Remarkably, the most helpful and convenient invention made by humankind was the discovery of how to utilize electricity. Who would not remember Benjamin Franklin’s life changing kite-flying accident? That accident triggered worldwide innovation as to how to make our lives easy with the use of electric power.
Solar panels are becoming famous not only because of the increase in rates of electrical power bills but also because of the seemingly undependable power corporations. So, there is no question that our houses should be now armed with solar panels. The question is, however, what would be more advantageous to us, buying or just leasing solar panels?
Buying Solar Panels
Solar panels are helpful to us considering the never-ending increase in the electrical rates as well as the incessant fluctuating of the currents. If you buy solar panels, can you afford one?
A visit to the electrical shops or electrical hardware stores would show the expenses you might incur in buying solar panels.
Nonetheless, whatever options you choose, buying solar panels is not a better idea. You need electricity daily, meaning you will be using the solar panels daily. Think of it as a perpetual investment. Furthermore, equipping your house with solar panels, adds to its value, if you sell your house in the future.
The only downside that you could think of is that if you are not financially ready to equip your house with solar panels, you might incur loans, and such loans will necessarily incur interest rates. Also, repair any damage to the solar panels by whatever you will shoulder cause.
- Energy Savings: Forty to seventy percent in energy costs plus free electricity while your system is working
- Installation: Needs professional fee minus reductions
- Maintenance: Maintained by the owner. Manufacturer warranties might cover it for several years
- Upfront Expenditures: Upfront costs: $15,000 – $30,000
- Other Advantages: It increases the value of your property
Leasing Solar Panels
Leasing solar panels will give you the advantage of being able to easily start in equipping your house with solar panels because you would not need a considerable amount of money for that.
However, leasing them would mean a monthly expense. Such monthly expenses might increase in the future, depending on the circumstance sin trades of solar panels. Having to pay monthly, for instance, for the lease of the solar panels is similar to having to pay your electrical bills.
- Energy Savings: Ten to thirty percent of energy costs
- Installation: Done by the solar agency leasing the panels
- Maintenance: Maintained by the solar company without costs
- Upfront Expenditures: $0
- Other Advantages: Make it complicated to transfer to ownership of the property with the leased panels
Choosing to switch to solar panels is always an excellent decision. Nonetheless, deciding whether you should lease or buy is quite tricky. You must assess your existing capabilities to identify if you can avail to make a huge purchase or whether you must go for the lease alternative.
We hope this post helped you weigh your options.