Pros & Cons of Solar Leasing vs. Buying
Today, solar power is the top choice for affordable, renewable energy. As solar systems and services have become more advanced and affordable, the choice of leasing versus buying has become more complex, as each option offers pros and cons.
The experts at Solar Liberty break down the advantages of solar leasing and what New York homeowners need to know when choosing between leasing or outright buying their panels.
What Is Solar Panel Leasing?
Solar panel leasing comprises a long-term contract — typically around 20 to 25 years — that enables a solar provider to install a solar power system in your home without you outright buying the system. You won’t own the unit; instead, you pay monthly installments and annual price escalators in exchange for the energy these panels create.
Most contracts include the option to purchase the system at the end of the term. Some leases charge you for the system itself, while others may depend on the amount of power your system generates. Leasing can be a good option for homeowners looking to avoid the upfront cost of purchasing a solar power system and the responsibility of maintenance and monitoring.
How Solar Leasing Works
At its core, leasing solar panels is like leasing a car; different providers offer different terms in their leasing contracts. To give you an example of solar leasing terms, Solar Liberty’s process includes:
- Free consultation: Our experienced solar technicians will work with your home’s setup to determine the best solar solution for your home.
- Custom solar plan: We’ll craft a specialized solar plan, guaranteeing maximum efficiency and savings.
- Seamless installation: Our professional installers swiftly get your new solar panel system up and running with minimal disruption to your daily life.
- Start saving: After your system is set up, you can enjoy savings on your energy bills right away.
Benefits of Leasing vs. Buying Solar Panels
An experienced provider like Solar Liberty will help you weigh the pros and cons of leasing your solar system compared to buying outright. Your financial situation, energy needs, and long-term goals determine if leasing or buying is right for you. Ultimately, each path has its unique benefits, including:
Pros of Leasing Solar Panels
- Lower upfront expenses
- Predictable energy costs
- System maintenance and monitoring handled by the provider
- Instant monthly savings
- Reduced environmental impact
- Minimized financial risk with performance guarantees
- Net metering benefits for New York residents
Pros of Buying Solar Panels
- Greater long-term investment
- Increased home value
- Eligibility for tax incentives and rebates (as high as 30%)
- Complete ownership and control of your system
- No ongoing lease payments or price escalations
- Ability to monetize excess energy production
Why Choose Solar Liberty?
Solar Liberty is the number one largest solar system installer in the state of New York. Our team encompasses experienced, trained, and NABCEP-certified solar installers and electricians who provide flawless service and lasting results. We offer great financing options and custom-tailored solutions to provide the best solar system for your requirements.
Contact our experts now to learn more about Solar Liberty’s residential solar leasing process in New York!
