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Solar Leasing: Is It the Best Option for Florida Homeowners?

August 30, 20245 min read

As a Florida homeowner, you've likely considered tapping into the state's abundant sunshine to power your home. Solar energy offers a compelling way to reduce your energy bills, boost your home's value, and contribute to a more sustainable future. But when it comes to going solar, should you lease your solar panels or buy them outright? This is a critical question, as each option comes with its own set of pros and cons. In this blog, we’ll break down the key differences between solar leasing and buying, so you can make the most informed decision for your home.

What is Solar Leasing?

Solar leasing is an arrangement where a third-party company installs solar panels on your roof at little to no upfront cost. Rather than purchasing the solar panels, you lease them and pay a fixed monthly fee or a rate based on the electricity generated. This fee is usually lower than your current electricity bill, offering immediate savings.

A Florida home with Soligo solar panels installed on the roof, highlighting the benefits of solar energy.

Why Solar Leasing Might Be Right for You

No Upfront Costs

If you're interested in going solar but don't have the funds to purchase a system outright, solar leasing can be an attractive option. With minimal or zero upfront costs, you can start saving on energy without a significant financial commitment.

Immediate Savings

Solar leasing allows you to start saving right away. Since the leasing company handles installation, maintenance, and monitoring, you can enjoy the benefits of solar power without the hassle of upkeep.

Maintenance-Free Ownership

One of the biggest perks of solar leasing is that the leasing company is responsible for maintaining and repairing the system. This removes the worry of long-term maintenance costs, making it an appealing choice for those who want a hassle-free experience.

Stable Energy Costs

Leasing often comes with fixed monthly payments, offering predictability in your energy costs. This is especially beneficial in Florida, where energy prices can spike during the hot summer months.

Flexibility in Commitment

Solar leases typically span 10 to 25 years, but many offer the option to renew, buy the system at a reduced price, or have the panels removed at the end of the lease. This flexibility allows you to enjoy the benefits of solar without a long-term commitment.

A Florida home with solar panels installed on the roof, highlighting the benefits of solar energy.

Drawbacks of Solar Leasing to Consider

Lack of Ownership

The biggest downside to leasing is that you don't own the solar panels. This means missing out on valuable incentives like the federal Investment Tax Credit (ITC), which are available only to homeowners who purchase their solar systems.

Potentially Lower Savings

While leasing offers savings, they may not be as substantial as buying a system. With leasing, some of your savings go to the leasing company, whereas if you own the system, all savings after recouping your investment go directly to you.

Long-Term Contracts

Leasing contracts are long-term commitments. If you sell your home, the new owner must take over the lease, which could complicate the sale and deter potential buyers.

Escalating Costs

Some leases include an escalator clause that increases your payments each year. Over time, this can reduce your savings, so it’s important to review your lease terms carefully.

Limited Customization

Since the leasing company owns the panels, they control the system's design and installation. This might limit your ability to customize the system to your specific needs.

A calculator on a table with financial documents, calculating the cost savings of solar energy for a Florida home.

Buying Solar Panels: A Deeper Dive

While solar leasing has its benefits, buying solar panels outright can offer more long-term value. Let’s explore why purchasing might be the better option for you.

Ownership and Financial Incentives

Owning your solar system means you can take full advantage of all available incentives, including the ITC, state rebates, and local incentives. These can significantly reduce your system's cost, making ownership more financially attractive.

Maximized Long-Term Savings

Although purchasing requires a higher upfront investment, the long-term savings can be substantial. Once the system is paid off, you’ll enjoy free electricity for the life of the panels, typically 25 years or more.

Increased Home Value

Homes with owned solar panels often sell for more than those without, and the value added is typically higher when the system is owned rather than leased. This can be a major advantage if you plan to sell your home in the future.

Full Control and Customization

Owning your solar system gives you full control over its design and installation. You can choose the best equipment for your needs and optimize the system for maximum efficiency.

No Monthly Payments

After the initial purchase, there are no ongoing payments aside from minimal maintenance costs. This contrasts with leasing, where you’ll continue to make payments for the lease's duration.

A Florida neighborhood with multiple homes, all featuring leased Soligo solar panels on their roofs, demonstrating community-wide adoption of solar energy.

Which Option is Best for Your Home?

Choosing between leasing and buying solar panels comes down to your financial situation, goals, and preferences. If you’re looking for a low-cost entry into solar energy with minimal maintenance, leasing might be the way to go. However, if you want to maximize your financial returns, increase your home's value, and have full control over your solar system, buying is likely the better option.

Whatever path you choose, switching to solar power is a smart move that offers significant savings, a reduced carbon footprint, and increased home comfort. With Florida’s ample sunshine, now is the perfect time to explore your options and find the solar solution that works best for you.

Conclusion

Solar leasing offers a no-hassle, low-cost entry into solar energy, making it accessible to more homeowners. However, it's crucial to weigh the benefits against the potential drawbacks and compare them with the advantages of owning a solar system outright. By considering your options carefully, you can make an informed decision that will provide long-term savings and help you achieve your energy goals.

Ready to discover how much you can save with solar? Check your roof's solar potential with Soligo's free online tool here. Start your journey towards a sustainable and cost-effective future today!

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GivePower Harnessing Solar Energy

To Create Essential Solar Resources

GivePower is a non-profit organization with a mission to enrich lives through the power of clean energy. Founded in 2013, they've been on a quest to bring solar energy solutions to regions that lack access to basic necessities. Known for their Solar Water Farms™, GivePower uses solar power to provide clean drinking water to communities in need. Their impactful initiatives extend across continents, illuminating the lives of millions.

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Our Journey

Soligo & GivePower

Soligo and GivePower share a foundational belief: the transformative power of the sun can uplift communities. Our partnership is built on this common ground, aiming to extend the reach of solar energy far beyond the grid. Together, we are not just lighting homes; we're fueling hope.

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Impact and Future Goals

Brighten The World One Home At A Time

Our joint endeavors have already begun making waves. From empowering remote villages with solar power to turning saline water into a life-sustaining resource, the impact is real. Looking ahead, we aim to expand these initiatives, reaching more communities and further intertwining sustainability with prosperity. Our goal is clear: to create a world where access to clean water and energy is a reality for everyone.

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We invite you to be a part of this transformative journey. Your support can light up lives and bring clean water to those in need. Engage with our initiatives, spread the word, or contribute directly to our efforts. Together with GivePower, we're not just installing solar panels; we're building a legacy of empowerment, sustainability and hope.

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