Electricity bills are rising and are likely going to continue to increase. With gas, groceries, and other bills fluctuating and increasing alongside them, it's pushing Americans to think more about their budget and how home upgrades could minimize their monthly costs.
One of the best ways to decrease monthly costs is by installing solar panels. Solar panels can be a big investment upfront, which is why leasing is an option in many areas. But leasing may not come with all of the benefits homeowners want.
A representative from Solar Surge (@unitedsolarsurge) offered their advice for those debating leasing versus buying solar panels in a video on TikTok.
@unitedsolarsurge Buying Vs Leasing Solar Panels? ☀️ #solarpanels ♬ Morning with U - Tollan Kim
"What you're potentially gaining with a lease is little or no money down and a low monthly payment," the representative said. "What you're giving up is control of the specific equipment. If you want to upgrade or modify the system in the future, generally you're going to be contractually excluded. You're also giving up the tax credit. If you have high taxable income and you need that tax credit to offset income, then a lease is generally not going to be the right option for you."
After watching the video, one commenter shared their decision. "I would rather purchase than lease."
Solar panels can save you an average of $1,500 annually on your household electricity bills as well as reduce your household's carbon footprint and contributions to planet-heating pollution.
If you're looking to compare installation services in your area, it's recommended to use a TCD-vetted service such as EnergySage to help you compare quotes, potentially saving you up to $10,000 on your install.
If the fees to purchase solar panels are not in your budget, Palmetto's LightReach program offers leasing services, which can save you a lot in upfront costs. If you're looking to further compare purchasing to leasing, Palmetto offers a comparison list, so you can decide what's best for you.
Other swaps, such as induction stoves and heat pump water heaters, can greatly reduce your household's energy bills and get you closer to a net-zero home.
When you upgrade your home to more eco-friendly appliances and energy sources, not only does your home become more climate-resilient, but you also set up your home for a stronger resale value. Making the switches provides peace of mind, knowing that your household leaves a lower environmental impact.
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What's the biggest factor stopping you from investing in solar panels? Click your choice to see results and speak your mind. |
The cost 💰 
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