As a homeowner, you want the best and the most durable rooftop solar system for your house. If you’re struggling with making a choice between buying and leasing a solar system, you’ve come to just the right place. Let us take a look at the pros and cons that come with each of these options.
Source: The Hindu
The upfront costs in this case are higher. However, in the long run, you save more money by buying a solar panel system. For this purpose, financing your solar system through loans can prove to be a good purchasing decision, especially if you have insufficient funds but want the benefits of owning the system. Tax deductions on interest payments is an added bonus. Installation is usually not an issue either, with most companies ready to complete the process in a short period of time.
Solar systems are best viewed through the lens of a long-term investment. Committing to pay lease rental over a horizon of the next 10-20 years is a decision that would require careful consideration. While in some cases, leasing can add value to your property, it can also prove to be an obstruction if you finally get down to selling your home since this will require you to get hold of a buyer with excellent credit history. Leases also come with different payment plans and can save your money only if the benefit from your lower electricity bills outweighs your lease payments. Since electricity prices 10 years down the line are anyone’s guess, leasing may not always prove to be all that beneficial. Solar leases, however, can make sense if you consider the following – maintenance and repair costs are taken care of by the lessor, leasing helps you save money from day one and performance is guaranteed.
If you are still unsure of which option to go for, give us a call right away and get expert advice for your rooftop solar plans.