Free Or Buy Solar Panels

With the world implementing green energy to reduce carbon emissions and climate change, everyone is becoming increasingly conscious of the impact of their activities on the environment. Environment protection has ceased to be a corporate problem and become everyone’s responsibility.

Besides corporate and industries being at the forefront of climate protection, individuals, young and old are taking full responsibility for the environment around them. These minor efforts combine into considerable overall effort and a step towards preserving the environment.

However, much remains to be done and every day is a day to do better and live consciously. It’s a no wonder that most home owners are turning to green energy for the running of their households, Solar power is the most preferred green energy alternative to home owners as it is readily available and requires minimum infrastructural investment to implement compared to other forms of green energy.
Despite being readily available, it is a considerable financial investment on the home owner with some opting to lease instead of buying. Both are viable options depending on situations.
Pros of Free Solar Panel
1. No initial investment required as the lessor will take care of all installation costs as well as maintenance and the costs incurred when you remove the solar panels
2. Immediate saving on energy bills
3. Low carbon footprint output
Cons of Free Solar Panel
1. You miss out on tax incentives
2. The lease period lasts 10 to 20 years after which you either buy the solar panel or renew your lease. In essence, you never fully own the solar panels
3. Does not increase the value of your home
4. The payments done overtime exceed what it would cost to fully own the system. Hence not a wise financial commitment.
Pros of Buying Solar Panel
1. Although an initial investment, the money spent is retrieved back within 7 to 10 years as savings on energy costs
2. Immediate savings on your utility bills
3. Low carbon footprint output
4. Increased value of your home
5. Tax incentives of up to 30% on federal tax credit
6. High return on investment since within the 7 to 10 years, the system will be repaid and for the next years, you get to enjoy free solar power. Since solar panels can last 30 to 4o years, these means at least 20 years of free power in your home.
Cons of Free Solar Panel
1. The only con to buying solar is the initial costs associated with it. For instance, in the UK, it can cost between £1,500 and £8,000 to install. This depends on factors such as the type of solar panels, the size which dictates the power output and efficiency levels. However, there are loans specially structured towards the installation of solar panels to help home owners manage the setup costs. You can take advantage of this to reap the maximum benefits of having solar panels in your home.

While both options are viable depending on your situation, buying solar panels has more long-term benefits compared to leasing.

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