Renting vs Buying Solar Panels

If you’ve made the decision to go solar, congratulations! You’re going to save money and do your part for the environment. Installing solar panels makes you part of the renewable energy revolution, but you may still have some concerns about how to do it. If you’ve investigated installing solar panels, you’ve probably seen companies weighing in on the benefits of renting versus buying your panels. You may be confused as to which path is the best for you and Greenleaf Solar wants to help.

Greenleaf Is Long Island’s Premier Solar Energy Company

At Greenleaf, we’re committed to helping customers enjoy the benefits of Solar Energy. We want to tell you about the financial benefits of solar panels and let you know why buying your panels will help you out in the long run. We install solar panels for residential and commercial clients. We’re the area’s premier solar energy company and we can save you money.

Credits and Rebates Make Buying Attractive

According to Consumer Reports, purchasing solar panels requires decision making and is certainly an investment, but the consumer organization says. “Over the long term, the benefits of owning your system are hard to beat.”

One of the biggest benefits of buying your solar panels is taking advantage of tax credits and rebates. These cost saving measures can take a big chunk out of your purchase price. For example:

• There is a 30 percent federal tax credit that goes along with a 25 percent New York tax credit.
• There’s also a rebate offered from the New York State Energy Research and Development Authority (NYSERDA) that gives consumers a 20 cent per watt rebate.
• With the average price for a solar system on Long Island being $30,000, you can save nearly half the cost, $14,000 on a purchase of solar panels.

The Problems With Renting Solar Panels

There are other reasons why buying rather than renting makes good financial sense. According to Consumer Reports, savings will be modest if you rent panels because in many cases, leases contain an escalator clause which requires you to pay more on the lease each year. That means you’ll be paying more, not less for energy as the contract goes on.

Another downside to renting is that you’ll lose control of your roof at your home or business. Companies that lease solar panels will often try to maximize profit by installing more panels than you want. The panel installation by the leasing company might detract from your home or business’s appearance, which can affect your home value.  Leases in general can also cause problems with home sales. That’s because either the seller or the buyer is going to have to pay off the lease once the sale is closed. Sometimes that can be a steep cost.

Buying From Greenleaf Will Eliminate Headaches

As you can see, there are a number of headaches associated with leasing solar panels. You’ll have more control of your panels and you’ll be able to reap all of the benefits if you choose to buy.  If you’re ready to go solar or want more information, Contact us today.