At Solar Home & Roof USA, we’re happy to say that we don’t participate in leasing of solar panels. There are plenty of companies out there that do, though, and according to Consumer Reports, 72% of people who installed residential solar systems in 2014 did so through leasing or a different type of third-party arrangement. Leasing companies have a pretty convincing sales pitch that involves you paying little-to-nothing and saving hundreds of dollars per year, but the reality is that purchasing solar panels, rather than leasing them, has far more benefits.
Not The Savings You Were Promised
On average, people who lease their solar systems save much less than those who buy them outright or find a loan to purchase them. Plus, you’ll miss out on federal tax benefits and any local incentives if you loan instead of buy. A typical solar panel lease will include an “escalator clause,” which increases your payments over the years. Initially, it may seem as though you’re saving plenty of money–but over the years, you’ll notice those savings drying up quick.
Losing Control of Your Roof
Leasing companies seek to maximize their profits, meaning they may try to install more panels than you actually want and place them in highly visible areas. They’re less concerned about appearance and more concerned about making a pretty penny.
Could Impact Selling Your Home
While buying your own solar panels will increase your home’s value, leases are a little bit scarier for potential home buyers. A typical lease lasts 20 years and if you want to sell your home during that time, you’ll either have to buyout the lease or the person purchasing your home will have to assume it–which may not go over well. Some companies offer to relocate their systems, but this comes at a heavy cost and may not even be possible. Plus, at the end of your lease, the company can remove the system and take your savings away entirely.
Contact Solar Home & Roof Today!
If you have any needs, contact Solar Home & Roof USA, LLC. at 410-266-7891 or by email at firstname.lastname@example.org. Our solar powered products will help make your life easy, environmentally safe, and cost efficient! We’re located at 3200 Escapade Circle, Riva, Maryland 21140. Contact us today!