Solar Panels Los Angeles- Lease Or Buy?
Recently, more and more homeowners have invested in residential solar power
. One of the most important decisions you will need to take when considering solar panels is whether you want to purchase your solar power system or lease it. Owning your solar system will allow you to lock in your electrical costs long-term and gain energy independence from rising electricity costs. Leasing solar panels makes sense in a limited amount of situations. Below are some of the advantages and disadvantages or purchasing and leasing your solar power system.Advantages of purchasing your solar energy system from a solar company Los Angeles:
-The reduction in your monthly electricity costs is significant and can result in a major savings as in your electricity bill as early as day one
- The savings on your monthly electricity bill will pay for the solar energy system in 4-7 years. After this period, the energy your solar panels produce is free
- You can permanently lock in electricity costs
-Adds value to your home. Average selling price of a home increases $20 for every $1 decrease in annual electric bills
-Solar panel systems make your home more marketable. If you purchase a solar system, you will be able to show a buyer that the monthly electric bill is eliminated or nearly eliminated
Advantages & Disadvantages of Leasing Your Solar Power System:
Advantages:
-Beneficial for environmentally conscious homeowner that wants to install solar panels to help the environment and isnt necessarily installing them to lower their electricity bill
-Allows the customer that lacks the funds or ability to borrow the funds to purchase their own solar panel system with lower start up cost
-Solar leasing may be more beneficial to a company that is looking to meet certain environmental criteria and cannot afford to purchase their own commercial solar power system or are looking to preserve funds
Disadvantages:
-With solar leasing, you are not eliminating your electric utility bill- you are actually replacing your current electricity company with the one who owns your solar lease
-Most Solar leases require a 15 year commitment. During this period, you rent the solar energy equipment and pay the lease company rental for the equipment. The rental totals to about $30-$40 less per month than what you currently pay for electricity.
- All solar lease companies have annual rental increases similar to most utility companies, meaning your savings will never increase.
-You will assign your federal tax credit and utility rebate to the leaser upfront. At the end of the lease you are required to pay the market value of the solar energy equipment or return the equipment altogether. If neither of these occurs, the tax credit that was assigned to the leaser becomes invalid. In this case, you will be required to obtain energy from the local utility at the market rate or you will have to enter a new lease or purchase a system without the rebates and tax incentives.
-When you sell your home, you are requiring the buyer to follow the terms of your solar lease. You are also obligating them to make the end of lease decisions which can lead them to feel they are uncertain about their future cost of electricity. This can make it hard to sell your home.
There are several advantages and disadvantages with solar leasing. With the incentives and rebates available, purchasing your residential or commercial solar power system has never been more beneficial and affordable.
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