Lease, loan or own, you have many choices at your disposal when it comes to solar options for your home or business. The one you choose will be based on the discussion you have with your solar panel provider, as well as your budget and long-term goals. No matter which one you choose, you’ll be saving money on electricity. So, lowering energy costs is a given whether you decide to lease, purchase or loan your solar panels.
There are many other considerations, though. Let’s go into the details of each option.
Those looking to buy a solar panel system outright want to maximize the financial benefits of such a system, and usually have cash on hand to invest. They also may want to take advantage of investment tax credits from the government. Other buyers may be thinking about selling their home soon and a purchase represents a boost in the value of their home. Therefore, they can ask for a higher price when it goes on the market, with no lease transfers to worry about.
It’s a good idea to buy solar panels if you’re looking to make an investment. Taking advantage of the available rebates and solar energy tax credits can cut your costs by about 30 percent. Buying also means you aren’t saddled with a monthly payment. And with little maintenance to worry about, along with a protection plan from most providers, you can set it and forget it!
If you would like to start tapping into a clean, renewable resource with immediate cost savings with no large capital outlay, leasing may be for you. This way, you don’t have to pay upfront costs or take out a loan. You don’t have to worry about maintenance, you don’t have to hassle with tax credits, and you can get a brand new system at the end of the lease (just like you would with a leased car).
Leases allow you to lock in your rate so you’re not subject to an increase in prices when the market fluctuates. With free solar panel installation and no-cost maintenance, this is a great option for many homeowners who just don’t have the capacity for a big cash investment right now. If you end up moving, you may transfer the lease to the new buyer of your home.
Another option is to take out a loan to pay for your solar panel system. You will have a monthly payment on a loan that may span up to 25 years. You can keep the tax credits and local incentives that you may qualify for, and you can pay off your loan whenever you want. You typically get a power and product warranty by the solar panel provider for your peace of mind. In the end, you may find that even though you have a loan payment and an existing power bill from your local utility company, the total is lower than you were paying previously.
To find out more about our specific offers and plans, call Suntrific at (855) 789-3400, or click here for a free quote.
One S. Church Ave., Suite 1200
Tucson, AZ 85701
" Suntrific helped us find the best solar system and financing option with no hassle and ensured we got the best deal out there."
- Chris G., Tucson, AZ