Have you recently been thinking about switching to solar power? You already know why this energy is so sought after, but which solar option is best for your home? If you’ve been asking yourself: “Should I buy or rent solar panels?” read on. We’re here to tell you more about buying vs. leasing a solar panel system.
Renting Solar Panels
The Pros of Renting Solar Panels
Deciding to rent a solar panel system instead of buying one seems a great option for solar power newbies. For starters, it will come in handy if you aren’t sure whether going solar is the right call for you. This way, you’ll get a free trial version of using solar power, and you’ll get to see whether it suits your needs. Well, it is not that “free,” but it is definitely much cheaper than the alternative.
Speaking of which, renting solar panels will cost you much less than buying the system. That’s because it requires no big investments right from the start. In general, you’ll need to pay somewhere between $50 and $250 a month for leasing the panels. Note that your monthly fees will depend upon your energy consumption, location, as well as your solar company.
So, you’ll see yourself saving a lot of money almost immediately, without investing too much right away. Also, the company from which you’re leasing the panels will be responsible for them. In other words, the company will both install and maintain your panels as long as you’re using them.
When Renting Solar Panels Isn’t the Best Option
If you’re interested in selling your home, leasing the panels may not be the best choice for you. As you’ll see, investing more money in buying solar panels might be a better idea in this situation. With that in mind, let’s see the benefits of buying the panels instead of leasing them.
Buying Solar Panels
The Pros of Buying Solar Panels
One of the biggest advantages of buying a solar panel system is the return on investment. In other words, the money you invest in the beginning will come back to you over the years. For example, you’ll be able to sell your home at a much higher price if you equip it with solar panels. As it goes, the households running on solar energy will be much more desirable in the future.
Also, you’ll be the one and only owner of your panels if you decide to buy them. You’ll also get a 30‒40 year warranty, which will practically enable you to have free power in the distant future. That’s because your solar panels will have paid for themselves after only seven years.
Still, if the initial investment doesn’t seem like something you can handle, you might be able to get a solar loan. In other words, you can loan money from your bank or solar company and invest it in buying the panels. More often than not, these costs will turn out smaller than your monthly electricity bills. Because of that, you’ll be able to save money from day one.
The Cons of Buying Solar Panels
If you decide to have your own solar panel system, you’ll also need to maintain it. Taking care of such a system will include fixing it or paying a company to do it for you. Luckily, solar panels are pretty durable and shouldn’t require special care.
There’s Also a Third Option
If you still aren’t sure that buying the panels is right for you, you can opt for a special way of leasing them. The PPA (Power Purchase Agreement) lets you pay only for the power that you spend. But before counting on PPA to save you money, check if this option is even available in your state.
Final Thoughts on Buying and Renting Solar Panels
Not being sure whether to buy or lease solar panels is pretty common among solar energy newbies. As you’ve seen, each possibility has its own benefits and drawbacks. In general, both of them have to do with the investment and maintaining costs of such a system. Still, we hope this article has helped you find the best option for your household.