Introduction
Many people are there who are keen in finding the best solar units or panels to power their homes and help the environment. But, if buying solar panels are costly for you, then one of the best things that you can do is to take on lease the solar units or panels & this way you can switch to solar units or panels for energy without making any investments upfront. Besides all of that, one of the biggest merits that you can get from buying a solar panel as well as leasing a solar panel is that you can save a lot of money on utility bills and also, lessen the impact of the same on the environment. Find here more details on, solar leasing Louisiana & save more on energy bills. Now, there are many who have this question on their minds, which one is better- leasing or owing a solar panel. And, its valid.
Points to Ponder on Leasing Vs. Buying a Solar Panel
Leasing the solar panels is one of the best options for the customers who do not have the money upfront for buying or making any sort of investments in the solar panels. But the main point of difference between buying a solar panel and leasing a solar panel, is that, in buying a solar panel, you become the owner, whereas, in leasing the solar panels you do not become the owner of the solar units. But there is a 3rd party that owns the solar units. Besides that, when you buy a solar panel then you also get a payment plan and you can also get additional credits to buy the solar panels – which is dependent on the manufacturer’s reimbursement. Plus, you will definitely get some upfront investment when you buy the solar units & it would be the best if you check the best solar companies or installation team for getting quotes.
Cost of Solar Panels When Leasing
If you want to know the cost of leasing a solar panel, then let me tell you that it will cost between $50 to $250 per month on an average. There are several factors which are responsible for the cost of the solar panels, like the amount of solar energy you are using, the location a credit score and the company that has leased you the solar units and so on. Moreover, there are few solar companies who demand a down payment, whereas there are other companies who will permit you to lease the solar panels with a $0 down payment or agreement. Now, lets read further to know which payment is better. For example, if you have money then purchasing a solar panel is the best decision you can make. It is because a solar panel or unit may cost you at around $18,000 for the installation. And, the ROI is somewhere between 7 to 10 years. And, when you own a solar panel, then you will get benefit of federal tax credits including reimbursement.
There are also solar loans that you get, which is there up to 20 years and some of them are even available for short term. You can buy solar panels through cash, home equity loans, solar loans and PPA i.e. power purchase agreement.