Is It Better To Own Or Rent Solar Panels

Instead both options offer their own unique benefits which may be more suitable depending on the homeowner s needs or the circumstances of the solar panel installation.

Is it better to own or rent solar panels.

Unfortunately going solar is a lot less straightforward for those of us who live in an apartment. Solar panels are not like cars you don t get a new model every few years. If you buy a solar panel system you own the system either outright if purchasing with cash or after repaying your solar loan. Buying solar panels requires an investment and more decision making than leasing but over the long term the benefits of owning your system are hard to beat.

Going solar is one of the best investments you can make both for your wallet and the environment. That allows you to capture the most economic value from your system at the lowest cost. Let s now talk about the differences between solar panel ownership leasing and purchase power agreements ppas buying solar panels. Be the owner.

It is important to understand that one option is not explicitly better than the other. If you lease the system or sign a power purchase agreement ppa a third party owns the solar panel system. For those who own their own homes the process of going solar is easy. As a general rule it s almost always better economically to own.

They can install a solar panel system on their roof and enjoy a great return on investment while producing clean energy. The solar leasing companies own the solar panels so they not you get the 30 federal tax credit. And like most of these choices the answer to whether you should buy or rent solar panels depends on your unique situation. But the finances and ownership of your solar energy system will change depending on whether you decide to own them outright or not.

The solar leasing lease companies own the power that your panels generate so although you will get a reduction in your monthly bill you will still be obligated to continue to pay the 80 90 utility payment to the solar leasing company. In the convenience of this day and age many items are available to buy and own or rent and solar panels are no exception. As it currently stands rent solar is great if you don t want to dish out a lot of upfront cash on solar panels. Someone who leases panels would save about 4 000 off the cost of getting.

You could save over the 30 year life of a solar panel about 6 200 were you to own that system outright he says.