Benefits of Owning Solar Panels
- Long-term Savings: Once the initial cost is covered, owning solar panels can generate free electricity, leading to substantial long-term savings by reducing or eliminating electricity bills.
- Tax Incentives and Rebates: Homeowners who purchase solar panels are eligible for federal tax credits and local incentives, which can significantly offset the upfront cost.
- Increased Home Value: Solar panels can increase a home’s resale value, making it more attractive to potential buyers.
- System Control and Flexibility: Owning a solar system allows homeowners to make upgrades or changes as needed, providing flexibility in system customization and future integrations.
- Environmental Benefits: Owning solar panels aligns with a commitment to sustainability, allowing for better integration with other renewable technologies like battery storage.
- No Lease Constraints: Without lease agreements, there are no restrictions on moving or modifying your home since you retain full ownership.
Disadvantages of Leasing Solar Panels
- Limited Financial Gains: Leasing does not allow homeowners to benefit from long-term cost reductions or property value increases.
- No Eligibility for Tax Credits: The leasing company, rather than the homeowner, typically receives any available tax credits or rebates.
- Limited Control and Flexibility: The leasing company controls maintenance, upgrades, and system modifications, limiting homeowner involvement.
- Potential for Rate Increases: Leasing contracts often involve a fixed rate that may increase over time, potentially surpassing utility rates.
- Complexity in Selling a Home: Leased solar panels can complicate the home selling process, as the lease agreement must be transferred or resolved.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/what-are-the-benefits-of-owning-solar-panels-versus-leasing-them/
