You should think carefully about solar leases. There are several types and costs, and you should do your research to choose the one that is right for you. Lease your panels to get a better deal if cost is a concern. The downsides of leasing are:
Less expensive option
There are several benefits to leasing solar panels over purchasing them. Solar leases can be cheaper than buying them, but they do not offer federal tax credits. Also, you are not eligible for local rebates. However, there are few disadvantages. Leasing is often preferred over purchasing for many reasons. Leasing is a better option if you're not sure what one is best for you. Leasing will help you save money in long-term.
Does not increase home's value
While solar panels will add $12,300 to a house, some buyers aren't willing to pay that much and some won't sign a 15 years lease. In these situations, a buyout may be the best option. Some solar companies are more accommodating than other when it comes time to transfer the lease. However, others are not. Leasing companies often check credit and debt ratios. In addition, some may require a cosigner.
Cost
The monthly cost of leasing solar panels is typically 100 to 150 dollars. The total cost to lease solar panels is $12,000-18,000. At the end of your lease, you will own the panels. You should consider the costs of solar power before leasing. Although you may pay more long term, you can get a lease for as long 20 years. To determine the cost of solar panels, you can use a solar calculator to estimate the cost.
Maintenance
It is possible to lease solar panels for your house. Lease allows you to get free maintenance for 25 year. If you aren't satisfied with the performance or appearance of your panels, you will only need to pay for electricity. While most leasing companies offer maintenance plans to their customers, they are rarely implemented. You may be eligible for your homeowners insurance to cover the cost of repairs if your panels become damaged by a storm. If your solar panels aren't working at all, you might have to spend a few hundred dollars a month on repairs and maintenance.
Safety issues
Protecting your interests is crucial when considering solar leases. There are many standards and guidelines that can be followed to ensure you get the best value out of your solar lease. These are some of the most important safety issues you should be aware. These safety issues should be carefully considered before you sign a lease agreement. You will be glad that you did. This publication is meant to inform landowners about solar leases and protect them.