Maybe a family member has made the switch, or you’ve seen some pop up on homes in your neighborhood.
Solar panels are becoming more and more common, and the appeal is growing.
Perhaps you’ve started to wonder if solar panel technology could work for you.
The process of adopting solar technology is definitely one you will want to take seriously, as it’s a switch that will definitely affect your future.
The time and money that goes into switching to solar panels are significant, as well, so it’s important to do your homework and be certain of the options that will work best for you.
One of those options to consider is buying vs leasing your solar panels.
Should You Buy or Lease Your Solar Panels?
Buying Solar Panels
For the most part, those who switch to solar panels purchase the system to own for themselves.
There are a variety of reasons for this.
The main reason is that when you purchase a solar panel system you also qualify for tax credits, rebates, and other governmental benefits.
Another critical advantage of buying your own solar panel system is that a solar panels will increase the value of your home.
This can be beneficial whether you decide to stay in your home for the rest of your life or to sell.
Also, those who buy solar panel systems receive a much higher return on their investment than those who lease.
One potential drawback is that all maintenance falls to the owner, but luckily for most people, this is never an issue as solar panels are incredibly durable and efficient.
Leasing Solar Panels
There are a growing number of customers who are choosing to lease their solar panels rather than buy them.
As stated above, leasing solar panels will not qualify you for tax benefits or rebates but many people are ineligible anyway or are unconcerned with tax credits.
If you do not own your home, you rent your home, or you are not worried about adding value to your home through the installation of permanent solar panels, leasing can sometimes be a better option than buying.
Another huge benefit of leasing solar panels is that it often requires little or no money down to begin installation and use of solar technology.
Some people choose to lease until they are able to buy, which is another smart option in certain circumstances.
One of the greatest benefits of leasing solar panels is that all responsibility for maintenance and efficiency rest with the solar panel owners, and while you lease you will never have to deal with the issue.
Call or contact Solar Power Utah today to discuss the variety of options for solar panels in relation to the needs of your Utah home or business.