Buy or rent solar panels

Should I lease or buy a solar panel?

Whether you should lease or buy your solar panel depends on your budget, preferences and long-term plans. We’ll dive into the logistics of leasing versus buying, who each option is best for and what you need to make an informed decision. Leasing solar panels costs less upfront, while purchasing them usually costs more out of pocket.

What is the difference between buying and leasing solar panels?

There are three major differences between buying and leasing solar panels: If you purchase a solar system, either with cash or a loan, you own the system and receive 100% of the benefits that come with it. That includes the 30% federal solar tax credit and any other state, local, or installer incentives.

Can you buy a rooftop solar system in cash?

Solar panels are expensive, and not many people can afford to purchase a rooftop solar system outright in cash. Many homeowners look for solar loans to help them pay off their solar panel purchase over time, while others choose to lease panels from a solar company, relinquishing ownership in exchange for less responsibility — and fewer savings.

How much do solar panels cost?

Solar panels cost $12,600 to $31,500 installed on average. While this is a hefty upfront investment, it provides the most long-term savings. If you qualify for a solar loan, paying for the system over time costs more than purchasing it outright but still offers significant benefits and long-term savings.

Can you sell a solar system if you leased?

Solar lease: If you leased your solar system, there are two main ways you can handle the lease when selling your house. Buy out the remainder of the lease: When buying out your lease, you can either have the panels removed from your roof or keep them there and sell the system as part of the property.

Is buying a house with solar panels worth it?

If solar is an attractive feature to you, buying a house that already has leased solar panels on it could be worth it. However, the process can be a headache. Make sure you’re willing to take on the terms of the lease and deal with the transfer.