Solar Panels: The Decision
Should I lease my solar panels? Drive around New Braunfels today and you will see solar panels everywhere. In terms of making the move to go solar, you’re pretty much sold, along with 2.5 million other homeowners in the US, and it makes sense:
- They last for 25 years or more
- They can offset most or all of your electricity bill each month
- The savings add up quickly, $150 per month on your electric bill over 25 years will cost you over $65,000
Investing in solar today, and avoid a future of bills that will continue to increase.
You may get sticker shock when you see that it can cost around $25,000 to install solar panels on your home, but it may still make financial sense because of the potential long-term savings. Your investment could pay off by significantly reducing or even eliminating your power grid usage.
Let us share the pros and cons with you.
However, the path to purchase is less clear. We’ve broken down some of the benefits of financing or purchasing your solar panels outright for you.
Leasing: Simplicity through financing
The cost to lease solar panels for your home is so low that you will end up paying less than your current utility bill, even if your panels don’t offset 100% of your utility bill. Unsurprisingly, 72% of the people who installed residential solar systems since 2014 have leased their panels.
NO WORRIES ABOUT MAINTENANCE
When you lease your panels, you are covered in case anything goes wrong during the term of the lease. Choosing to lease also means that you do not have to pay any upfront costs.
OWN YOUR PANELS:
On the other end of the spectrum, some people choose to purchase their solar panels outright, without financing.
Firstly, the person who pays upfront will receive a 26% tax credit firsthand, thanks to the Solar Investment Tax Credit policy by the federal government. In 2020 alone, the tax credit extensions have caused an increase of 54% in solar installations across the U.S.
The number of people that own their own solar has increased across the country, and has resulted in a tax credit decrease from 30% to 26%, and it will decrease further (to 22%) after 2022.
Unlike leasing, owning solar panels sets you free from your utility bills. You pay almost nothing to your electricity provider, except when your panels do not offset the energy you use, likely in the winter when there is less sun, or in the summer if you have a very high usage day.
YOUR SOLAR PANELS
After owning the solar panels, you do not have to worry about your lease when you sell your home, and can include it as an added bonus when selling. For potential buyers, solar panels are an amenity that will be more and more enticing as clean energy becomes the expectation.
FACT: Houses with solar panels see a 4.1 percent increase in value (claimed by Money.com).
Solar panel installation costs have decreased by 80% since 2000, with the efficiency being increased at a similar rate. When you add in the Federal Solar Tax Credits, going solar seems like a no brainer.
YOUR CHANCE TO MAKE A DIFFERENCE
At Texas Powered by Solar, we strive to expand renewable energy access for all the homeowners like you. With our innovative approach, we hope to get solar on every rooftop in Texas.