Is Buying a DIY Solar Kit Better than Leasing PV Panels? Posted on 04 Jan 07:30
Are you trying to decide between buying a DIY solar kit and leasing a photovoltaic panel system?
A lease may sound like a great deal — no money down, guaranteed performance and no worries about maintenance are tempting features indeed. Leasing can save you some money on electricity. But unless you own your solar energy system, you won’t see the huge savings of going solar, and it will cost you lots more than installing your own panels.
DIY Solar Kits Are Eligible for Financial Incentives
No doubt you’ve heard of the incredible financial incentives available for investing in photovoltaic power. The federal solar tax credit gives back an impressive 30 percent of your total system and installation costs. State and local rebates, tax credits and grants offer further savings.
These incentives can cut the costs of going solar by 50 percent or more. But you can only claim them if you own your photovoltaic system.
If you lease photovoltaic panels instead of installing a DIY home solar kit, you lose out on these lucrative perks. Instead, the leasing company will get to cash in on the tax credits, rebates and other financial incentives, and you’ll pay more than you have to for your system.
Leasing Solar Panels Can Hinder the Sale of Your Home
Research shows that homes powered by photovoltaic electricity sell faster, and for an average of 20 percent more money than similar homes without photovoltaic panels.
However, this is only the case for home sellers who own their photovoltaic systems. If you opt for a lease instead of going with a DIY solar kit, you may have the opposite experience.
When you sign a lease, you’re committing to 15 to 20 years — or more — of monthly payments. Buyers are turned off by that, and many people with leases find it difficult to sell their homes. In addition, many solar leases are not transferable to a buyer, which means you would have to pay the lease off in order to sell your home.
DIY Solar Kits Are More Cost-Effective than Leasing
Yes, you can afford to invest in a DIY solar kit. Buying may not be zero down, but it is significantly more economical in most cases.
If you lease, you’ll have to make a monthly payment on your system, and you’ll typically still pay a portion of your power bill. But that monthly payment will never count toward ownership. You can finance your do-it-yourself solar energy system, collect the tax credit and other applicable incentives, and own your system outright.
At Solar GOODs, you can charge your DIY home solar panel system to any major credit card. Or consider the flexible financing offered by our partner private loan program.
In any case, you can pay for your purchase over time through convenient monthly payments. You could also cover the costs of your DIY solar power system through a home equity loan or line of credit. You might also qualify for a Title I Home and Property Improvement loan from the Federal Housing Administration.
With the simple and cost-effective approach provided by Solar GOODs, switching to photovoltaic energy is affordable, and investing makes much sense than leasing. To learn more or to begin designing a DIY solar kit to power your home, visit our website today.