If the heat makes you stressed about your electric bill, solar is an excellent option to relieve that stress. However, it is an investment, so there are some things you should consider.
You have two options for installing solar panels on your house. According to EnergySage, you can buy or lease. There are pros and cons to each one.
Palmetto is a fantastic resource to use when you're debating whether to buy or lease solar panels.
If you buy your solar panels outright or with a loan, you own the panels. Owning means you are responsible for any maintenance or repairs needed. Luckily, it's usually minimal.
If you lease the panels, the company you are leasing them from owns them and is responsible for any maintenance. You'll be responsible for paying a monthly payment; however, these payments are escalator payments, so they will increase yearly.
On the other hand, if you take out a solar loan, those payments stay consistent.
Your overall savings will be greater if you own the panels since you won't have to pay the monthly fee and can just enjoy the savings on your electricity bill. You can save about $1,500 a year on your bill. According to EnergySage, solar can even lower your energy bill to about $0.
The upfront costs of buying solar panels can be high, though. It can cost between $20,000 and $30,000. If that is out of reach, leasing is a great option to minimize those upfront costs. Most leasing options require $0 upfront. You can also get approved quickly.
You can check out Palmetto's leasing options to see if leasing is a better option for you.
If you choose to get a solar loan, those often have no upfront payments, but it takes longer to get approved.
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The cost of installation 💵 Besides saving you money on your energy bills, solar power is also better for the environment. Solar panels reduce the reliance on dirty energy because they don't produce polluting gases, which makes the air cleaner for the community.
They also reduce your reliance on the grid during a storm. You'll be less worried about a power outage when solar panels power your home.
If you're unsure if buying or leasing is right for you, check out Palmetto's list of pros and cons.
If buying solar panels is the right decision for you, you can use EnergySage's free tool to compare installers in your area. The energy company can even save you up to $10,000 on installation costs.
EnergySage said: "Make the best financial decision for your household."
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