In regards to leasing or buying solar panel system, the most suitable choice for you and your energy needs will depend on your financial targets and goals. Let’s take a better look at whether you should buy your solar panel or lease solar for home.
Should I buy or lease solar panel system?
No matter whether you buy your solar panel system or lease them, you’ll still get the same clean solar energy powering your house. However, the finances and ownership of your solar power system will change depending on the financial tool you use to purchase it .Let’s now discuss the variations between solar panel system ownership, leasing, and Purchase Power Agreements (PPAs.) cleaner household energy consumption and achieve energy independence within the process.
In this article, AYKA Solar outlines few causes solar energy contributes to the sustainable lifestyle.
Buying solar panel system
Buying a solar panel system is a smart move if you want full ownership and the best long-term savings.
When you purchase your system outright, you pay once upfront and avoid years of monthly payments to a solar provider. From day one, the system is yours. That means the electricity it generates directly reduces your power bills — and over time, those savings really add up. You also get access to all government solar incentives and rebates, which further increase your financial benefits.
On the other hand, if you lease a system, you’ll continue paying the provider, and they usually receive the incentives instead of you.
If paying the full amount upfront isn’t ideal, a solar loan can be a good alternative. You still own the system, qualify for incentives, and enjoy the benefits of solar — just without the heavy initial cost.
In short, owning your solar system puts you in control and helps you maximize your long-term savings.
Leasing your solar panel system:
Key advantages of solar lease or PPA are:
– No maintenance duty
– No upfront price
– Lock in your utility rate
Are you interested in reaping the advantages of renewable energy, but don’t want to pay $6000-$7000 upfront cost for owning the solar panel system? If that suits you, leasing solar panels or purchasing power via a PPA (Power Purchase Agreement) may be a choice. Here’s why you may want to lease solar panel system instead of buying or financing them.
Both a solar lease and PPA are reasonably priced, simple methods to enjoy solar energy without a big upfront investment. With both leasing and PPAs, you do not pay any upfront prices on your panels, and you can save on your utility rate. Moreover, you don’t have to worry about the installation, maintenance, and warranty.
What is the difference between a lease and a PPA?
Leases and PPAs are fairly similar just with one huge difference: with a solar lease, you are paying a fixed month-to-month payment for the solar panels system equipment, and with a PPA, you are just paying for the solar power produced by the solar panel system, which will differ from month-to-month. Both choices will help you lower your expenses, but availability varies by city and state.
Make your decision
Whether you choose to pay upfront or lease solar panel syetm or select a solar PPA, solar will make it easier to reduce your carbon footprint and help everybody get closer to a more viable planet. Our team at AYKA Solar panel system is right here to help. We will take a look at your financial targets and preferences, current price for energy, and energy utilization that will help you choose the correct solar panel system. Contact us today!
Let’s build a safer, smarter, and more sustainable energy future together!
