Buying Solar in Texas: Leasing vs. Purchasing
When it comes to putting solar panels on your home, you’re going to encounter some big decisions. Where is the best location? Should you pay to have the solar PV panels installed or do it yourself? How do you maintain them?
But one of the biggest decisions you’ll face is whether to purchase the panels or lease them. After all, solar PV panels are a solid investment, whether you finance them or pay up front. Leasing has its perks just like buying does, so you want to consider all angles of this decision before buying solar in Texas.
Leasing Solar: Pros and Cons
You might be surprised at how different leasing solar panels is compared to purchasing panels. For one thing, when you lease solar panels, someone else owns them. You never stop paying a monthly fee, and it can go up at any time.
However, leasing has a lot going for it. For example, although a company owns your panels, they also maintain them. You have virtually no upfront costs, and one day, if you do decide to purchase your panels, many companies offer this at a discounted rate. You also don’t have to do any monthly calculations to determine what your government subsidy might be and how much you can get for selling your excess energy.
Buying Solar in Texas: Pros and Cons
When it comes to buying solar in Texas, you also have a fair balance of pros and cons. While you do have upfront costs, must perform all your own maintenance, and have to calculate monthly subsidies, there are many benefits.
For example, homeowners may pay an upfront cost of $35,000 for the panels and finance them. But with subsidies, which can take the price down 30% right away, and monthly energy sales of about $200 to local companies, a solar power owner may end up with 15 years of free energy. With a warranty of 25 years, this is a smart investment.
Making the Final Decision
The ultimate decision relies on individual lifestyles. Take into account that many companies will lease you a set of panels for around $70 a month in a 20-year lease. This is much lower than energy bills in some areas. Combined with zero maintenance and an option of purchasing the PV panels later on, this may be a good choice for homeowners who want a low monthly cost and no worries about how much energy they use.
On the other hand, while there is more work involved, buying solar in Texas may give you absolute freedom from monthly bills in as soon as 10 years. Which is more important to you—freedom from bills, or zero maintenance?
What is best for your home?
If you are considering buying solar in Texas, you should weigh the pros and cons thoughtfully. Imagine what your life would be like if you had to replace a busted solar panel after a Texas storm or replace a dead battery. If you don’t like that idea, turn to leasing.
Then imagine not having to pay any energy bills for 15 years or longer, if your PV panel system outlasts its 25-year warranty. Is that thought more appealing? Make the move toward buying solar in Texas today.
Contact us now. We can counsel you both in leasing and buying solar in Texas:
(O) 1(855) 60-1SOLAR (601-7652)
(F) 1(855) 687-7443