Not sure if buying or leasing solar panels is right for you? Two energy experts have broken down how investing in solar panels may be a wise financial strategy — and Palmetto can help you calculate how much you may be able to save if you make the leap.
Those in the know recognize that solar panels are one of the best ways to drastically reduce energy bills, boost home values, and reduce toxic, asthma-linked pollution.
So it's no surprise that residential solar installations have hit record highs for five consecutive years, according to the Solar Energy Industries Association.
Understanding your return on investment is one way to determine whether buying solar panels is the best course of action. In short, this comes down to your solar payback period, or the point at which your energy savings outpace your initial investment.
"After this point, you can then see the returns each month in reduced energy bills. You could have years of returns after the solar payback period as home solar panels have an expected lifespan of 25 years or longer," the energy experts explain.
However, they caution that "overpriced systems and those in unfavorable markets may have payback periods that are too long to make solar panels worth it on a financial basis."
To calculate your ROI, you'll need to determine your project expenses, installation and financing costs, estimated electricity production and local rates, and other relevant factors. While all of that information may be enough to make one's head spin, an ROI calculator can simplify the process, and Palmetto can help you figure out how much you'll save by going solar with them.
For some, buying solar panels is prohibitively expensive. That may be especially true if their projected ROI isn't as robust as they'd like. That's where Palmetto can help. Its LightReach leasing program can get you the power of solar with little to no upfront cost.
Save $10,000 on solar panels — or get them on your roof without paying for purchase or installation Whatever your solar budget, Palmetto can help you save. If you want to buy your own panels, Palmetto's concierge 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. LightReach lets you lease solar panels with no money down, making it painless to lock in long-term savings. Palmetto covers a 25-year warranty for the panels, which means you'll get reliable performance without unforeseen costs. To get started, just answer a few basic questions about your home and connect with Palmetto's experts to find the option that's right for you. |
Palmetto will handle solar design, permitting, project management, and maintenance, and you'll lock in a predictable monthly payment that will stay stable even if electricity rates rise.
Palmetto offers free resources to help you further explore whether buying or leasing is right for you. For those interested in buying, EnergySage can connect you with vetted installers so you can receive easy-to-compare estimates and quotes — all at no cost to you.
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The cost 💰 Meanwhile, the energy experts offered another insider tip: Electrifying your home will help maximize your ROI. This could include upgrading to a heat pump to save on heating and cooling costs. Mitsubishi can help you find a heat pump at an affordable price.
"The more of your home appliances and systems that can be run on electricity from your solar panels, the less you'll pay on gas, propane, and electric utility bills," the experts wrote.
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