Buying Vs. Leasing Solar Panels For Your Home

michael dinich buying vs leasing blog header

Originally published on Michael Dinich’s website.

In 2016, the United States hit a pretty significant milestone in renewable energy. Over 1 million households across the nation invested in solar panels for their homes!

But individuals are not the only ones who see the huge benefits of solar energy. In addition to the 1 million homes that installed solar panels, businesses also followed suit, adding solar panels to their buildings when possible.

Solar energy is just a minor glimpse into renewable energy and the impact it can have on our environment, but it is perhaps the area of renewable energy that has been growing the fastest. Not only is the cost per watt much cheaper now – coming in at a mere $3.79, which is a little more than what you would pay for a cup of coffee – but solar panels have also become more efficient now that they have been around for longer.

Solar energy, at its most basic level, is more cost-efficient, works to reduce carbon pollution, and helps our nation conserve the water we so desperately rely on every day. While more people are realizing just how advantageous and important solar energy is, some are hesitant to join the trend of renewable energy because of how expensive it can be at the onset. One common concern surrounding solar energy is figuring out how to financially invest in it.

What are the benefits of buying solar panels?

When you purchase solar panels either with or without financial aid, you are already working to maximize the finances that you have already invested. This is possible through tax credits created by the government to aid people interested in “going green.” Currently, there is a 30 percent tax credit for those that buy solar panels.

There is no denying that you will benefit greatly from the long-term savings that come with purchasing a solar power system, especially if you qualify for the tax credit. However, even with the help of a loan and the potential for the greatest benefits, this can still be financially restrictive for some individuals.

What are the benefits of leasing solar panels?

Leasing solar panels has made renewable energy more accessible to households and businesses that may not be able to purchase a solar power system outright. This option is also what has helped to increase the number of solar panels being used across the nation. While leasing solar panels will not yield the highest financial success over time, these individuals can start saving money faster.

Whether you chose to buy or lease solar panels, your decision will not only have a significant impact on the environment, but you will also reap the benefits of solar energy yourself.


Author: Michael Dinich

Who Is the Money Geek? I am a retirement and tax advisor. I know what you are thinking right now. “Wow! Michael that sounds super exciting! Tell me all about the thrilling world of a taxes and retirement.” And yes, I can hear the sarcasm in your voice from all the way out here. But for me, what I get to do is quite amazing, and I wouldn’t trade it for the world. You see, I specialize (read: SUPERPOWER) in helping hard-working people plan for retirement and save money in taxes. Maybe I take this stuff a little too seriously I am blessed to be married to the love of my life, Elizabeth, and together, we are raising our two kids Anna (10) and Gabe who is 8. I have a bunch of cool hobbies that I don’t spend nearly enough time doing (workaholic) that include car shows (Elizabeth has a crazy cool 1954 pickup), Comic Cons, tabletop games, Star Wars (fanatic) and renewable energy. Starting to get the whole “geek” thing now, aren’t ya?

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: