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Solar Leases Pros and Cons

When it comes to achieving self sufficiency from the utility company, many households are deciding to purchase panels or utilize one of the many solar leases. There are advantages to both purchasing and leasing a system. Understanding the differences and benefits allows a purchaser to decide whether or not this alternative energy source is appropriate for the proposed property.

More companies are offering solar leases as an option to traditional utility services. The supplier of the panels may be the utility company directly or a unique source not affiliated with the utility company. Bu what is the process for leasing? Can anyone qualify?

First, qualifying is the key. Not everyone will qualify for the programs offered. What does it take to qualify? In most cases, a household will need exceptionally good credit to qualify. Most companies use more than a FICO score, though.  Basically, the provider is ensuring that the person has the ability to pay with a stable income.

Some providers require an upfront fee of up to $500, but other providers will not require any upfront payment. The upfront fee is minimal allowing households to appreciate the benefits of alternative energy sources without a large price tag.

Another consideration is that because the provider actually owns the panels, the provider is the qualifier when it comes to tax credits, incentives, and breaks. Some of those incentives can be quite extensive making it profitable for the provider of solar leases to offer such a service.

Because the provider officially owns the panels and system, the provider is usually responsible for maintenance and repairs. Households appreciate the worry and hassle free factor of joining such a program. No need to hire a person to upkeep the system because the household does not own the system.

Yes, this type of program is beneficial for many households where the programs are available. However, many more households still prefer to make an upfront purchase. One of the reasons leasing is preferred is that the upfront costs of a purchase can be expensive. Prices are at an all time low with systems starting at under $10,000 before tax credits and incentives ensuring more households can fit this expenditure easily into any budget.

What is the right choice? Should a household try one of the solar leases programs or invest in an entire system and avoid leasing solar panels?

Finances are most commonly the deciding factor. Whether one purchases outright or leases, the advantages between the two are similar.  Such as utilizing an alternative energy source, saving money, and self-sufficiency. However, a household that makes the initial investment associated with completely purchasing a system enjoy more of the benefits, such as more savings and lucrative tax credits, incentives, and rebates.

Solar leases are a viable option for some households across the country as alternative power sources are becoming popular. But it is important to keep in mind that making a purchase is easier than ever with lower prices and rebates. Additionally, purchasing the system outright does not come with a contract or higher prices later down the road. Self-sufficiency starts with a meager investment that continues to pay for itself for years to come allowing the household to appreciate the many advantages of ownership.

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