Buy or lease your solar panel system?

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Buy or lease your solar panel system?

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Should you buy or lease your solar panel system?
Just like with cars, you have the option to either own or lease a solar panel system.
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Here are some of the key differences between the two options:
1. Incentives
There are many tax credits and rebates available for going solar. If you own your solar panels, you’ll reap all the benefits of these incentives.
It’s different with leasing. The company that you’re leasing from actually owns the solar panel system, so they’re the ones eligible to claim all the incentives, not you.
Non-profits or retirees on a fixed income may decide to lease their panels because of a low or non-existent tax liability. If you don’t owe enough in taxes, you can’t take full advantage of available tax credits, and this changes the economics of owning solar panels.
2. Maintenance
Solar panel systems are durable and require very little maintenance.
That said, maintenance is handled differently depending on if you own or lease your system.
If you own your solar panel system, you’re responsible for its
maintenance. You’ll be covered by warranties from your installer and equipment manufacturers, but will still have to deal with logistics and scheduling in the rare instance that something goes wrong.
When you lease solar panels, it’s the system owner’s responsibility to maintain the equipment and ensure your panels are operational.
3. Overall savings
You’ll save on electricity bills by buying or leasing solar panels, but see greater savings when you own your system. After buying your panels, you’re generating 100% free electricity for 20 to 25 years.
With most leasing agreements, you’ll still have to make monthly lease payments for 20 years. Solar leases typically include annual escalators too, which means that the amount you’re paying increases every year.
Ultimately, how much you’ll pay throughout your lease term is usually more than how much it would cost to buy your solar panels upfront.
With Imminent Solar, you can evaluate your solar ownership versus leasing options when you talk to our solar experts side-by-side so that you can make the best financial decision for your household.

 

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ABN : 14 166 342 249

Imminent Solar Australia Pty Ltd

St; U1 19 Yiannis Crt Springvale Vic 3194

E-mail: sales@imminentsolar.com.au

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