Switching to solar energy represents massive savings for any home or business owner. Not only do energy bills come down but you also help make the earth a better place by using a renewable source of energy. Most people who decide to go solar often have to decide on whether to lease or to outright buy their solar panels. Each option comes with its own unique characteristics, making either option suitable to different people under different circumstances. In this article, we are going to explore the two options so that you can make a more informed choice.
Outright Purchase of Solar Panels
Under this option, you make an outright purchase and the panels become your property for good. The upside of this is that there are no other costs save for repair and maintenance of the system. You will not need to pay any energy costs at the end of the month if exclusively using solar energy nor will you pay any other fees on the panels. Purchasing solar panels outright also opens you up to various government subsidies meaning that you might end up paying up to just 50% of the initial stated price.
The down side to purchasing your solar panels is that you will pay a significant amount upfront. Even though discounted and subject to subsidies, some homeowners may not have the capital to pay outright and thus this option is not for them. You will also be responsible for any repair and maintenance costs that are done to the solar panels.
Under this option, you enter into a contract with a solar energy company to lease the solar panels. Under this option, the panels still belong to the company and are availed to you are an agreed periodic fee. The advantages of this option include very low upfront costs, typically just the agreed monthly fee. The lease company meets all costs associated with installation and maintenance. Secondly, in the event that the solar panels don’t generate enough energy to meet the agreed threshold, the lease company may foot the cost of the difference. On the other hand, if the panels generate more than that, the extra energy is yours for free.
Which Option Works For You?
When it comes to figuring out how to get a solar energy system installed in your house, any one of the options that we have discussed could work for you. It all depends on your circumstances. For homeowners with capital to invest, buying the panels outright might be a better option. For homeowners who might not have that kind of capital, leasing the panels might be the best way to go.
If you are wondering which option would work best for your home or business, GenRenew can help you make that decision. Once you schedule an appointment, our energy experts will evaluate your home or business and give you expert advice on what option works best for you. We are a reputable solar energy solutions company with a long history of providing effective solar solutions to homes and businesses. Call us today at 732-835-4272 and let us work with you to deliver a solar energy solution that is just right for you.