New Technology

Lease or Buy Solar Panels, That is the Question!

Lease or Buy Solar Panels, That is the Question!

Well, summer is nearly upon us and there’s no better time to save money with solar panels. With the ever growing popularity of ‘going green’ or ‘going solar’ as well as improved solar cell technology many find themselves asking if it’s time to finally dig in to this idea and see what the panel + install cost and grid savings factor looks like.

There are a lot of incentives to ‘go solar’ in the form of state and government rebates and selling your excess power to the power company. That being said a new solar installation can cost upwards of $20,000 usd (depending on how far ‘off the grid’ you want to go). Some of the big rebates have expiration dates so there is pressure to make a decision to take the solar leap or hold off and wait to see how far prices go down on equipment in the future.

For most people, 20k + is a pretty big investment and decision to make. Is solar worth it and will I save enough to justify the investment? For those who intend to stay in their residence for the rest of their life or at least for a very long term, there is always the option to lease your solar panels. Most solar leases however, lock you down for 20 years and you cannot get out of that without paying a hefty termination fee unless you find another qualified individual to take over the lease at the home. So if you feel that it is possible you may need to sell your home due to a new job, change in financial status, ect, leasing may prove to add difficulty to your life in the future when you need to move.

The benefit is that even with a lease payment you could very well end up actually paying a much smaller monthly power bill due to having solar panels if you’ve got some decent sun exposure to your rooftop. Now that Tesla is developing new solar batteries the reality of going completely off-grid efficiently looks like it may be a big perk to consider as well.

We suggest at a bare minimum to do some proper due diligence and get an estimate so you can evaluate and calculate what your particular situation would look like right now and see if it’s worth taking the plunge. Don’t forget that you’d be helping save the planet by significantly reducing your dependence on fossil fuels! Solar technology is only going to get better and cheaper which makes the decision on what to do and how to go about doing it, not an easy one. It is a fact however that a lot of people can actually save money today by installing solar panels and for that reason alone there’s a major benefit to at least explore the idea and get the facts for your particular home.

 

 

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  1. Priya

    December 8, 2015 at 12:05 am

    Residual income is alwyas the best way to go and I too would recommend anyone to seek out the sources. I totally love the Kiyosaki series and I have to say that the man changes lives with his insights and education. Because of him I am now teaching my young son to break out of the I want good job mentality.To Douglas, there are traditional brick and mortar companies that are scammers. Just because the internet is associated with it, it doesn’t mean that it’s not legit. I have earn commissions from a slew of companies, but you have to research. A big mistake that I see prospective home business owners making is that they blame the company just because they have not been taught to market. I had to learn this the hard way over ten years ago about this industry. If you can market, you can make the money in any economy. Not everything is a scam, though. There are actually many companies out there that wants to see you succeed.

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