How Much Does a Solar Panel Lease Cost? Is It Cheaper than Buying?

Our sun produces 10,000 times more energy than our entire planet uses every day. Take advantage of this by using solar energy.

Solar is rapidly becoming one of the best ways to cut down on electricity bills. Investing in solar can be a great decision to make, but at the start, you may be wondering whether it is best to buy or to lease your solar panels. If you want to start your renewable energy journey with solar energy, we have some advice on solar panel lease costs.

Keep reading to discover the benefits of going solar and potentially leasing the cost of your solar panels at the start.

Solar Panel Ownership

The main difference between buying and leasing your solar panels is the matter of ownership. If you buy the solar panels yourself, then you own them and are responsible for the full price of their upkeep.

However, if you choose to lower your utilities by taking a leasing option for your solar panels, they will remain the property of the third-party supplier.

Finance Options

You can acquire a solar loan to help you with the cost of the initial purchase of your solar panel array. There are also federal tax credits that may be able to assist you in making the purchase. By purchasing the solar panels, they will also become part of your property and help increase its value over time.

However, if you do not want to outlay a lot of money upfront, then a solar leasing option is better. It will also reduce your maintenance and repair bills as the solar company will be responsible for their upkeep.

The cost of solar up front, even with tax rebates and incentives, is around $15,000 – $30,000. To many, this can be too great a cost to outlay at the start of a project. If this is the case, then a solar lease is your best better to reduce your electricity bills.

The Benefits of Leasing

Aside from the minimal outlay and the savings on maintenance costs, you will also be able to save up to 30% on your existing electricity bills through a solar lease. The solar panel lease cost is not free as you will need to continue making monthly payments to a third-party supplier, but you will make immense cost savings on your electricity bill over time.

At the end of the term, you can replace your panels at the cost of the solar company and continue to enjoy the benefits of reducing electricity bills in your home.

Reduce Your Solar Panel Lease Cost

If you want to reduce your solar panel lease cost, then you need to speak with your local solar company. They will be able to advise you on the best deals that they currently have available and how much the lease will cost you on an annual basis. With this information, your will be able to make a cost-savings benefit analysis and see how much you could save by going solar this year.

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