What Is a Solar Lease?

Solar panels, while cheaper than they were a decade ago, are still very expensive for the average person to purchase on their own. The good news is that it is fairly easy to get assistance in purchasing a solar system. One option is a solar lease. This is when you will lease the equipment from the manufacturer or a re-seller. Here are a few things to consider when you are looking for a solar lease in NJ.

How Does It Work?

Instead of purchasing your solar system you are paying to use the system, and then you get to use the electricity that is produced. You will pay monthly for the use of the system. You will pay the same no matter how much electricity is produced, so if you live in a sunny area expect a better return.

Advantages

First, a lease is a much more affordable option than purchasing your system outright. Also, since you do not own the equipment, you are not responsible for the upkeep of the equipment. If something breaks on your system, then you will simply call the company, and they will repair it. Lastly, you will not be surprised by your monthly bill since it is a set amount.

Disadvantages

The biggest disadvantage here is that you do not own the equipment. You only get to use the equipment as long as you are paying for it. If you buy your own system, then once it is paid for you own it and can keep using it as long as you want.

There are several reasons to consider leasing your solar equipment instead of buying it. While buying your system will let you keep it once it is paid off, it does mean that you are responsible for all upkeep and repairs. Either way, solar energy is a great way to reduce your carbon footprint and reliance on fossil fuels.