Leasing Versus Owning Solar Panels
How much does that solar lease actually cost?
Until the recent law changes in the Louisiana Legislature, solar leasing seemed to be everywhere and it looked like a great bargain compared to the traditional model of purchasing of a solar system. Due to customer complaints, cheap Chinese equipment from disreputable companies and a litany of other issues, Louisiana has amended their laws to greatly reduce and/or eliminate the solar leasing industry over the next couple of years.
In the meantime, there will still be solar leasing companies trying to sign as many leases as humanly possible so they can cash in on the homeowner’s solar tax credits. Once the leasing incentives start to disappear, you shouldn’t count on a lot of the leasing companies to be around to service and maintain your leasing equipment over the next 20, 10 or even 5 years from now.
But what does a solar lease actually cost when compared to purchasing a system?
First, you don’t own a leased system. It is someone else’s property and you will most likely have liens placed upon your home for the duration of the lease. This poses a problem if you intend to sell the home. The liens will encumber the property and they don’t add as much value to the home as a purchased system. The leasing company can access your property at any time and even remove the system if they deem you in default. Unless the potential buyer agrees to take over the lease, with leasing company’s approval, you may not be able to sell.
Second, we’ve run the numbers and we would love the opportunity to go over them in detail with so you can see for yourself how bad a deal the leasing companies are actually offering. The long and the short of it is that when you compare that $37 per month lease, put together with cheap Chinese components, and a balloon payment at the end of the lease term, it will cost you almost double the price of a higher output and more reliable American-made system installed by Sunlight contractors.
SOLAR PANELS AND ENERGY EFFICIENCY
Renewable solar panel energy is a great way to help offset your energy costs while our home energy audits and commercial energy audits help make your home or business as energy efficient as possible. Sunlight Contractors offers many services dedicated to commercial and home energy efficiency in New Orleans, Baton Rouge, Lafayette, and all of Louisiana.