A Southern California homebuyer's quandary left them asking Reddit for advice on whether to lease or buy solar panels.
As detailed on the r/Solar subreddit, the original poster was purchasing a new-construction home that includes solar panels. The builder gave the homebuyer the option of either purchasing the panels outright, with the cost rolled into their mortgage, or leasing them.
"$17k purchase vs $90/month lease — Need Real Opinions!" the homeowner said. "If I buy, I'd own the panels … and add some home value. If I lease, it's a lower monthly cost and no maintenance, but I'd never own the system and can't claim the tax credit."
This type of question is common among homeowners who want to go solar, and it's why we at The Cool Down have introduced the TCD Solar Explorer. This portal helps you understand all of the options available while also connecting you with companies that can help you save money.
Going solar allows you to generate clean energy at home, reducing your reliance on the grid while lowering energy bills. But as the debate in the comments of this thread highlighted, there is no singular answer on whether a homeowner should buy or lease their panels.
Buying solar panels results in more long-term savings and flexibility. But leasing panels, such as through Palmetto's LightReach program, can lower your utility rate by up to 20% and take advantage of federal tax credits, all with little to no down payment.
This is where the Solar Explorer shines. It connects you with companies that simplify the solar process with concierge-level service. If you choose to buy, our partners, like EnergySage, can help you quickly and easily get quotes from local, verified installers, and save up to $10,000 on installation costs. If you choose to lease, the Solar Explorer will connect you with companies that offer plans with $0-down subscription options.
Once you install solar panels, you can truly unlock their potential by pairing them with other electronic appliances and bringing your energy costs down even further. An energy-efficient heat pump is a perfect example, and TCD's HVAC Explorer makes it easy to find the right installer for your new HVAC system.
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. |
In this case, many Redditors said the decision of whether to buy or lease could come down to whether the work would be completed in time for the homebuyer to take advantage of the federal solar tax credit, which expires at the end of the year.
"Buying and getting the tax credit is clearly the financially superior option," one commenter wrote. "Of course, if there's a delay and the panels aren't installed by EOY you might be out of luck there."
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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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