There are many aspects to consider when considering solar leases. There are many costs and types available. It is important to research the options before you make a decision. Lease your panels to get a better deal if cost is a concern. Leasing has its disadvantages.
Less expensive option
There are a few benefits to leasing solar panels rather than purchasing them. Solar leases are cheaper upfront, but they don't qualify for federal tax credits or local rebates. However, there are few disadvantages. There are many reasons why people prefer leasing rather than purchasing. If you aren’t sure which one is right, leasing might be a good option. It will pay off in the end.
Does not increase home's value
Although solar panels can add $12,300 value to a home's cost, not all buyers want to spend $15,000 and many don't even want to sign a 15-year lease. In these situations, a buyout may be the best option. Although some solar companies are more accommodating than others when it comes to transferring the lease, some are not. Leasing companies will check your credit score and debt-to income ratio. In addition, some may require a cosigner.
Cost
The monthly cost of leasing solar panels is typically 100 to 150 dollars. The total cost of the lease ranges from $12,000 to $18,000. At the end, the lease terminates and you take ownership of the panels. Before you lease, consider the cost of solar power. While you will pay more over the long-term, you can still get a lease that lasts for up to 20 years. A solar calculator can be used to calculate the cost of solar panels.
Maintenance
You can lease solar panels to your home. Leases allow you to have your panels maintained for 25 years. If you are not happy with your panels' performance, you only need to pay electricity. Although most leasing companies offer maintenance plans they seldom kick in. For example, if your solar panels get damaged in a storm, you might be eligible to claim your homeowners insurance. You might need to spend several hundred dollars per month on maintenance and repairs if your solar panels stop working.
Safety issues
When it comes to solar leases, it's vital to protect your interests. There are many guidelines and standard that make the process simpler and more transparent to help you maximize your solar lease. Here are some key safety considerations to be aware of. Before you sign a lease, be sure to read these carefully. You will be glad that you did. This publication is designed for landowners to educate themselves about solar leasing and protect their interests.