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Is Leasing Solar The Best Way To Go?

Ean GoodguyJuly 25, 20182250

Is Leasing Solar The Best Way To Go?

Saving money is a challenge sometimes.  Bad luck seems to come in storms rather than soft sprinkles.  The car breaks down, the dog gets sick, then the lawn dies.  Money comes, money goes, as they say.  Well, when it comes to making your first solar purchase, there are ways you can make it more affordable.  Sometimes saving money isn't always a chore.  To cross this spending, saving gap, we have to do our research.   Let's seek the methods available to you, that you can use today in order to find your best low-cost, energy bill saving, solar panel system. Leasing might become an option for many people who cannot afford to buy their solar system outright.  However, leasing solar panels vs. buying can expose some short-falls when trying to make a move to solar.  Let's keep your low-cost solar purchases as buoyant as possible, here's some information to help.      


Leasing Solar Vs. Other Payment Methods

Salespeople are paid to sell, and when we become the target of the schpeel, sometimes we can lose our footing. The up-front expenses for a household solar system can make a leasing solar energy company's phone sales pitch sound pretty impressive. Often the solar energy company's salesperson will encourage a system that demonstrates a no-cost or low-cost payment to save hundreds of dollars per year on average. They often base this premise of savings around the concept that one saves due to the union of your lease payment and one's electric bill is less than what you currently pay for your energy consumption costs.  Try to avoid the emotional leaning as you imagine your immediate financial burdens. Leasing can also seem enticingly simple contrasted with buying.  This one-stop shop method can move things along at a speed that can be bewildering. There’s no need to shop separately for an installer and a separate financing house. Just sign on the dotted line. This method is so easy, it's no surprise that 72 percent of the people who installed residential solar systems in past years did so through leasing or another type of third-party arrangement.  However, simplicity doesn't always mean quality.  There are some other valuable choices out there in the low-cost solar pricing world.   


Modest Savings For Solar System Leasing 

We don't always have stacks of cash waiting to be burned on our new home additions, but we still might want to find ways to improve our current situation.  In the long-run, have a good solar panel system installed in our home can actually help.  Yet, people who lease solar tend to save far less than outright cash and private loan buyers. Several leases include escalating rate increases, sometimes as much as 3 percent per year. Those starting out with a 12 cents per kilowatt-hour in year one, with a 3 percent escalator, they end up paying 18.2 cents in the 15th year. So, if the cost of energy doesn’t rise as quickly as the contracted lease payments increase, you can watch your energy savings disappear.  No one enjoys losing money due to poor choices, this is why it is important to know all you can about solar leasing. 


Your Roof Is A Solar Companies Prospective Dollar Sign

Have you measured your roof lately?  Do you know your monthly power consumption? Make sure you know exactly what you NEED when you are dealing with solar companies.  Leasing companies make money in proportion to the number of solar panels you have on your property.  In the case of roof installation, the leasing company may put more panels than you had expected to raise their profit line.  They also might turn your roof into a neighborhood eyesore.  Since panel maximization is vital, they may utilize roof space that doesn't add to the beauty of your home but aligns with their ability to put as many panels on your roof as possible.  


Moving Soon, Plan Your Solar Future

Are you looking to move soon?  If you are planning to sell your house in any time in the near future, please consider the following. When you put your home up for sale, the solar lease you have contracted into can last up to 20 years.  The would-be person who is interested in purchasing your home might be especially reluctant to take on or buy out the lease with the already formidable cost of a home purchase.  This is something to consider if you do not think you will live in your house for the duration of your life.   In some cases, solar leasing companies may offer to relocate their systems at an additional cost. However, there may be many complications with approvals from the utility company, local landmark commission, or HOAs.  These complexities need to be sorted as you buy your solar panel system, whether by lease or otherwise.  


Leasing Solar Maintenance Plan Drawbacks

Maintenance plans are great, they can assure that your purchased items will be taken care of by the manufacturer.  This can be vital as we are all not experts in repairing and maintaining all things.  Often the solar system equipment is not covered by the maintenance plan, but are covered by the warranty.   The leasing company might not cover the loss of damage if a storm destroys your panels.  You may have to file for your homeowner's insurance to cover those costs instead. So, make sure whether you buy or lease, you inform your insurer when installing your solar system.  Being upfront and assertive when talking with solar companies can be a great way to get what you need out of the deal. 


Leasing Solar Isn't Forever

We have learned a lot so far about some drawbacks to leasing.  However, the last consideration to ponder when leasing a solar panel system is the long-game.  When the lease is over, what is your next move?  When the end of your contract arrives, the solar leasing company may remove your equipment, and those energy savings as well.  Like all things in life, hindsight is 20/20, get ahead of the game, and get the solar future you are looking for.     

There several options out there for prospective solar purchasers.  Don't get lost in the uncertainty of leasing, there is a lot of information all over website here to help.  For many people who cannot afford to buy their solar system outright, leasing becomes a considered option in an attempt to seek the methods possible to attain low-cost, energy bill saving, solar panels.  However, we have learned that leasing solar panels vs. buying can expose some short-falls when trying to make a move to solar.    

If you want to move into the future and join the solar revolution, or if you want to find out what solar panels are right for you, go to HahaSmart.com and try our price checker tool. You can see how much a system will cost, and how much you can save over the next 20 years. 

For more information relating to going solar, don't forget to visit our solar blog section for more handy guides and articles. 
 

 

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