Leasing Solar Panels Is One Way To Go

There are two opportunities for leasing solar panels: you can obtain a solar lease or a solar power-purchase agreement (PPA). Solar leases and PPAs are necessarily the same, with one main difference. A solar lease means you accept to pay a fixed monthly rent in order to use the solar energy system and reduce your energy bill. A PPA means you agree to buy the power generated by the system. Some businesses allow you to choose an option, whereas others, such as NRG, offer only one option.

Leasing Solar Panels

While some businesses require a down payment, many allow you to get started with a $0-down agreement. Similar to getting a loan for a system, your monthly fees will depend on multiple factors, including how much energy you get, the company, your location, and your credit score. If you lease a solar system, you aren’t eligible for any tax deductions or incentives.

Biggest Side To Your Solar Purchase

By leasing solar panels, you can instantly take advantage of power savings with a very small, if any, down payment. This is ideal if you want to cut down on your energy bill but can’t manage to purchase a system outright or aren’t qualified for a loan.

Biggest Downside To Your Solar Purchase
 If you plan on selling your house before your lease is up, you can expect complications. You’ll have to persuade the prospective buyer to take over the solar contract, or will have to pay off the lease before you sell.

Should I Lease?

If you fancy keeping things simple and cost-efficient, leasing solar panels is a better choice. You don’t have to pay a large amount upfront, worry about the system affecting your tax return, or keep the panels or fix them if something goes wrong.

Examine the pros and cons with your solar goals and financial situation to determine whether leasing or buying is a better option for you. If you’re still having trouble choosing, consult with solar panel companies, which can provide quotes for both options and make recommendations. Whichever choice you choose, you’re one step closer to reducing your energy bill and improving your home’s sustainability.

If you want to find out what solar panels are right for you, go to HahaSmart.com and try our price checker tool. You can see how much you can save over the next 20 years by going solar, and we can help find local solar installers who can help. For more information relating to going solar, don't forget to visit our solar blog section for more handy guides and articles.