Leasing or Buying Solar Panels for Your Home: What’s Better?

Uncover the Hidden Residential Solar Lease Disadvantages

At Bright Eye Solar, LLC, we often get questions about leasing or buying solar panels for your home plus the residential solar panel financing options our customers in Pennsylvania and Maryland can access.

We provide a free, no-obligation energy audit for your home to help you see where you might benefit from solar panels. You’ll also get information on leasing and purchasing options, what utilities you can work with and what you might save by choosing solar.

One thing we’ve found after years of reviewing residential solar leases in PA is they just don’t seem to make sense for any homeowner. You often end up paying more, saving less and experiencing problems when it comes time to move or renew your lease.

Today, Bright Eye Solar suggests that homeowners opt for buying their own solar panel system.

You just can’t beat the savings and freedom a solar panel purchase provides. Some of the benefits of owning your solar panel system include:

  • No more annual increases in energy costs because you own the solar energy you produce.
  • Full access to all your tax credits, benefits and cost savings.
  • Equipment you want at the size you want.
  • A variety of financing options that can start saving you money during your first month.
  • The ability to sell or transfer your system if you decide to move.
  • Not having to answer to anyone about what to do with the solar energy you produce.

And you don’t have to take just our word for it — a variety of other reports are showing that owning is a financially smarter move than leasing. Check out this information from Computerworld that shows how you can benefit from falling equipment costs and better financing options available if you choose to buy your solar panels.

Residential Solar Leasing Disadvantages to Know

The reason we find it so hard to recommend residential solar leases in PA and MD is because there are savings we can’t pass on to you due to the lease and other charges we just don’t think are beneficial to you. Here’s why we want you to take a deep look at your solar panel purchasing options:

  1. The company you lease the solar panels from owns them, so they get the 30% federal tax credit, not you.
  2. Many state-specific rebates and offers work the same way, so they go to the owner of the panels instead of you.
  3. There’s no value added to your home because you’re leasing the panels and they can be removed.
  4. It can be difficult to sell your home or otherwise transfer your property if you have a current solar lease because the new owner will need to take over the existing lease and terms. This can put you at a disadvantage for sales negotiations.
  5. You don’t quite own the energy being produced because the solar panel owner technically owns the energy. That means you’ll get a cut on your monthly bill but are essentially exchanging one utility company for another.

Solar panel ownership will provide you with more security and reliability because your solar panel provider and maintenance company have to work hard each and every time to earn your business, instead of locking you into a contract where you can’t go elsewhere.

And don’t forget reports like this one that say owning is “about a 50% better deal.”

The Bright Eye Bottom Line

If you’re deciding between leasing or buying solar panels for your home, we think the bottom line is that leasing doesn’t make a smart financial decision for most homeowners. Leasing has the potential to reduce your overall returns and may not always significantly reduce your monthly energy costs.

If you can afford to purchase your solar panel system, it’s a smart bet. The federal rebates plus those from Pennsylvania or Maryland will give you a significant reduction in start-up costs and increase the lifetime value of your system.

Working with Bright Eye Solar will give you the best of both worlds because we offer warranties and guarantees on the systems we install with simple maintenance options as you move forward. You get all the tax credits you can, and we help you make sure your system improves your home’s value and stays functional.

Learn more and get a free energy evaluation by contacting us right away. We’ll show you how bright your solar future can be.