Leasing vs Buying

When considering installing solar panels in Baltimore, Maryland if any different decisions to make but foremost a key part of the process is to decide between buying solar and leasing solar. By leasing a solar panel system you can completely offset any cost associated with installing maintaining or repairing the system. However, this system will never be yours and you could be obliged to keep using it for anything up to 25 years. Instead of buying solar systems result in you completely owning the equipment and you have the key advantage of it increasing your property value.

Talk to local solar panel experts and discuss the option of buying solar versus leasing solar, but before you do that, we’ve asked a panel of experts to explain the difference between these two options and discuss the advantages and disadvantages of each. This article helps you decide which method of acquiring a solar panel system suits you.

There are a wide variety of commercial and residential solar installation companies in Baltimore Maryland and they’re ready to help you take advantage of solar paneling and how it can help you’re home or business significantly offset much of the energy costs you pay for each year.

Buying solar in Baltimore

Even though leasing Solar systems is becoming increasingly popular, the vast majority of people choose to buy solar instead. This involves property owners paying the cost of installation and maintenance and repairs for the solar system to choose. The major advantage of buying solar over leasing solar is that you will completely own the solar panel equipment and be able to take full advantage of any incentives infusing available tax credits. Once the system is installed, you may become energy neutral and reduce your dependency on the electricity of it to zero. You also have a wide variety of different ways that you can go about buying solar you can choose to take out a solar loan or pay for everything in cash.

What are the advantages of buying solar?

  • You can make significant savings on your electricity bills
  • We know solar panels increase the overall value of properties as we reward new owners to purchase
  • There are many tax incentives and grants available when buying solar.
  • The entire system is yours

What are the disadvantages of buying solar?

  • It’s fine all the incentives the upfront investment is still significant
  • he also has to factor into account maintenance repairs and upgrades into your budget
  • your property insurance is likely to increase as your solar panel system will now need to be covered too

Leasing solar panels in Baltimore

More people are turning to the option of leasing solar systems as they kind of forward the significant upfront investment needed when buying a solar. Pick up the phone and talk to a local solar leasing company in Baltimore, and they will discuss the ins and outs of installing a list solar panel system. I need your advantage of this is that you don’t have to worry, but the leasing company covered any upfront costs and all repairs and maintenance costs. Unfortunately, you don’t own the electricity that’s generated, but you get the option to purchase it back at a much-reduced price. Even though you gain a significant advantage of not having to pay for the solar system and your average monthly electrical bill will dramatically decrease, they tie you into a 25-year agreement on average. This means for the length of your contract you are subject to its terms and conditions this could include a price inflation escalator which means any savings you make at the start could be eliminated.

On top of this if you’re interested in selling your property in the next 5 to 10 years to get out of here lease agreement you’ll have to pay significant penalties the only way to avoid this is to convince anyone who’s purchasing the property to take over your soul release agreement. This is a significant problem that comes with leasing solar panels. However, if you have no intention of selling your property, you can avoid all maintenance and repair costs and still take advantage of cheaper energy prices simply by leasing solar panels instead of buying solar.

What are the advantages of leasing solar in Baltimore?

  • You don’t have to worry about any repair maintenance or upkeep costs as you’re leasing solar partner covers
  • you don’t all upfront installation costs are covered by releasing Solar company
  • you can take advantage of much lower electricity prices

What are the disadvantages of leasing solar in Baltimore?

  • you just having money at the incentives that are available to residents of Maryland including up to 26% tax credits
  • They may tie you into a 25-year lease agreement
  • Selling your property is more difficult when you got leasing solar agreements attached
  • you also have to put up with solar paneling company employees looking for access to your roof to do maintenance and repairs
  • Your property value will not increase as it would with buying solar

Final thoughts

When you’re comparing the advantages and disadvantages of leasing solar and buying solar systems, the final decision usually comes down to money. If you can afford the significant upfront costs of buying solar panels, it makes more economic sense to purchase your system and take full advantage of the pros of owning the system over just leasing it.

However, if the upfront costs are something, you simply can’t afford you might lease the system and then you get the advantage of lower energy costs without the worry of significant upfront fees for installing solar panels

One thing we know the most practical way to install solar panels in Baltimore, MD is to go down the route of buying solar. The investment will open you up to significant incentives, including tax credits and the potential for your property to substantially increase in value. You can also take advantage of no-interest solar loans from many financial institutions, meaning you don’t have to worry about any significant payment of front when you’re buying solar panels.

If you have questions regarding buying v leasing solar systems in Baltimore MD, contact one of our team today to discuss your options.