Is It Better To Own Or Rent Solar Panels

For those who own their own homes the process of going solar is easy.

Is it better to own or rent solar panels. It is important to understand that one option is not explicitly better than the other. The solar leasing companies own the solar panels so they not you get the 30 federal tax credit. Going solar is one of the best investments you can make both for your wallet and the environment. They can install a solar panel system on their roof and enjoy a great return on investment while producing clean energy.

And like most of these choices the answer to whether you should buy or rent solar panels depends on your unique situation. In the convenience of this day and age many items are available to buy and own or rent and solar panels are no exception. If you buy a solar panel system you own the system either outright if purchasing with cash or after repaying your solar loan. If you lease the system or sign a power purchase agreement ppa a third party owns the solar panel system.

But the finances and ownership of your solar energy system will change depending on whether you decide to own them outright or not. But be prepared to pay big bucks if you ever want them removed downgraded or. The solar leasing lease companies own the power that your panels generate so although you will get a reduction in your monthly bill you will still be obligated to continue to pay the 80 90 utility payment to the solar leasing company. The main practical distinction between buying and leasing a solar pv system is in ownership.

You could save over the 30 year life of a solar panel about 6 200 were you to own that system outright he says. As it currently stands rent solar is great if you don t want to dish out a lot of upfront cash on solar panels. Buying solar panels is a great option if you re looking to. Be the owner.

Let s now talk about the differences between solar panel ownership leasing and purchase power agreements ppas buying solar panels. Someone who leases panels would save about 4 000 off the cost of getting. Instead both options offer their own unique benefits which may be more suitable depending on the homeowner s needs or the circumstances of the solar panel installation. Buying solar panels requires an investment and more decision making than leasing but over the long term the benefits of owning your system are hard to beat.

As a general rule it s almost always better economically to own.