A rooftop solar panel is a product that uses power from the sun to create electricity. They are known for making electric bills less expensive and for being better for the environment. When researching rooftop solar panels one will likely find a common issue. Is buying or leasing more beneficial? Are they difficult to install? How expensive are they?
When leasing a rooftop solar panel the homeowner will pay a monthly rate to use the equipment. The monthly rate depends on how much of a down payment they are willing to put down, how large the property is, and the type of equipment used. An example of a typical lease is $100 dollars per month, with the equipment ultimately saving the homeowner around $140 dollars per month. This sounds very appealing; however, the many perks to this type of power such as federal tax rebates and net metering will not be available to the person that leases this type of equipment. Those benefits are instead received by the company that owns the equipment. It is also known that the price of leasing gradually increases over time, costing the homeowner more than their typical utility bill in just a few years.
After purchasing a rooftop solar panel it is immediately installed and does not require any further attention. If the homeowner purchases the equipment instead of leasing, it can be much more expensive at first. When the equipment is purchased out right, the homeowner then owns the equipment, and no monthly payment is required. When looking at the long term benefits, the consumer will save much more money in the long run by purchasing instead of leasing. This is because after the initial financial costs of the equipment, the homeowner will reap abundant instant savings. The major difference between leasing and purchasing the equipment is the overall savings that will be experienced due to the decrease in solar costs, as well as getting the perks of the tax benefits and the opportunity to sell back excess power to the local utility company.
Consumers who purchase the equipment pay more up front and those that lease often pay a small amount of money up front as well as being required to make monthly payments. Many companies offer financing to those who wish to buy this type of system. This can be a huge benefit to someone that doesn’t have a lot of money up front but would like the benefits of owning the equipment. If this product is purchased up front, with a reputable company it is easy to obtain and install. Many companies will install the equipment very quickly, making the transition from the utility companies’ electricity grid to a self-sufficient energy source quite easy.
A common misconception about using these panels is that the home must be located in the south. These panels work in Canada and every state in the United States. The only requirement to using the equipment is that they are installed facing south, and that there is enough area on the roof to support the equipment.
When considering a rooftop solar panel as a main form of electricity it is imperative that the consumer make the decision on whether they will buy or lease the equipment. The consumer must weigh the benefits of buying, such as ownership and instant and long lasting savings, over the monetary savings obtained when leasing the equipment. Either way, this is quickly becoming one of the best options for those who wish to save money and the environment.