It's no secret that installing solar panels is one of the best ways to save on your utility bills and protect yourself against rising energy prices.
But what a lot of people don't know is that you don't need to own a solar power system to enjoy these benefits. Leasing solar panels is a better option for many people, and the experts at Palmetto broke down the differences.
If you're not sure what's best for you, TCD's Solar Explorer is a useful resource to help you understand your choices and save when going solar.
To put it simply, owning solar panels will yield greater long-term savings. And, as the experts at Palmetto noted, the federal solar tax credit is going away at the end of 2025, which may prompt some prospective buyers to make the purchase now. But owning still requires a sizable upfront investment, and you're responsible for maintenance and repairs over the life of the panels.
On the other hand, if you lease, there is generally no money down for installation, and the leasing company, because it owns the panels, is typically responsible for maintenance and repairs. You are only required to pay a flat monthly rate. Because you're essentially renting the panels, you aren't eligible for any available tax credits, but the leasing company may be, and that could turn into savings for you in the form of a lower monthly rate.
Leasing can be a great option for anyone who doesn't have the cash available to cover the upfront investment of buying solar panels or can't secure a loan.
If you're considering going solar, TCD's Solar Explorer can connect you with trusted partners that can simplify the process with concierge-level service. They can help you save up to $10,000 on installation by curating bids from vetted local installers, and they'll provide subscription options with no money down for homeowners working on a budget.
One such subscription plan is Palmetto's LightReach leasing program. It can cut your utility rate by up to 20 percent and currently allows you to take advantage of tax credits via lower rates.
Get $1,000 cash to slash your bills with rooftop solar panels for $0 down and low monthly payments Whatever your solar budget, Palmetto can help you save. If you want to buy your own panels, Palmetto's advisors can help you save up to $10,000 on installation through a network of preferred installers. And if you'd rather get solar savings without upfront costs, Palmetto's revolutionary LightReach subscription program can deliver — including an exclusive $1,000 cashback offer for TCD readers. LightReach lets you lease solar panels with no money down, making it painless to lock in long-term savings of up to 33% off your current power bill. Palmetto covers a 25-year warranty for the panels, which means you'll get reliable performance without unforeseen costs. To get started, just book a short meeting with Palmetto's experts to explore your options and find the solution that's right for you. |
Pairing solar panels with energy-efficient electric appliances, such as heat pumps, can save you nearly $400 a year. Mitsubishi offers a service that makes it easy to find the right heat pump and installer for your home and budget.
All in all, it seems a menu of options is key to expanding consumer access. With more possibilities out there, the chances are increasing that a homeowner will find a choice that's right for them.
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If you don't have solar panels on your home, which of these factors is the biggest barrier to installing them? Click your choice to see results and speak your mind. |
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