If you’ve been thinking about going solar, you already know there are many ways you can finance it, and we know it can be confusing. You’re also probably aware that many solar companies offer options to purchase solar panels or lease them. There are certainly pros and cons to each option, so in this article, we want to share with you the pros and cons of owning your solar system.
Pros of Buying Solar Panels
- When you buy your solar panels outright, you’re eligible for more tax credits and incentives than if you’re just leasing them. There are federal and state incentives for buying solar panels, as well as some manufacturer rebates. It all just depends on where you live and what panels you go with.
- Adding solar panels increases the value of your home. So, if you plan to be in your home for a while, you’ll see a nice increase in the value. Plus, you’ll attract buyers that care about sustainability and saving money when it comes time to sell.
- Save on your energy bills. Whether you lease or buy your solar panels, you’ll still see your energy bills decrease. Depending on where you live, you may even have the opportunity to earn credits for excess energy collected from your panels.
- The biggest tax credits are available now. The federal tax credits for solar are available now! It’s likely that eventually most communities will be powered by renewable energy alone. But the government is rewarding those who take early action. These incentives are designed to decrease over time, and eventually go away. So if you want to take advantage of tax credits, the next few years are the time to do it!
Cons of Buying Solar Panels
- The upfront cost of buying solar panels can be a big deterrent to people. Some solar companies will offer a payment plan or financing, but others do not. So if you don’t have the funds to buy them outright, that can prevent you from going solar, even if you want to.
- It may take 7-10 years to get a return on your investment. So, if you don’t plan on staying in your home that long, you probably won’t see that return like you’d hoped.
- If your future homebuyers aren’t interested in the solar panels, it can cost several thousand dollars to move them to your new home.
Save the Environment, Save on Your Bills
When it comes down to it, any way you go solar helps our communities rely less on fossil fuels. Renewable energy is the way of the future, and the present! If you have questions about whether buying or leasing solar panels is right for you, let’s talk.