One of the most frequent and important questions that homeowners have once they decide to install solar panels is whether to buy or rent them. There are pros and cons to both. The main benefit to buying a solar system is that you own it and reap the financial benefits. On the other hand, leasing is more affordable, especially when you don’t have thousands to put down on the installation. By leasing solar panels, you can essentially get started for free!
Let’s look at the pros and cons to buying and leasing a solar energy system so that you can make an informed decision for your NJ property.
Buying Solar Panels
- Maximize financial benefits. Owning a solar panel system comes with a wide range of benefits. For example, you will be eligible for federal and state tax credits and rebates that can reduce the cost by up to 30%.
- Earn money. Another great feature of owning your solar system is that you can sell the leftover energy credits as stock. For every 1000 kilowatt hours generated, you earn one solar energy renewable credit (SREC). The rates differ depending on the market, but some SRECs can earn as much as $300.
- Increase home value. America is placing more emphasis on being sustainable. Homes with a solar system may be more attractive to potential buyers. If you want to maximize the profits when you sell your home, buying the panels is a great way to do this.
Owning a solar system is a double-edged sword. Even though you receive the financial benefits and bragging rights, you are responsible for the system. This is something to think about. Fortunately, solar panels require little maintenance.
Leasing Solar Panels
- Little to no upfront costs. When you lease solar panels from a provider like AllSeason Solar, there are little to no costs to get started. You can generate clean, renewable electricity with no investment!
- Lock in rates. Are you tired of paying outrageous electric bills? We get it. Lock in your rates today and for the next 20 years by taking out a solar lease. You can save between 10 and 30% off your current electric bill.
- No maintenance. Even though solar panels are low maintenance, things can happen. If you’re leasing the panels, AllSeason Solar is responsible for all maintenance, repairs, and upkeep.
The main drawback to leasing a solar system is that you won’t qualify for tax credits, incentives, or rebates. They belong to the owner of the system. But, if you don’t qualify for the incentives, it’s a non-issue!
If you have more questions about whether to buy or lease solar panels, call AllSeason Solar. We’ll be happy to review your options and determine the best fit for your New Jersey property.