Solar Panels

Buying             vs.               Leasing

Installation Costs

 

-Can cost between $15,000-$30,000 before tax credits or rebates
-Cash rebates can reduce costs by up to 50%
-Little or no money down for installation
-Don’t qualify for tax credits, rebates, or incentives

 

 

Maintenance

 

-Fully responsible for maintenance costs, but solar panels are durable and require little to no maintenance
-You may not be able to track performance
-Solar company owns and maintains system
-Most leases include performance tracking app

 

 

 

Terms of Agreement

 

-Loans are generally 10 to 20 years with interest rates between 3-8% depending on FICO credit score
-Lease is 20-25 years, at the end, you can renew or purchase

 

 

Savings and Return on Investment

 

-Save between 40-70% of electricity costs over the lifetime of the solar panels
-Free electricity for lifetime of solar panels (25-30 years)
-Save between 10-30% on what you pay for electricity utility
-If lifetime is 25-30 years, you end up paying full price for only 5-10 years of functionality

 

 

 

 

This is just a simple breakdown of the differences between leasing and buying.  When solar panels first started becoming popular, leasing was the more common choice, but as solar panels become more main stream, a lot more people are purchasing them.  There are more long term benefits to purchasing.  Supreme Air Systems is the fastest pathway to ownership so if you’re interested in going solar, give us a call and we can help you with financing!  You can call at 408-376-0406, visit at  www.supremeair.net/financing or read our previous blog post to learn more about your financing options!

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