A homeowner was intrigued by the possibilities after purchasing a home with leased solar panels. They turned to Reddit for advice to ensure they'd receive the most bang for their buck.
In r/solar, the poster explained they'd pay an effective rate of $0.1488 per kilowatt-hour for electricity thanks to the leased panels — a much more favorable rate than the $0.3229 average for Massachusetts (inclusive of supply and delivery), where they live. They pay $170 per month to Sunrun, which owns the panels, as part of the leasing plan, and they get an annual production of 14,088 kWh, or about 1,174 kWh per month.
They wondered whether they should buy the panels outright to make them their own. "We have an early buyout option with the panels being 5 years old. It seems like that's the smart option for me to take, but would like to get some other opinions as well," they shared.
While the post is from two years ago, the responses just go to show that the old cliche, "The more things change, the more they remain the same," still holds true.
Redditors were split on the best course of action, but they agreed that the homeowner needed to make an informed decision before deciding what to do with their solar panels.
According to NerdWallet, solar panels can boost a home's value by as much as 10%. Given that solar panels can save homeowners at least $3,000 per year on energy while also reducing pollution associated with health conditions like asthma, their desirability is not surprising.
However, even though they provide a long-term financial boost, buying solar panels isn't cheap. That's one reason why solar leasing programs are an attractive option to consumers who want to avoid shelling out tens of thousands of dollars to own a home solar system.
TCD partner Palmetto offers $0 down leasing plans, allowing homeowners to avoid these massive upfront costs while locking them into a low monthly rate to protect them against volatile energy prices.
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. |
One Redditor pointed out a key benefit of solar leasing, writing: "I would not pay off the panels for a few reasons… Right now, the panels are owned and maintained by SunRun. Most of the time, if you purchase them, the maintenance is on you. Are you a solar tech?"
When you lease through Palmetto, you'll also have peace of mind knowing its experts will be with you every step of the way, from solar design and project management to maintenance.
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Which of these factors is the biggest obstacle preventing you from getting solar panels? Click your choice to see results and speak your mind. |
The upfront cost 💰 However, leasing solar panels may not be for everybody. "Depends on the price but buying out is usually a [good] idea in the long term," another Redditor said while offering their take.
Palmetto's handy leasing vs. buying breakdown can answer additional questions about the pros and cons of each. If you're interested in buying but don't know where to start, EnergySage can provide you with easy-to-compare solar quotes and connect you with trusted installers.
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