buy-solar-panels-or-lease-solar-panels

Buying or Leasing Solar Panels: Which is better?

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Did you know that the number of homeowners and businesses has doubled in the past decade?

Did you know that the number of homeowners and businesses has doubled in the past decade?

Switching to solar power by investing in solar panels is becoming increasingly popular. By doing so, you can also harness the power of the sun to meet your household’s electricity needs. This will reduce your reliance on traditional utility companies. Also, it can lead to savings on your electricity bills and makes you eligible for tax incentives.

Furthermore, embracing solar energy helps combat climate change by reducing carbon emissions. You can make a positive impact on your finances and the environment by going solar. 

As of today, there are two options: you could get a solar panel. One is to buy your solar panel or lease a solar panel. But the question remains, which one is better?

In this article, we will know what are the things you should know about buying or selling solar.

What are Solar Panels?

These are devices that convert light into electricity. They are called “solar” panels because most of the time, these devices are used for solar energy conversion. It is composed of cells called “solar cells” which play a vital part in the conversion process

Learn more about solar panels here

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Buying Solar Panels

Long-Term Savings: Owning solar panels provides significant cost savings over time. The initial investment is paid off through reduced electricity bills. And the system increases your home’s value!

Ultimate Control: You have complete control over your system.

  • You can choose the panels
  • Customize the design. On the other hand, if you choose a solar installer to do the installation, they will do the design, placement and all that is needed for the solar panel to be installed
  • And reap all the benefits of clean energy generation.

Government Incentives: Take advantage of government programs. This would add more to your savings.

Leasing Solar Panels

 

Immediate Benefits: Enjoy the advantages of solar power with minimal upfront cost. Start saving on your electricity bills right away.

Peace of Mind: The leasing company handles maintenance and repairs, ensuring your system runs smoothly.

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Which One Is Better Buying Or Leasing Solar Panels?

Before making a decision, we have to follow a process in order for us to identify which is better. Thus, we outline here the things that should be done before reaching a conclusion on whether to buy or lease solar panels.

Conduct Thorough Research

Compare Quotes: Seek quotes from reputable solar companies. Focus on factors like:

  • Warranties: Length and coverage offered by the manufacturer.
  • Panel Efficiency: Higher efficiency means more energy production from sunlight.
  • Customer Service: Look for companies with a proven track record of responsiveness and support.
  • Experience and Certifications: Make sure they’re certified solar installers with a lot of experience
  • Customer Reviews: Online reviews can offer valuable insights from previous customers.
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Know Your Needs

Consult with Solar Professionals: Schedule consultations with solar companies. They will assess your:

  • Energy Consumption: Analyze your electricity bills to determine your ideal system size.
  • Roof Suitability: Evaluate factors like roof size, angle, and shading patterns to ensure better solar panel placement.
  • Budget: Consider how much you can afford upfront (ownership) or compare monthly lease payments. Which leads us to our next topic which is financing options.

Financing Options

  • Ownership:
    • Evaluate your budget 
    • Explore financing options like loans to make ownership more accessible.
    • Consider government incentives that can significantly reduce your solar costs.
  • Leasing:
    • Compare lease terms from different providers.
    • Leases typically require minimal upfront costs, allowing you to enjoy the benefits of solar power sooner.
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Installation of Solar Panels

Installing solar panels yourself might seem easy, but it’s actually a tricky job. You’ll need to know a lot about electricity, have special tools, and get the proper permits from the government. Whereas, consulting a professional solar company ensures:

  • Safety: They prioritize safe and code-compliant installations.
  • Efficiency: They optimize panel placement for maximum power generation.
  • Peace of Mind: They handle permits, system monitoring, and potential future maintenance, giving you peace of mind.

Remember: While DIY might seem cost-effective initially, prioritize safety and long-term benefits by partnering with a professional solar company. They’ll guide you through the entire process, ensuring a smooth transition to a solar-powered future. This would also give you less hassle, additional costs and resources.

Conclusion

To conclude, deciding between buying or leasing solar panels depends on your budget and goals. Leasing offers lower upfront costs but no long-term ownership benefits. Buying lets you potentially save more over time, especially with incentives. In addition, it can add more value to your home. Regardless, it is better to choose the one that’s convenient for you.

Ready to see if solar power is right for you? Let us help you with that!  Prime Energy Solar is a trusted solar company in Connecticut that offers personalized advice and solutions.  We’ll work with you to find the best option for your home or business, considering your energy needs and budget. Contact us today!

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Frequently Asked Questions:

1. What is a solar panel power purchase agreement?

Solar PPAs are like renting solar panels for your roof. A company installs and maintains them, you buy the electricity they generate at a discounted rate, and you don’t have to pay upfront costs.

2. What are the benefits of power purchase agreements?

Here are just some of the benefits that you can get:

Fixed Costs: PPAs lock in a set electricity price for years, shielding businesses from future price swings and making budgeting easier.

Renewable Energy: PPAs can support sustainability goals by purchasing electricity generated from renewable sources like solar or wind.

Reduced Risk: By locking in a price, PPAs lessen the risk of rising electricity costs, offering financial stability.

No Upfront Costs: Businesses avoid the upfront expense of buying and maintaining solar panels themselves.