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)
The University of Buffalo in Buffalo, New York, recently launched a new solar project. Dubbed UB Solar Strand, this 750-kilowatt solar project from architect Walter Hood will provide power for hundreds of student apartments on campus, not to mention prevent the emission of as much as 400 tons of greenhouse gases each year.
“Even today, we’re generating power,” said Robert G. Shibley, dean and professor at UB’s School of Architecture and Planning.
Located on the university’s North Campus, Solar Strand consists of 3,200 photovoltaic panels, made possible by a $7.5 million investment from the State Power Authority—an investment that project designer Walter Hood considered encouraging given the current financial climate.
“[Making an investment like this] means you have to be very optimistic and you have to have faith in an idea, not something that you know,” Hood said Monday. “This is something that Americans, I think we’re getting better at – being optimistic again, being able to go into the future and not know what we’re going to get.”
Designed to mimic the pattern of a human fingerprint, the unique solar project will be publicly accessible for visitors to walk through and tour, with “no chain-link fence surrounding” according to Shibley. At 140 feet wide and 1,250 feet long, it will also be used as a natural classroom for university students as well as local school kids.
From a financial perspective, UB Solar Strand is designed to save about $60,000 annually in energy costs, meaning the university will recoup its original costs within 125 years.
For more information on UB Solar Strand, go to buffalo.edu/sustainability/solar-strand.html.
(Image source: Buffalo.edu)
Welcome to Soluxe Solar’s blog. We’re pleased to help you with your transition to solar energy; we’ve helped thousands of people take charge of their energy costs over the past eleven years. The way we see it, there’s no reason not to go solar. PV has gone far beyond being a green option for people who are looking to live completely off the grid by giving up all luxury for a sustainable lifestyle. Technology has advanced and price of photovoltaics has come down so significantly that it’s not an emotional decision, but a financial one. In fact, there is no reason to NOT go solar; your money can make you more in the form of solar (at a 10% higher yield) than leaving money in the bank. Not too shabby. We’ll show you how we came up with that number in a future post. We promise we didn’t just make it up!
So why did we choose to call our blog Up on the Roof? Well, we think the roof is the final frontier in home improvement. People are quick to redo a kitchen for shiny new granite countertops, but, quite frankly, that doesn’t add any real value to the home. We don’t care too much about what roofs looks like. We only fix our roof when we have to. But there it is, basking in the sunshine, unused but for birds and weather vanes. So we’re taking it back. Making the roof a beautiful, functional and valuable part of the home.