For many people looking to save money on rising utility costs and help the planet, it's no longer a question of whether solar panels are worth the investment.
The new and more relevant question has become whether you should buy solar panels or lease them instead. The Energy Professor (@TheEnergyProfessor) explored both options in a YouTube video to help viewers decide which route is best for them.
In the video, The Energy Professor explained that leasing could save you money or cost you more in the long run than buying solar panels outright.
He said that the major advantages of leasing solar panels include the minimal upfront cost and maintenance and repairs covered by the leasing company. People who lease solar panels can also see immediate savings on their energy bills.
However, The Energy Professor pointed out that leasing a solar system requires monthly payments for a period of typically 15 to 25 years. These prolonged monthly payments could ultimately delay your return on investment for having a solar system in place.
If you're looking to avoid high utility costs with solar, check out TCD's Solar Explorer. We're committed to helping you understand your options and connecting you with trusted partners that simplify the solar process and help you save significantly on the installation costs.
"When weighing the decision to lease or buy your solar panel system, consider your long-term financial goals," The Energy Professor said. "Purchasing panels can lead to greater savings over time, thanks to reduced electricity rates and the tax benefits that come with owning your system. However, if the upfront cost of a system is the barrier or if financing options aren't available, leasing might be a more suitable choice."
This expert advice is helpful to people who want to generate less planet-overheating pollution from their homes but aren't sure exactly how to switch to solar. But regardless of how you make the switch, you'll still save money on your utility bills and make your home more resilient to extreme weather and rising energy costs.
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. |
Through our Solar Explorer, you can also learn about leasing programs like Palmetto LightReach to reduce your utility rate by up to 20% and take advantage of soon-to-be-retired federal tax credits.
Additionally, with a solar setup, you can save even more money on monthly bills while using superefficient electric appliances, such as heat pumps and heat pump water heaters. Our HVAC Explorer is an excellent resource for finding an HVAC system that works with your home and budget, potentially saving homeowners up to 50% on energy bills.
"Always review the terms of a lease carefully and consider your long-term energy needs before making a decision," The Energy Professor added at the end of his video to help people choose between buying or leasing solar panels.
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