Deciding Whether to Buy or Lease Your Home Solar System
If you can take advantage of the tax credit, we strongly suggest buying your home solar equipment. However, if you want peace of mind, a home solar system lease is perfect as you will not have to worry about paying for any repairs or replacement of equipment. You will also not have to worry about the costs of taking down the system and putting it back up when you install a new roof. If you are planning on replacing your roof soon, there’s no better time to install a home solar system.
JTO Roofing and Solar representatives are well-versed in both owning and leasing solar. They can go through all the options and assist you in deciding what is best for your family. We know each homeowner is unique and has unique needs, so we provide all the best options for your home solar system.
How to Lease a Home Solar System in Orlando
At JTO Roofing and Solar, we are a dealer for SunPower on Solar Leases. Leases are the perfect residential solar system option for many homeowners. This is a good option for homeowners such as retirees who pay little to no taxes, so they would not benefit from using the tax credit of buying a home PV solar system. A lease is easily transferable with SunPower, and the payment will still likely be much lower than the electric bill.
There are two types of home solar system leases we offer homeowners. A flat monthly payment that never changes and a payment plan that starts much lower but comes with an increase each year, which we call an escalator clause. With this second plan, you will still pay a lower electric cost, but the cost of the lease itself will increase. With the flat payment plan, your monthly payment will be the same in Year 1 as it will be in Year 25. The escalator clause plan eases you into the leasing costs but eventually surpasses what would have been your flat payment.
Pros of Leasing a Residential Solar System
- All costs of any repairs and equipment replacements are covered by the leasing company with the exception of tampering with the equipment. Call one number for any issue.
- No upfront costs. The home solar installation is included in your monthly payment plan.
- If you are unable to take advantage of the tax credit for purchasing a system, you don’t need to take on any of the risks of home solar system ownership.
- Since the cost of the home solar system is included in your monthly payment, there is no loan or debt-to-income to report to the credit bureaus.
- Peace of mind. With reliable service options and predictable energy costs, you never have to worry about your electric costs.
- Leasing your residential solar system gives you the option to buy the system later at a reduced price.
- The cost per KWH of the lease is lower than what the electric company is charging.
- SunPower performs the takedown and re-install of the home solar system during a roof repair or replacement at no cost to you.
- You can get Maxeon Panels - the best panels in the industry!
Cons of Leasing a Home Solar System
- No Tax Credit.
- Transferring during a real estate transaction. If you need to move, you will need to buyout the lease or transfer it to the new resident.
- Not owning it. Payment is always recurring. While you will save money moving to solar energy, you will always be paying for the solar panel system or the solar shingles, as well as any solar installation costs.
- Long agreement. Most home solar system leases are a minimum of 25 years, which can be a long time to remain in a single residence.
- No batteries or battery storage available on leases. If you are looking to take advantage of sunny Floridian days, you’ll need to account for this additional cost.
The Basics of Leasing Your Orlando Home Solar System
Leases for home solar systems are generally 25 years. Based on your roof orientation and electric usage we develop a payment each month to cover a certain amount of electricity. In a perfect world, your payment comes in at or below your current electric bill and you pay less through the lease for your electricity. When your total solar panel system lease payment remains below your current electric bill, you save money.
Since you don’t own the home solar system, you don’t need to worry about repairs. However, you do not get to use the tax credit. When it is time to replace or repair your roof, the leasing solar company will take it down and perform another solar system installation.
Getting a Home Solar System Lease in Orlando
If you feel leasing is the best option for you, give us a call or submit a quote request. We would love to talk to you about all the great home solar options with JTO Roofing and Solar. We are the premier solar roofing company in Orlando, and we’re happy to help you and your family make the most of this Florida sunshine.
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