Should You Choose To Lease Or Buy A Solar Panel System?

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You may have noticed that more and more of your neighbors are investing in the power of solar panels. While your neighbors may have become more aware of how much better they are for the environment, they probably noticed how much they can save on their energy bills as well. If you have the money to invest in your home you can purchase a solar panel system outright or you can lease them from a solar company such as Solar Panels Adelaide.

Benefits Of Leasing Arrangements

solar power systemOne of the ways that solar panel systems are much more affordable to individuals is the various tax incentives one can receive from local, state, and national levels. These incentives are used by the leasing companies so the average homeowner can afford solar panel technology. The leasing companies hold ownership on the equipment and charge a monthly fee for its use. The homeowner gets a much lower electric bill on a monthly basis and helps to do their part for the global environment. This option is an excellent choice due to the lower upfront costs as well as the added benefit of low monthly payments.

Advantages Of Purchase

Homeowners who have the funds to invest can purchase solar technology themselves and use the tax incentives to lower the overall cost of equipment. By choosing to buy the system outright, a homeowner will increase the savings many times ver and the unit will pay for itself on a much quicker time frame. However, there is the drawback of having to put up a large initial investment to get started. A solar panel system will cost in the thousands and that includes the generous tax incentives. Also, one needs to consider the required maintenance that is needed on a system. The homeowner will have to be responsible for the care of the unit or contract out a solar company.

What Is The Right Option?

One of the biggest determining factors in choosing the right solar panel system is going to be the homeowner’s current financial situation. If a homeowner is looking to get solar panels as soon as possible but lack the large necessary funds, the leasing alternative is the best option. While buying the system outright is more cost efficient and adds considerable value to the home, if one can obtain the proper funds. It is important to take into the consideration the added cost of regular maintenance, in which case it may be easier to lease so that can be handled by the leasing company.

Solar panels continue to improve their technology and overall cost, yet there is still some time before they can compete in the market without the assistance of tax incentives. With the help of tax incentives and leasing programs, it allows homeowners to get a jump on the solar panel market and improve their homes, environment, and financial conditions.

For more of ‘To Lease or To Buy Solar Panels’, read here.

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