//Should You Buy Or Lease Solar Panels?

Should You Buy Or Lease Solar Panels?

Get The Facts & Get The Power!

Every year, Southern California gets nearly 300 days of sunshine. In addition, utility bills in the area are rising faster than almost anywhere else in the United State. The rate homeowners in Southern California will pay for electricity is expected to increase by nearly 80% in the coming years.

It’s not surprising that homeowners are getting fed up and looking for a better solution. The answer? Solar power. Here at Inter Faith Electric & Solar, we’ve installed solar panel systems on thousands of homes in the area. We routinely help homeowners take back the power from the utility companies. You can save 66% (or more!) on your monthly electric bills. In fact, many of our customers don’t even pay an electric bill anymore!

If you’re thinking about solar panels for your home, congratulations: you’re already on the road to energy independence. But don’t be fooled by other solar companies who offer to lease solar panels.

Buying solar panels for your home is always a better decision than leasing them. In today’s post we’ll bust a few of the most common myths about leasing solar panels.

MYTH: You Can’t Buy Solar Panels With Bad Credit

Buy Panels With Bad Credit

Many homeowners believe that if they don’t have great credit, they have no option but to lease solar panels. This simply isn’t true.

At Inter Faith Electric & Solar, we work with homeowners with both good and bad credit. No matter what your credit score, you can own your solar panels outright.

We work with trusted lenders to provide financing options that can fit any budget. Our rates are as low as 2.49%!

MYTH: Buying Solar Panels Requires a Huge Down Payment

No Down Payment With Solar Panels

Solar companies who lease panels will say that leasing reduces your initial out-of-pocket costs. Our solar panel systems can be bought (not leased) for $0 down. How can you get any lower than that?

Not only can you have solar panels from Inter Faith Electric & Solar installed for $0 down, but we’ll also beat any legitimate competitor’s total quote by at least $1000.

And best of all our panels are manufactured right here in North America. They’ll last longer and be more energy-efficient than solar panels imported from overseas.

MYTH: Leasing Solar Panels Gives You More Options

Many people believe that leasing solar panels gives you more options if you want to move or make changes to your home down the road. This just isn’t the case.

When you lease solar panels, you enter into a partnership with the true owners of the panels. A lien will be put on your house that will make it much harder for you to sell your home or refinance your mortgage. The owners of your panels basically become part-owners of your home.

And isn’t that why you chose to buy a home instead of renting? For independence and the right to do what you want with the property you own? The only way you can maintain your independence and achieve energy independence is to buy not lease your home solar panel system.

MYTH: Leasing Panels Adds Value To Your Home

Wrong! As we mentioned above when you lease solar panels, you’re entering into a partnership with the owner of those panels. This makes it harder to sell your home and definitely doesn’t add any value to your property!

But when you buy solar panels, they can add thousands of dollars in value to your home. That’s value you can cash in when you sell your home in the future.

MYTH: When You Lease You Still Get Tax Credits

Tax Credits When Leasing Solar Panels? Think Again!

Tax credits and rebates are very appealing reasons to have solar panels installed on your home. They can save you thousands.

But do you know how much you’ll save in tax credits and rebates when you lease solar panels? $0. That’s right. When you lease solar panels, 100% of the credits and rebates go to the solar panel company who owns your panels.

The only way to take advantage of the tax benefits offered by the government is to buy (not lease) solar panels for your home.

MYTH: With a Lease You Lock In a Flat Monthly Cost

If you’re looking for predictable, flat monthly costs, don’t even think about leasing solar panels. The fine print of solar panel leases often says that while you’re paying a small amount each month right now, your monthly payment will balloon over time.

When you buy solar panels, you can lock in the lowest possible flat monthly payment with no hidden increases down the road.

MYTH: Leasing Solar Panels Saves You Money

At Inter Faith Electric & Solar, we’ve done the math and buying solar panels saves the average homeowner THOUSANDS of dollars compared to leasing the exact same set of panels. You’ll pay less money up front (often $0 out of pocket), lock in lower flat monthly payments, add value to your home, and once your panels are paid off they’re yours to keep.

Here are the facts:

  • When you lease, you pay: $.18/kwh plus the lease increases 3% every year.
  • When you buy, you’ll pay: $.06/kwh (or even less!)

FACT: Buying Solar Panels Gives You The Power

Buying Solar Panels Gives You Power

If you really want to take back the power from the utility company and achieve true energy independence, the choice is clear. You need to buy your solar panels. You’ll save money, retain full ownership of your home, add value to your home, benefit from generous government tax credits, and more.

Want to find out how you can take back the power? At Inter Faith Electric & Solar, we:

  • Beat our competitors’ prices by $1,000-$3,000
  • Stand behind our work with a 10-year labor warranty and 25-year limited manufacturer’s warranty
  • Sell solar panel systems for $0 down and financing as low as 2.49%

We work throughout Southern California, including all cities in Bakersfield, Los Angeles, Orange, Ventura, Riverside, San Bernardino, and Kern County.

So if you’re ready to take back the power, contact us online or give us a call at (661) 245-3224 to learn more about why we’re the most trusted solar company in Southern California.

By | 2017-02-23T22:14:26+00:00 February 23rd, 2017|solar|1 Comment

About the Author:

One Comment

  1. […] panels to your Southern California will provide a huge return on investment– so long as you buy instead of lease the solar panels. Many people are under the misconception that it’s cheaper to lease instead of buy when it fact […]

Leave A Comment