At My Generation Energy, we believe that when you go solar, you should own your system outright. When considering residential solar, there are several factors to consider. Here are six reasons why purchasing residential solar can be advantageous compared to leasing:
1. Long-term cost savings: Purchasing a solar system allows you to take advantage of long-term cost savings. While the upfront cost may be higher, you can potentially eliminate or significantly reduce your electricity bills over the life of the system, which is typically 25 years or more. In contrast, leasing often involves monthly payments that may not result in the same level of savings over time.
2. Return on investment (ROI): By purchasing a solar system, you become the owner, and any electricity your system generates becomes essentially free once the system pays for itself. As utility rates continue to rise, your return-on-investment increases over time, and you can potentially recoup your initial investment in as little as five years and start saving money sooner.
3. Increase home value: Installing a solar system can increase the value of your home. Many homebuyers are attracted to properties with solar panels due to the potential for lower energy costs. According to various studies, homes with solar installations tend to sell faster and at higher prices compared to non-solar homes.
4. Tax incentives and rebates: Purchasing a solar system often makes you eligible for tax incentives and rebates, which can help offset the initial cost.
5. Ownership and control: When you purchase a solar system, you have full ownership and control over the equipment. You can decide on the type, size, and quality of the system, and you have the freedom to customize and expand it as needed. With a lease, you are essentially renting the equipment, and you may have restrictions on modifications or upgrades.
6. Flexibility and independence: Owning a solar system provides you with flexibility and independence in managing your energy production and consumption. You can generate your electricity, reduce your reliance on the grid, and potentially become energy self-sufficient. Leasing, on the other hand, may come with contractual obligations and limitations that restrict your options.
Are you thinking about installing solar? My Generation Energy has been installing the highest quality solar design and installation on Cape Cod, the South Shore, South Coast and Greater Boston area since 2008.