Should I purchase or Lease Solar Panels?
So, you’ve been thinking about adding a solar power-generating system to your home. Adding a system will pay for itself over time in reduced electric bills, but is there an alternative to purchasing a solar system? Leasing solar panels instead of purchasing them is an option you may not have considered, so let’s discuss the pros and cons of each option.
If you plan to remain in your home for the long term, purchasing your system has some distinct advantages:
- Long-term savings- Your solar system will generate electricity for you for up to 25 years
- Increased property value-The permanent installation of solar panels increases your property value and is very attractive to prospective buyers.
- Tax credits and incentives-There are significant federal, state, and local tax incentives available for solar installations.
Leasing is an option, and offers several advantages:
- No upfront cost-The solar installers will pay for the system
- No tax liability needed-The tax incentives are credits against what you may owe. If you owe little or no taxes, you won’t need the credits.
- No maintenance costs-The system belongs to the leasing company, so you’re not responsible for maintenance.
Disadvantages of leasing:
- Lower long-term savings-Since you’re making lease payments, the net savings you realize will be lower
- No increase in property value-Since the solar company owns the panels, the system won’t increase your property value
- Potential problems in selling your home-Your solar company will have to be involved if you decide to sell your home.
Deciding on the best option depends on your particular situation. If you have questions about the purchase or installation of a solar power system, you can reach out to the professionals at Better Tomorrow Solar. We genuinely believe that our customers’ lives are better with solar in them, that’s why we are working to make solar accessible to everyone. We provide affordable solar panel installation for residential and commercial customers, as well as solar battery storage.
We believe in the overwhelming benefits of using a solar system installation for your home or business, as solar power is a renewable energy resource, can reduce your energy bills, improve your home’s energy efficiency, and reduce your carbon footprint. Because we believe in our vision and mission so intently, it is our goal to make solar panel installation a reality for as many communities as possible throughout Atlanta, GA, and Charlotte, NC. Because we want to make residential and commercial solar installation possible for our communities, we offer expert service and game-changing financing options for solar installations.
For more information about our products or services, visit our website, or contact us in North Carolina & South Carolina at (980) 317-0145, or in Georgia at (678) 532-1000.