Solar power popularity has increased over the past few years. As the solar industry is maturing, consumers have a variety of choices in adopting solar power. Today, we’ll compare buying to leasing solar panels in Sacramento, Brentwood, and San Jose to help you make an informed decision. Here, you will find the advantages that come with buying your solar panels, as opposed to leasing for residential or commercial use. Learn more about solar power installation services from West Coast Solar, Inc today!
Save Money
Whichever choice you make, whether buying or leasing, you will be able to save money. However, the choice to buy can save you a lot more in the long run. This is because when you buy, you only have to make a one-time payment, after which you will enjoy uninterrupted power without the anxiety of having to make the next payment. Leasing will save you from making a large upfront payment while enjoying all the benefits that would come with solar. However, you would miss out on the government incentives, and may end up paying interest on your panels, depending on your lease agreement.
Value Addition on the Home
Adding solar panels to your home increases the value of your property! Homes with solar panels typically sell 20% faster at 17% more value. This is because the new homeowners could potentially save on their power bills on their new homes, making them a lot more attractive. Leasing, on the other hand, has the polar opposite effect on the value of the home, because it can be difficult to find a new owner to take on a multi-year liability on top of the cost of buying the home.
Power Sale
When you buy and install your residential solar panels, you have the advantage of selling any excess power you are generating to your neighbors or the main grid. This can also help you cut the cost of maintenance and get back some of your investment. However, if you’re leasing your panels, this cannot happen and excess power is not yours to sell.
Tax Benefits
Local, state, and federal governments encourage homeowners and business owners to adopt green energy such as solar power through tax credits and incentives. Solar panel buyers can benefit from these incentives, which end up saving you money on solar installation, too. On the other hand, since you do not own the panels on your roof when you lease them, you cannot reap the tax benefits of adopting solar power. However, the company that leases them to you will reap those benefits on your behalf, so you may receive lower payment rates, but there is no guarantee of this.
Overall, buying solar panels is more generally considered a better option than leasing. Solar technology is maturing, offering people various modes by which they can take advantage of it. Individuals should examine their circumstances and decide which model works best for them. Regardless of your choice, contact West Coast Solar, Inc, for high-quality solar installation anywhere in San Jose, Brentwood, and Sacramento!