Should You Invest in Solar Power?

Solar panels can be a great investment. However, you need to look into some of the details first before you decide to lease or buy a system.

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Does it make sense for you as a homeowner to invest in solar panels for your home? It depends. First, you want to determine whether you want to lease the system or buy it outright. If you are going to lease it, there a couple of things you need to remember:

1. You don’t receive any federal subsidies or tax savings—all of those go to the leasing company.

2. You have to qualify for the full cost of the system, which will also count against your debt ratio. 

You need to know how much energy you’ll use.

If you decide to purchase the system, there are a few distinct advantages, including:

1. Tax benefits and federal subsidies.

2. The ability to get loans from government programs like HERO or PACE that will help you finance the purchase.

3. A power purchase agreement where you can decide how much energy you are going to pay for each month.

When it comes down to it, you need to know what your energy usage is. If you’re going to use a lot of energy, it does make sense to go for solar panels. Think about installing solar panels as a kind of home improvement. Some buyers in the future may not want solar panels, or they may want to replace them with the advances that this technology continues to make in this field.

If you have any questions for us about solar energy or real estate, give us a call or send us an email. We would love to hear from you.