Sojourner Solar provides a level of affordability to purchase and own a solar power system not offered by most traditional for-profit solar companies. According to a recent Consumer Reports article, the key distinction between purchasing and leasing a solar panel system is ownership. Depending on the financial goals of the homeowner, owning a system outweighs the benefits of leasing a system from a third party. The following are benefits of owning solar panels versus leasing.
No upfront costs
Financing a Sojourner Solar Loan does not require any upfront costs by the homeowner through a secured solar loan. The most cost-effective way for financing solar panels is through a home equity loan or a home equity line of credit. The home serves as the collateral which provides options for lower interest rates. The interest you pay may also tax deductible if you qualify to itemize your deductions on your tax return.
Homeowners may benefit from available solar tax credits and incentives
As the owner of the solar panel system, you will benefit from any Federal and local solar tax credits and incentives available to homeowners. Currently, there is a 30% Federal Solar Investment Tax Credit available for purchases of solar panel systems. Participating local municipalities also offer solar rebates. Please contact your tax adviser and local municipality for additional informational.
Home appreciates in value
Real estate studies have shown that homeowners can increase their property value 3 to 4% by purchasing and installing solar panel systems. Homes with solar also sell twice as fast as homes without panels, and have a larger impact in areas with high rates of electricity usage, such as the Inland Empire. Going solar has a great return on investment!
Transfer ownership with sale of the home
Owning a solar panel system allows you the ease of transferring ownership of the system when you sale your home. If you lease a solar system, you will either have to buy out the lease or the new homebuyer will have to assume the lease which they may be reluctant in doing. Remember that at the end of a lease, the solar company could remove the system, and your savings along with it, if a prior arrangement is not made as part of the lease.
Saves more on electricity costs than leasing options
Purchasing a system saves you far more in the long run than leasing a solar panel system. Many leases include an escalator clause that can further reduce savings by increasing payments 3% or more per year. If the cost of energy doesn’t rise as quickly as the contracted lease payments increase, you would lose out on savings.
You can own a solar panel system with confidence. There are no moving parts, so home solar energy systems are durable and are virtually maintenance-free. Plus, you are protected by a 25-year warranty on equipment and a 10-year workmanship warranty.
Contact your Sojourner Solar Consultant today at (909)988-5979 to learn how you can start saving money now!