Are you thinking about installing a solar power system at your Oregon home?
Leasing a rooftop solar array may seem like a smart way to make the switch to photovoltaic power, particularly if you’re strapped for cash. No money down, promises of major savings on electricity – those are tempting features.
However, solar leases come with several disadvantages, and buying a home PV system is a wiser move. Here’s why.
Leasing Won’t Slash Your Monthly Home Energy Costs
Sign a solar lease, and you should see a massive drop in your monthly electricity bills, right? Not exactly.
In most cases, leasing companies sell energy to homeowners at a reduced rate. Your solar power system could generate the equivalent of, say, $100 in electricity each month, but that’s not how much you’ll be saving. While your bills will be a little lower, most of the extra savings will go to the leasing company.
Leasing Makes You Ineligible for Solar Power Incentives
You may have heard that Oregon homeowners who install rooftop solar arrays can benefit from lucrative financial incentives. That’s true, but not if you opt to lease.
Go with leasing, and any of the savings you could pocket – including the federal solar tax credit and local rebates – will go directly to the leasing company. These perks are provided to owners of home PV systems, and if you aren’t buying, you won’t be able to cash in on these solar power incentives.
Leasing Creates Problems if You Sell Your Oregon Home
A solar lease typically lasts somewhere around 15 to 20 years – and if you want to sell your home before the agreement ends, you’re not going to have an easy time.
Sure, someone else could take over your lease, but finding a willing buyer who has excellent credit may prove to be impossible. Your only other option would be to buy out the remainder of your contract, and contrary to common belief, paying the leasing company a large sum won’t make you the owner of the rooftop solar array.
Can You Buy a Solar Power System with No Money Down?
Actually, that’s entirely possible – leasing isn’t the only way for Oregon homeowners on tight budgets to adopt photovoltaic power.
Some solar lenders don’t ask for down payments, and photovoltaic contractors frequently offer affordable financing plans. If you qualify for a secured or unsecured loan, you can take ownership of your solar power system and take advantage of all the rewards, all for little or no cash down.
When you’re ready to make the switch to photovoltaic power, it really pays to learn about all of your financing options. The professional team at Nationwide Solar can tell you everything you need to know – and, we offer a zero-down finance plan for qualified Oregon homeowners. For more information, or to schedule a free solar power consultation and project estimate, contact us today.
