Solar panels are one of the best investments that will give you guaranteed returns. You will save a lot on your energy bills. There are essentially two options. You can either buy and install solar panels in your residence. Else, you can lease those solar panels to generate electricity for your residential usage. To get precise information about the basics, look for How Solar Panels Are Built To Function In Real World. If you are confused to make this decision, below discussed are some of the significant comparisons between the real cost of leasing vs buying solar panels.
1. Initial Investment:
Are you looking to install solar panels in your residence for a long period of time? If the time of the investment is greater, then the best option is to buy solar panels. In the longer run, you will benefit a lot from these owned solar panels. On the other hand, if you want to give solar panels a short try, then you shall lease the same. Initially, if you are not in a condition to pay an amount to buy solar panels, you shall generate and use energy by leasing solar panels. Explore more about how to install solar power systems and make a smart investment.
2. Cost of Maintainance:
The task does not get completed after buying solar panels. To ensure that those solar panels generate a similar amount of electricity even after a certain period of years, you shall maintain the same. If you are buying solar panels, then you shall take the effort, time and cost for maintaining the same. Make sure you consider these additional costs while buying solar panels. While if you lease solar panels, you will not need to spend any extra amount on its maintenance. The energy company you are associated with will take care of all the maintenance-related tasks.
3. Incentives & Tax Benefits:
Since generating energy from solar panels is sustainable and economically beneficial, the local government looks forward to promote people to install the same in their houses. To make this happen, there are certain kinds of incentives provided to citizens. However, you will be able to benefit from these incentives as well as tax benefits only if you own solar panels. They might not be applicable to the ones that are leased. This is the reason why you shall look forward to buying the same. These incentives and tax benefits will also help you to recover the buying prices and make a good return on your solar panels. Once your house becomes energy-efficient, you will become eligible to enjoy the benefits of several tax exemptions and incentives.
4. Lesser Return on Investment:
When thinking about solar panels, we expect high returns in a certain period of time. With a lot of effort and patience, you might not get a high return on investment for your solar panels if you take them on a lease. On the other hand, you will be able to achieve a good return on investment when you have bought solar panels. Within a period of years, you will enjoy almost free-of-cost energy in your residence. This will make your investment worth it and serve you for the long term. Therefore, if possible, you shall avoid leasing solar panels. Make a proper investment by buying a solar panel to get a high return on investment in the future years.
5. Resale Value:
Once your period of lease for solar panels is completed, you will expect nothing in return. It will only give you a small percentage of profits. However, if you have bought solar panels, you will own the entire setup. Even if you wish to sell the same in the future, you will get a good price for the same. If those panels are functional as well as well maintained, you will be able to sell the same at a good price. Therefore, solar panels do not only give you a good return while they are installed. When you decide to sell them, they will give you a good portion of your initial investment. This will only be possible when you own the entire setup and set of solar panels.
6. Reselling Property:
If you decide to sell your house in the future for any reason, solar panels should not hinder the process. When you have solar panels installed on the roof of your house and if they are the ones that you own, the value of your house will get boosted. More buyers in the market will want to purchase a house that has solar panels installed. This will be a positive point and an area of attraction for reselling your property. You can also buy Solar panel insurance to keep the entire system protected and functional. But if you have solar panels that are leased, your might face a lot of problems while selling your house. If the period of the lease is not over yet, buyers will hesitate to buy that property. This is because most of the buyers will prefer avoiding hustle-bustle and confusion related to the lease of solar panels. You will have to rethink the investment and might have to compromise on a small return. Therefore, to ensure that solar panels are helpful and a positive point for you to resell the property, you must prefer buying them instead of leasing them.