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Purchase vs. Leasing Solar
If you have decided to shift to a more sustainable energy option, you are making the right choice. One of the most common questions that we receive from our clients often is whether it is best to purchase solar panels or lease them. There is no clear-cut answer to it. Even though both options help you save money every month and have a smaller carbon footprint, the option you pick will affect the total amount of money you save over the entire life of the solar panels. At Crown Roofing & Solar Company of Wichita, we have partnered with a number of leading lenders and financers to allow our customers in Wichita, Kansas, to have access to both solar loans and leasing options.
Solar PV system Purchase vs. Lease Comparison Table
You will be the owner of your solar energy system and can enjoy its many benefits for as long as you want.
You will not own the solar energy system. You can enjoy its benefits till the end of the lease term, and then you need to either return or buy it again.
Solar panels cost anything between $15,000 and $30,000, and usually, companies ask for $1000 as initial payments.
But cash rebates and incentives can reduce the total cost by up to 50 percent.
You can get solar energy systems are little to no down payment.
But, you will not qualify for any rebates, incentives, or tax credits when you lease solar panels.
Loan payments are higher than monthly lease payments, but in most cases, borrowed money can be deducted from your future tax returns.
Lease monthly payments are lower than the loan payments, but you won’t be able to take advantage of credit benefits and tax returns.
The solar PV system’s value depreciates with time, but the cash value will be yours to use. Solar PV system increases the value of your house should you decide to put it on sale.
The future value of solar PV systems won’t affect you financially. But, leasing a solar PV system can make it difficult for you to sell your house if you are still in contract with the solar company.
Since you are the owner of the solar panel system, you can sell it or even get rid of it when you want.
Systems are 100% transferrable. After a certain leasing period, you have the option to purchase it.
In most cases, leases are 100% transferrable.
Solar Battery System
You can add a solar battery storage system to your existing solar PV any time you want.
The decision to allow a solar battery storage system will depend on the leasing company.
Since you own the solar PV system, you are responsible for its maintenance.
The leasing company guarantees the maintenance and performance of the solar PV system.
Deciding Whether to Purchase or Lease Solar Panels
The decision to the way you want to finance your solar PV systems will depend on your preferences and your financial goals. Let us take a closer look at different situations when purchasing or leasing makes the most sense –
Purchasing is the Best Option When You:
Want to maximize the value of your property without increasing property tax
Are looking for the best returns on your investment
Wish to receive financial benefits of income tax credit
Have a low credit score, but have capital cash
Leasing is the Best Option When You
Do not want to worry about maintaining solar panel systems
Want to reduce energy bills by 30%-50% but do not want to invest anything
Wish to start savings immediately by creating a predictable energy bill
Are not eligible for Solar ITC (Investment Tax Credit) benefits
Considering Going Solar?
Whether you decide to purchase or lease solar panels, our team at Crown Roofing & Solar Company of Wichita will help you lower your carbon footprint and allow you to contribute to a healthier planet. Our experts will look at your needs, preferences, current energy prices, energy usage, and financial goals to help you pick the perfect plan.
Contact us today for a free solar cost quote, and our experts can help you navigate through the different options based on your unique circumstances!
LOCALLY OWNED WICHITA Solar COMPANY
With years of experience servicing the Wichita area, we take pride in our Kansas roots. We are devoted members of the Wichita community, and have built Crown Roofing & Solar Company of Wichita on the foundation of giving back to our hometown. Take peace of mind by hiring a Wichita solar company that is based right out of your hometown!