When it comes to obtaining residential solar power, leasing does not equal buying. Unlike leasing cars or office equipment, leasing solar panels for your home brings with it serious consequences for the people who do it, particularly if you should ever want to sell your residence.
“I tell people if there’s even the remotest chance they’re going to sell their house in the next 20 years, they’re better off buying,” said Glenn Bland, owner of Bakersfield solar power company Bland Solar and Air Inc. in a recent news article.
That’s because leased solar panels add a big burden to home owners if their terms aren’t up but they want to move. If you need to sell your home before the lease on your solar panels is up, you have to either
(a) talk the home buyer into assuming the lease (not the best sell tactic) or
(b) purchase the panels for potentially thousands of dollars, depending on where you’re at in your contract.
As we recently demonstrated at SoluxeSolar.com, leasing solar power means more risks and fewer benefits as compared to buying. Consider these facts:
1. Leasing solar power means no federal tax credit, which can be around $6,000, depending on where you live. With leasing, you pay for the power, but the solar company gets the credit, not you.
2. Leasing solar power likewise means no rebates, which in many cases is $5,000 to $10,000, depending on your region. The company you lease from gets that, too.
3. Leasing carries huge risks if you move before your contract is over.
4. Leasing solar panels does not increase your property value the way that buying panels will; in fact, leasing can actually harm your property value, especially if you need to sell and there’s residual payment left on the terms.
According to a study done by the U.S. Department of Energy last year, homes with solar power systems sell for more money than those without—around $17,000 more.
With these kinds of facts and data, it just doesn’t make any sense to lease. To learn more about buying solar panels and the benefits they offer, visit SoluxeSolar.com!
(Image source: Fastcompany.com)