Buy Or Lease Solar Panels

When it comes to leasing or buying solar panels the perfect option for you and your energy needs will depend on your financial goals and preferences.

Buy or lease solar panels. Some companies offer special financing for solar panels. Leasing is a contractual agreement between a company providing the solar installation the lessor to the company or individual acquiring the solar installation the lessee based on regular payments of lease rentals. Another appeal of solar leases is the lack of responsibility for system maintenance. If you don t have the money to buy solar panels up front farrell says you can borrow it.

Buying your solar electric system outright is best. If you buy a solar panel system you own the system either outright if purchasing with cash or after repaying your solar loan. Leasing solar panels can appeal to people who want no upfront cost. The tradeoff of this is long term savings potential and cost consistency.

The solar panels become the property of the purchaser after the funds are transferred. If you lease the system or sign a power purchase agreement ppa a third party owns the solar panel system. Solar loans are typically fixed while solar leases increase at a predetermined rate of 1 to 3 percent annually.