should you buy or lease your solar panel system? you already know that choosing solar has significant financial returns and environmental benefits, but there are questions you have to answer before you start to see your reader run backwards. most importantly how will you finance your system there are solutions for every budget.
Are Solar Panels Worth It, there are two main financing options available when installing a solar energy system. you can either buy the system like buying a house or at lease the system from the owner like renting an apartment. both have benefits.
buying your system is the best way to maximize your financial savings and returns. all the savings come straight to you. you can save between 40% and 70% over the lifetime of your solar panels. buying your system yourself usually costs between $10,000 and $20,000 after tax breaks and incentives. if you don't have that kind of capital, many lending institutions around the country offer loans that are specific to going solar. with loans, you can own your system with zero money down. if you own your solar panels, you can take advantage of the itc, a federal tax credit that helps people pay for solar projects. the itc lets you subtract 30%
of the cost of your system from your tax bill. if your tax bill is smaller than the value of the itc for your system, leasing can be a great option. leasing is also ideal if you don't want to pay the upfront costs or take out a loan or if your credit score is below 650. when you lease your system, you sign an agreement with the company that owns the solar panels. in exchange for a set monthly payment, they install the panels on your property for you to use and you enjoy the electricity produced for the length of the contract. solar panels are very durable and require little to no maintenance during their 30 year lifespan. however, if you're worried about maintenance a solar lease might be a better option for you.
the company that owns the panels will be responsible for any repairs and they'll come out and give you a hand. now you know the different benefits of buying and leasing your solar energy system. learn about financing options, solar equipment and more at energysage.com find out how much solar can save you! the energysage marketplace helps you get quotes from multiple, prescreened installers. it also provides you with apples-to-apples comparisons to make it easy for you to evaluate each option, including financing, and choose the best quote for you. got more questions? we've got the answers on energysage.com
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