The number of US homes with rooftop solar panels is skyrocketing. As may American homeowners are warming up to the possibility of installing solar panels for their homes especially in Tampa and other sun-bathed cities, the experts are hopeful that the coming years would be more promising for the solar industry. The U.S. DOE Annual Energy Outlook 2014 and SunShot Vision Study (2012) estimates 900, 000 to 3.8 million homes to go solar by 2020. If you are inspired by the recent surge in embracing the solar power, you have two options. You can either buy the panels or take them on lease. Take cue from your unique circumstances and requirements to decide which path to go. Following are a few things that you must consider:
Why Should You Buy Solar Panels?
One of the most rapidly growing ways to go green in the United States is buying a solar panel system, especially through loans. Going solar can prove to be financially beneficial in the long run, and buying solar energy systems for cash or through loan help in maximizing those benefits. Find out if your state offers a tax credit. Currently, the U.S. government offers a 30 percent tax credit to people purchasing solar power systems. So, if a person’s federal taxes are high enough to qualify for the solar investment tax credit, buying a solar panel system will eventually prove cost-effective as compared to a lease.
The solar loans come with a variety of payment terms, the most popular being zero down payment with fixed monthly instalments. Loan options can be differentiated by evaluating the services that are provided. The best loans offer a system warranty of as long as 20 years along with a performance guarantee. This ensures that the solar panel system delivers services as per expectations. A low interest rate combined with a reasonable time period to pay it off is other factors that you must consider before buying a system on loan.
Why Should You Lease Solar Panels?
Solar leases make solar energy accessible to a wider range of people who cannot buy solar power systems, the reason being they do not qualify for solar investment tax credit due to their low annual tax bill. But they can definitely take advantage of the fact that some other person is eligible for tax credit. They can lease a solar panel system from such a person who avails tax credit so that they need to pay off low monthly lease payments.
Like solar loans, you can also lease a solar power system with zero down payment and fixed monthly instalments. Solar leases also offer service packages that include repair and equipment replacement services, performance guarantees and insurance coverage. Moreover, after a lease term of 20 years, you also have the option to renew your lease agreement, and that too at a discount of 10 percent relative to the average utility rates at that time.
For all the residents of Tampa who are enthusiastic about solar panels for their home, both buying and leasing a solar panel system are excellent options to be energy independent and pay less for electricity bills. If you decide to buy, just make sure that you buy a high-quality and built-to-last system from a trusted provider and select the financing option that best suits you. Recently, more than 70 percent of Florida voters voted a YES for Amendment 4 that seeks to provide property tax breaks for people who decide to choose the solar option for their homes. This is a huge boost to the ongoing solar movement in the state and holds a lot of promise for the growth of this sector in the state.