How Does Leasing Solar Panels Work in Arizona?
As the technology that uses renewable resources becomes more in demand, you’ve probably considered harnessing the power of the most consistent renewable resource: the sun. However, many people can’t afford the upfront costs of solar panels, so what options do you have?
At Solar Solution AZ, we provide residential solar solutions in Arizona. Our technicians suggest leasing solar panels. But how does leasing solar panels work in Arizona? Read on to learn more about this option.
What Is a Solar Lease?
When people lease solar panels, they enter into agreements with solar companies. The companies collect monthly payments while the leassee uses the panels on their properties. Solar leases enable you to harness solar power without paying out of pocket upfront.
Solar Lease Terms
How does leasing solar panels work in Arizona? Different solar companies use varying terms for their agreements. Most leases can last 20 years or more.
Like renting an apartment, leases usually include regular maintenance in their terms. You may also pay more with each year’s lease.
Pros of a Solar Lease
Solar panels offer your family numerous benefits. Like many people, reduced energy costs probably attracted you to solar panels at first. Since your home doesn’t use the energy grid, you don’t pay for fluctuating electricity expenses.
You also have power regardless of storms or other natural disasters. As long as your solar panels remain intact, your household can continue with business as usual. Other advantages of a solar panel lease include:
- No costs upfront
- The solar company takes responsibility for any maintenance and upkeep of the equipment
- Predictable lease payments
- Leases last almost as long as a solar panel’s lifespan
A solar lease offers various attractive perks. If you want to make your home more energy-efficient, solar panels get you off to a great start.
Cons of a Solar Lease
While solar panels offer a fantastic, green solution for most homes, they also come with a few disadvantages. For example, you can’t rent solar panels while earning solar tax incentives. Any tax credits allotted for solar energy go to the owners of the panels, so the money goes to the solar company from which you lease.
Other disadvantages include:
- Your lease payments can increase each year.
- Solar panel purchases offer better long-term investments than leases.
- Leased solar panels may cause difficulty if you wish to sell your home.
When you enter into any lease agreement, you take calculated risks. The benefits should outweigh the risks. Do the math to learn whether you’ll benefit more from making a purchase later or leasing right now.
Find the Perfect Solar Solution in Arizona
We hope we answered the question, “How does leasing solar panels work in Arizona?” As an Arizona resident, you know that the sun provides one of the few constants in life. If you want to harness solar energy for your home, we can help.
Check out Solar Solution AZ’s residential transferable loan program to see if you qualify. Call us today at (520) 858-0220 to discover a wide range of residential solar solutions that fit your home.