce their energy bills and help the environment.
The 2010s made solar panels more affordable and efficient than ever before, allowing more people to install these systems. However, the average price for a solar panel system remains around $20,000.
So, many homeowners have wondered if it’s better to lease vs. buy solar panels for their houses. Leasing solar panels often seem more affordable than purchasing these systems with a solar loan.
If you’re wondering which you should choose, keep reading! We’ll explore this question in the guide below.
Lease vs. Buy Solar Panels Monthly Payments
Unless you buy solar panels with cash, you’ll need a loan to purchase these systems. Both a solar panel loan and lease require monthly payments.
So, which option offers more monthly payment savings? In the long run, the answer is usually buying solar panels.
When you take out a solar panel loan, you usually pay down the interest in the first few years of payments. From there, the loan payments become more affordable. However, your solar leasing bills will remain consistent throughout your lease’s duration.
Similarly, most people manage to pay off their solar panels in roughly eight years. Since solar panels typically last up to twenty years, solar owners save much more money.
In contrast, solar leasers must pay their monthly lease payments for as long as they have the panels. For more information on solar panel affordability, view solar panel pricing here.
Reduce Maintenance Costs When You Lease Solar Panels
One advantage of leasing solar panels is reduced maintenance costs. If your solar panels encounter issues, you can contact the owner to fix the system. Since they own the panels, you won’t owe them anything.
However, owning solar panels rarely costs much money, either. Generally, solar panels require little maintenance to function.
Moreover, most solar installation companies offer extended warranties for their solar products. So, reaching out to these companies for maintenance rarely costs solar panel owners much money, either.
Buying Solar Panels Increases Your Home Value
Another factor to consider is the effect of solar panels on your home’s value. Houses with solar panels increase their total value by several thousand dollars.
Moreover, homeowners with solar panels often sell their houses faster than others. Each of these benefits makes it worthwhile to purchase your panel system.
So, what about those who lease solar panels? Can they sell their home faster, too?
The answer depends on what they can negotiate with the owners. Solar panel leasers can negotiate with the owners to purchase the lease. Alternatively, they may be able to transfer the lease to the new owners of the house.
Find the Best Solar Panels for Your Home Today!
As you can see, the lease vs. buy solar panels debate has a quick answer. It turns out buying solar panels is often more beneficial in the long run. Leasing solar panels costs more money and provides fewer benefits than ownership can provide.
So, search for a solar panel buying guide to find the best system for your home! Soon, you’ll save money on your energy with this equipment.
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