Do you want to harness renewable energy? Are you unsure of the way it will work? For both, you need to do some research work. Whether you want to lease or purchase solar panels, the ultimate cost will be based on several factors. Just in case the cost of paying cash to buy doesn’t work for you, you can say yes to leasing, which provides you access to renewable energy.
How do leasing solar panels work?
Similar to renting a car or a house, the solar panel will lease financial commitments and agreements where you can pay a monthly fee for renting the device for producing solar energy. Any repairs, maintenance, and installation get developed within the monthly payment. To know more about this, you can check out Raycycle of Pittsburgh.
Buying and leasing of solar panels
You need to assess the difference between buying and leasing solar panels and the advantages that they can provide you. When you don’t have the cash reserve and aren’t all set to make a financial commitment to purchasing a solar panel, you can think about leasing it. Here you don’t get to own the device. It is highly similar to leasing a car. However, the panels are no more an asset to you.
But it would help if you also realized that solar panels could last you as much as 20 years. However, the timeline would vary from one state to the other. It is also dependent on the leasing companies. As you decide to lease the panels, you can save your electricity bills. However, the overall savings depends on how you decide to spend on the lease.
The other aspect of leasing solar panels is to control the roof. However, when aesthetics are necessary for you, it is essential to keep an eye on the final system and the design before you sign the agreement. Else, you can end up using more panels than the intended ones. You might also possibly face the street, thereby changing the outward appearance of the business or home.
Buying or selling a house with the leased solar panels
Solar panels usually qualify for incentives and rebates. And while this gets considered to be an attractive advantage, the prospective buyers get turned off when they wish to find out that the solar panels get wrapped up in the lease agreement. It is more so when these agreements might be present for about 20 years. Based on the agreement, the panels can become challenging and highly impossible to take away. You might not be able to transfer it to the new owners as well.
It simply goes on to prove that the leased solar panels can add one more layer of complications to real estate transactions. When you are the prospective buyer of the house using leased solar panels, you need to ensure to assess the conditions and terms of the agreement. It is essential to ask questions such as:
- Can the agreement be transferred?
- Can you purchase the device?
- How can you remove solar panels if you don’t wish to use it?
These are a few factors you need to know when you are considering leasing solar panels to make the correct decision.
