Should I buy or lease solar panels for the house? This is a question that generates some debate, and it’s even worse now that there are shady promises of cheap or free systems for anyone out there. Those siren songs are very misleading, and can lure a property owner into a very expensive and damaging mistake. The truth is that these offers are a lot less eye-catching once someone has read the extensive fine print hidden in a murky ownership contract.
Leaser beware, there is a reason companies are more than willing to assist the homeowner when it comes to acquiring panels for the property. The company makes the investment, the homeowner provides the physical location, and the company gets to benefit from all incentives and solar rebates.
What should be considered when wondering should I buy or lease solar panels?
Many properties become unsellable when equipped with leased systems. Mortgage companies simply do not want to finance the property, and in fact, many mortgage companies have clauses denying any system that is not owned by the resident. It is simply a bad investment regardless of the credit worthiness of the potential purchaser.
Why is this the case? The company providing the panels, in essence, owns the property around the system. Few homeowners would want to purchase a house without a roof. Banks and mortgage businesses refuse to finance a house without a roof, too.
In addition, most contracts have a no buy-out clause meaning the property owner will never be able to claim the system. This protects someone alright, and it isn't the homeowner.
People generally like the idea of having a system because of the free power. Yet there is a payment associated with a “borrowed” system. The payment required may be for a set number of years or possibly indefinitely. There is never a guarantee that a leased system will lower utility bills like a purchased system can.
Should I buy or lease solar panels? Total ownership is always the ideal choice, and allows the purchaser complete control and freedom with all the advantages that come with it.
If the system is repossessed due to non-payment, the damage to the property can be extensive. Some organizations are more than ready to remove those panels for even one late payment, and there may be a need for repairs to the existing surface left damaged by the untimely removal.
Should the system be finally paid off in 10, 20, or 30 years, the total cost is hundreds times more than simply using traditional financing options.
Want to know, “Should I buy or lease solar panels?” There are advantages to both, but the disadvantage to renting a system far outweighs the potential benefits. If it is the only option, it may be wiser to save the money slowly and wait to purchase the panels outright.
More homeowners are asking the question, “Should I buy or lease solar panels?” True ownership is inexpensive and has far more benefits than non-ownership. Take the time to weigh the options and carefully read any contract before agreeing to a loaned system.