One of the most common questions we hear while installing solar panels in Colorado and Wyoming is this: Should I buy my system or lease it from a solar company? For both owning and leasing, the bottom line is the same: you have a good roof for solar and want to save money by producing clean energy.
For us, the answer is a no-brainer. Owning your solar panels is always the right choice. Below, you will find the pros and cons of owning and leasing residential solar panels:
Solar Leasing
Pros:
Almost always, there are no upfront costs associated with solar leases.
The panels are owned by the solar company and therefore they are responsible for any maintenance.
Cons:
You will not qualify for tax incentives if you do not own your solar panels.
Long term contracts: You will still be paying a monthly rate as if you were paying your current electric utility. The monthly cost will never go away and may even increase year over year.
With a solar lease, selling your home will be very difficult, as the new homeowner may be forced to take over the lease terms as well.
Solar Ownership
Pros:
You will receive all associated solar tax incentives and rebates when you own your system.
In the long run, investment is always a better financial decision. Even if you are paying a large lump sum upfront or making monthly payments on a loan, the energy produced by your solar panels is yours and you no longer have to purchase it from your utility.
Owning solar panels means increased equity on your home. Read more about how homes with solar sell quicker and for higher amounts.
Cons:
You will have to pay for your solar panels. Whereas purchasing solar panels may seem like a high ticket item, the reality is that you will be replacing a cost (your electric bill) rather than adding a new one.
You may be responsible for system maintenance. With Apollo Energy, you won't need to worry as will always have you covered. Read Our Guaranty.
Ready to eliminate your electric bill and own your energy? Get a free quote from Apollo Energy today.