Solar panel leasing is a favourite amongst homeowners and businesses alike who are interested in the power of solar energy but not yet ready to invest in their a solar energy system. A solar lease means that a third-party company owns the solar panels and installs those panels on your property. You then pay the company a monthly fee to lease the system.Solar panel lease options.
Solar Panel Leasing Overview Solar panel lease options
Installation – The solar company comes out and sets up the system on your property, usually on your roof.
Ownership: The company owns the solar panels and integrated energy system
Lease Payable on a Monthly Basis: You pay the solar company a fixed monthly amount based on the electric produced by the system.
Advantages of Leasing Solar Panels Solar panel lease options
No Initial Payment:** The biggest benefit of solar leasing is you do not have to pay high upfront costs for the installation of the solar energy system.
Predictable Monthly Payments: Your lease payments are consistent monthly costs, which means budgeting your energy costs can be that much easier.
Professional Maintenance:** The solar panels are maintained and repaired by the solar company itself.
May Get Tax Incentives — In some situations, you can receive the tax benefits of solar energy systems without actually owning them.
Cons of Leasing Solar Panels
Little Control:** When you enter a lease agreement, you do not own the solar panels, or the energy they generate. You might have limited ability to customize your setup or to sell it one day.
Time Constraints:** A solar lease is remained; these final from 15-25 years typically, meaning that you are committed for a long time.
Reduced savings poential:** Monthly payments on a lease are fixed, so theol cost of electricity may go up even more over time.
Should You Lease Solar Panels?
Solar panel leasing may be a good option for residential and commercial customers who:
Why you should lease: No money downUPFRONT COSTS — If your budget doesn’t allow for an outright investment in a solar energy system, then leasing is a better option.
Want a fuss-free experience: Solar leasing means no maintenance, no repairs as the solar company does it all for you.
Are prepared to sign a long-term contract: Most solar leases are signed for the length of time they will be in your home, which makes evaluating long-term plans critical.
Before making up your mind it is important to study the terms of the lease agreement carefully which include the monthly payment, Lease term and penalties for early termination.
Want to learn more about solar panel lease terms, or compare leasing with owning the system outright?