Which is a better way to acquire solar panels: Buying or leasing?
Do you want to install solar energy in Kansas City? Do it! This is the perfect time as converting to solar power has never been more affordable and easier. You may be confused on how to meet the expenses. Evaluate all your needs and objectives before coming to a decision.
Leasing a solar system might be the best option if you do not want to spend more on the utility bills with little or no upfront costs. Also, it requires less decision making. However, on the long term the overall benefit of buying solar panels in Kansas City surpasses that of leasing. People who lease solar panels are missing the federal tax benefits and regional incentives. Therefore, they would save less than what those who own this system. Studies show that, you could save $20,000 over 20 years if you lease and as much as $60,000 by buying the system. But if you do not have enough money to pay for the solar installation right away, use financing options. This option comes with less interest which is tax deductable.
By leasing, you can avoid the responsibility of maintenance and repairs. But it is important to note that solar panels require minimal maintenance and they are not damaged easily. Besides, home owners are finding it more difficult to sell their home with a solar lease. On the other hand, owning solar panels increases the market value of your house.
However, determining what is best for your property depends on various factors. Analyze all these factors before reaching a conclusion.