A solar panel purchase is expensive and out of reach for many. But there’s another option: Renting or leasing your solar panels.
There are plenty of reasons to invest in solar panels right now. The climate crisis is urgent as ever, the cost of solar is the lowest it has ever been and the financial incentives for installing panels are only growing.
If you hope to see the most financial benefit from a solar panel system, experts say buying is better.
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Buying leads to ownership and leasing doesn’t. “It’s kind of akin to buying or leasing a car,” said Gilbert Michaud, an assistant professor in the School of Environmental Sustainability at Loyola University Chicago.
But leasing or renting is also a worthy option as it reduces the barrier to entry, says Michaud. And leasing can be tricky if you plan to move.
So which is better? Buying a solar system outright or leasing one from a solar company?
The answer depends a lot on your personal circumstances. There are pros and cons to each option, and they serve different goals. But experts say buying or leasing can both be good paths, as long as you know what you’re getting yourself into.
