Leasing Solar Panels Reddit

They basically build a system on my house and sell back the electricity cheaper than the electric company would.

Leasing solar panels reddit. If you buy a solar panel system you own the system either outright if purchasing with cash or after repaying your solar loan. Your solar lease payment will remain the same regardless of how much electricity your solar energy system produces. Advantages of leasing solar panels. My question if i do not have the extra cash to pay for a system or finance one doesn t it still make sense if i can reduce my electric cost by 40 50.

65 votes 67 comments. Solar technology is perhaps the greatest development of the modern age. In july your solar panels eliminate your entire electric bill because of net metering. Improvements to designs and cost reductions are happening rapidly.

Buying solar panels requires an investment and more decision making than leasing but over the long term the benefits of owning your system are hard to beat. They have to meet onerous credit requirements and make payments on the remainder of the lease term often 10 20 years. For example let s say your original utility bill before leasing solar panels was 150. 10 year loan 30 371 00 with a 6 49 interest rate 42 054 12 with.

Solar leasing and ppas account for over half of this total and there are some excellent reasons why solar leasing has. 17 2015 says that potential buyers may be frightened by an existing solar lease on a home. The little i know about solar is that the free solar lease programs are not free. We just looked at a home with a solar lease and decided not to buy the home based off of the terms of the solar lease.

The main practical distinction between buying and leasing a solar pv system is in ownership. If you plan to sell the house the panels are installed on the new homebuyers will be required to transfer the lease into their name a credit check is required or you or them will need to pay to break the solar lease early. The cost would have been a prohibitive 12 000 so she signed a deal to lease part of her roof to a solar power. If you re interested in solar energy you aren t alone.

From 2015 through 2017 homeowners in the united states installed 6 909 gigawatts worth of rooftop solar panels which was double the amount added in the previous 10 years 5. If you lease the system or sign a power purchase agreement ppa a third party owns the solar panel system. Discussion of solar modules solar energy solar power solar heating pv off grid systems and more. The washington post article why leasing solar panels may not be a good idea if you re planning a home sale nov.

Best ways to pay for your panels cash.