TO LEASE OR BUY, THAT'S THE SOLAR QUESTION

The Great Solar Panel Debate: To Lease Or To Buy?

Jeff Brady, February 10, 2015 (National Public Radio)

“…More than 600,000 homes in the U.S. have solar panels today — up dramatically from just a few years ago, according to the Solar Energy Industries Association. Leasing programs that require little or no money up-front have played a key role in that growth [but leases aren't available everywhere]…John Farrell with the Institute for Local Self-Reliance in Minneapolis has studied the issue of leasing versus owning solar panels…[He favors ownership as the first choice] because it means keeping more of the dollars — over the lifetime of that solar panel — in the pocket of the owner…[By owning, a resident of Chicago…could save, over the 30-year life of a solar panel, about $6,200…Someone who leases panels would save about $4,000 off the cost of getting power from the local utility during that period…[B]oth are a good deal from the standpoint of saving money, but ownership is about a 50 percent better deal [Farrell said]…If you don't have the money to buy solar panels up front, Farrell says you can borrow it. Some companies offer special financing for solar panels. He plans to take out a home equity loan for a system on his house in Minnesota…” click here for more

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