If you can’t afford to go solar right away, you may be tempted to look for solar leasing companies in Maui and lease a solar PV system for your home.
But is leasing solar a wise idea from a financial perspective?
Let’s take a look at the pros and cons of signing a deal with solar leasing companies in Maui vs. buying your own solar system for your home.
Advantages of leasing solar over buying your own PV system
1. Solar leasing companies in Maui offer an affordable solution to homeowners who would like to go solar, but can’t afford to buy their own system right away. Not having to come up with a large sum of cash to cover the cost of a PV system can sometimes be perceived as an advantage.
2. When you lease your PV system on Maui, the leasing company is the one responsible for maintenance and replacement or fixing a broken solar panel. Since you don’t actually own the system, you only need to worry about paying for the power produced by the panels.
3. Even if you don’t own your system, leasing a solar system in Maui is still a first step towards going green and saving money while preserving the environment.
Disadvantages of signing a long term deal with solar leasing companies in Maui
1. The problem with solar leasing companies in Maui is that they’re the ones who actually own the PV system. This means that, for as long as you pay the monthly fee, you get to make use of green, clean energy, However, when you think about it in the long run, making periodic payments to your provider year after year may actually lead to you losing a lot of money in the long run and in the end, you don’t even get to keep the PV system.
2. Leasing solar panels is actually going to create a series of difficulties if you ever decide to sell your home. Typically, solar leasing companies in Maui may require that the new owner take over your lease. However, if the new owners are not keen on the idea or if the leasing company refuses to approve the new buyer, you either risk losing your buyer or you may need to pay a hefty fee to break free from your leasing contract.
3. Why lease a PV system for, say, 20 years when you can buy your own in only half that time? There are many solar financing options available for homeowners on the island that could help anyone afford to go solar right away. As long as you have a good credit score and are financially responsible, you could apply for a solar loan, take advantage of the many federal tax incentives, buy your own solar system and start using that free energy right away!
At the end of the day, investing in a solar PV system is a much better idea than signing a deal with solar leasing companies in Maui. Not only will it help you save more money in the long run, but you get to own your solar PV system and actively take advantage of at least 2 or 3 decades of clean energy.