Buying vs Leasing Solar Panels

Now that solar panels have been around for a few years, prices have started to fall and these products are now becoming more affordable for your average homeowner. Since the year 2010, solar systems have dropped in price by as much as fifty percent. Homeowners have the ability to purchase their systems up front, or they can consider leasing solar panels or they can opt for ownership financing. There are advantages and disadvantages to each of these options but either way, investing in solar is one of the best decisions that you can make in today’s market.

The Initial Startup Costs

When you are initially investing in a solar system, the amount you spend up front really depends on how many panels you’re looking to obtain. Usually, this is determined by the amount of energy you need per day and the available roof space. Having enough money used to be a factor too, but with our strong financing options, your monthly cost is less than your monthly savings, so you don’t need any extra cash. In fact, you’ll be able to actually pocket a little extra cash by going solar. When you are buying your solar panels with Superior Solar, you need $0 down with our financing options and can start saving immediately.

Buying and Financing Solar Panels

As with most major purchases, buying your solar panel system outright does provide the greatest savings. But how many of us really have $15,000 to $20,000 just sitting around collecting dust — not the majority. That’s why Superior Solar provides the best financing options in the Central Florida area and require absolutely nothing down to start the installation process! Our financing options can include payments lower than the electricity savings, creating positive cash flow for your budget. The graph below shows average long-term savings for a homeowner serviced by the Orlando Utilities Commission:

*Based on 11.4kW system in Central Florida financed by available  5.95% unsecured 240 month loan.

Leasing Solar Panels

Leases are also becoming an increasingly popular way to go solar. While the product is different, leasing solar panel systems is very similar to how you would lease a vehicle or other similar item. The homeowner saves money on electricity bills, and the leasing company handles the installation and connection to the grid, and performs maintenance and repairs. As with financing solar panels, you can still get a system on your house with no money down, and your lease payments will often be less than your energy savings.

However in the long-term, leasing will cost the homeowner more than owning because of the added fees such as administration, third party insurance and lease interest financing. This makes leasing the least financially attractive solution, but it may be the best option for you if you’re not 100% convinced solar is right for you long-term.

What Happens if I Move?

If you decide to move you are not obligated to include the panels with the sale of the home if you are leasing solar panels — you can have them removed and returned or you can transfer the lease payment to the new owners. If you have purchased your system, then your home could sell at a much higher price than homes without the panels. The Department of Energy estimates that there is a $20 home value increase for every $1 of annual solar energy production.  This covers the full cost of the solar system.

It is important to look at all of your purchasing and financing options when you are considering solar panels to ensure that you get the deal that works best for your home and your budget. You can contact Superior Solar today, to find out more about solar panels and how you can make this a reality for your own home.