If you have made the decision with your family to switch solar energy, this is a great step towards saving on your electric and gas bills and also saving the environment. The next step is to decide if leasing or purchasing the solar panels and system for your home will make more sense. Here are four things to think about when weighing your solar options.
1. Long-Term Autonomy and Flexibility
The return on investment when purchasing solar energy system outright can be greater, but not necessarily better. The good news with purchasing is autonomy. You will not have any contracts to break if you change your mind or sell your home. This being said, owning your solar panels outright can come with other responsibilities. If there are any problems or damages with your solar panels down the line, you will be on the hook for any fixes.
2. Tax Savings and Rebate Options
By purchasing outright or setting up a payment plan to own your solar energy system, you may eligible for tax cuts and rebates. Depending on the time of year, purchasing your solar energy system might be worth the tax benefits provided. It is a good idea to review your taxes and income first, because if you aren't in the right tax bracket these benefits might not even be an option. If this is the case, leasing might be a better option.
3. Having Cash up Front
If you do have the funds or borrowing capabilities to own your solar energy system up front, solar panels then can become part of the full value of your home and aren't owned by anyone else. If you are not in a position to purchase solar paneling and installation up front, leasing is still a good option. Leasing can still enable you to start saving the environment, and lower your energy bill today.
4. Installation and Maintenance Requirements
If you aren't one for large home projects, having the burden of solar installation and maintenance fall to you after a purchase might not be worth it. By leasing solar energy, the set-up usually comes with the plan and part of the terms can include ongoing upkeep and maintenance. If you like the idea of owning your solar energy equipment, much like you own other appliances, purchasing might work for your needs.
Depending on your financial status and your ultimate goals with solar energy, leasing or purchasing can be a personal decision. Both renting and purchasing solar can be sound options for your finances and for the environment.
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