If you have done your research on getting solar panels for your home in Orange County, CA then you would probably agree that the biggest question to be answered is whether to lease or buy.
Well in this article we are going to cover some of the pros, and cons of each in an effort to help you make the best decision for you and your families future.
Whats Below :
- To Lease Or To Buy That Is The Quesion
- Benefits of Leasing Your Solar Panels
- Benefits Of Buying Your Solar Panels
Lets dig in !
For most people considering whether or not they should go solar the solar cost in Orange county is going to have a big impact on their decision making process. While most people are aware that solar power helps the environment, and most people care about this, the fact is that money is often a primary motivating factor on deciding whether they want to have solar panels installed or not. If you are in considering going solar, and you are using the financial benefits of doing so as your primary motivation, don't feel too badly about it. Money makes the world go round and anytime you can do something that is beneficial to the environment and also benefits you financially that's what most people would call a win win scenario. When looking at solar panels there are a lot of different things you need to keep in mind that will affect you financially when you are making your decisions. You have to decide if you want to lease or buy, you need to look at what type of warranty your panels come with, and you also need to look at what kind of impact your decision will have on you financially on a monthly and long term basis.
Should You Lease Or Buy Your Solar Panels?
The biggest decision you will have to make is whether or not you want to lease your solar panels or if you want to buy them. It's important that you take your time when making this decision because whether you lease or you buy you are going to be committing to either a lease or purchase plan for the next decade plus. So that last thing you want is buyer's remorse because you won't be able to go back and change your mind after the fact. If you are financing and buying your solar panels then you have to treat this like any other kind of loan, which means defaulting on it will have a major impact on your credit and your finances. If you are leasing your solar panels then in most cases the only way to break that lease is to pay it off, which can also be a huge financial hit. The point here is that you want to make the right decision.
The Benefits Of And Cost Of Leasing Your Solar Panels
When you lease your solar panels you will generally pay less per month to the solar company than you would if you purchased them with a finance agreement. This may not be a huge amount of money each month, but over time it can add up. On top of that when you lease your solar panels from a company you won't be responsible for any maintenance or repair work that needs to be done to them. While solar purchase plans usually offer a long term warranty, that warranty is not foolproof and it's possible that you will end up having to pay a lot of money out of pocket to repair any major flaws or damage to the panels. So if your primary goal is to reduce the amount of money you pay each month for electricity, and you also want to avoid being financially responsible for any damage to the panels, then leasing may be the best option for you. You also need to keep in mind that the money that you used to pay the electric company for power will now instead be going to your lease. The combined amount you pay on your lease and your electric bill should end up being lower over the course of the year when compared to what you would have paid the electric company. The bottom line here is that if you want to save a little money each month then leasing your solar panels is your best bet.
The Benefits And Costs Of Buying Your Solar Panels
When looking at the solar cost in Orange county many people are more than a little put off when they see what the total cost of a solar panel and power system will be for their home. In many cases in order to cover all of the power needs for your home you will end up paying $30,000 or more. But before that number scares you away you have to remember that you don't have to pay that amount up front, it's going to be paid in monthly payments for the next 20 years. You also have to remember that the amount of money you pay to the electric company will also be significantly reduced compared to what you are paying now. In fact the combined payments you make for your new electric bill and solar panels should come out to be a little bit less than you are paying now for just electricity. So you will be saving a little money, but you won't save as much money as you would with a solar lease. While you won't save as much on a monthly basis what you will do is come out better in the long run. Once you finish paying off your solar panels at the end of 20 years you will then be able to enjoy free electricity from that moment onward. So if you are looking at long term financial gains when looking solar cost in Orange county, then purchasing your panels is your best option.
Whether You Lease Or Buy Your Solar Panels You Will Enjoy Financial Benefits
Unfortunately your electric bill isn't going to go away, that is unless of course you own your own solar panels. Not only will your electric bill not go away, over time as the power company continues to raise their rates your bill will go up. The only way to combat this is to lock in the amount you are going to pay for electricity long term by either buying or leasing solar panels. In either case you will have a monthly payment that you make to the solar company that will stay the same forever. So as other people pay more and more for power your bill will remain the same. On top of benefiting you financially going solar is also good for the environment, which is another plus. So when you decide that solar is the best option for you do yourself a favor and weigh your options before making a final commitment.
You can find more great articles on solar coverage here > Solar Panels Orange County