Buying, Financing or Leasing Solar
Acquiring a solar system for your house is a lot like buying a car. Depending on your financial situation, your decision process may vary. You just need to understand the ramifications of each type of purchase. There are several ways to purchase solar; using cash, financing a loan, or leasing. Each has its pros and cons. Purchasing a Solar System with Cash Pros : Like any purchase, paying cash is usually the cheapest in the long run. You won’t pay any interest, and there are no monthly payments. If you have $15,000 – $25,000 sitting idle in a savings account, you can buy a solar system. Instead of earning interest on your savings, your “return” will be in the form of reduced electric bills. You may be able to offset a $200/month electric bill which equals a “return” of $2,400 / year. This is a great option if you know you will be selling your house. The addition of solar panels may empower you to sell your house for more money. Cons : You spend a lot of money. At the end o