Buying vs. Leasing
WHY YOU SHOULD BUY SOLAR, NOT LEASE IT
The numbers don’t lie: Buying a system outright or with a green loan is always the best financial decision for you. It’s usually about HALF the price of leasing a system. That’s why we always recommend you buy your solar system.
Our solar consultants will gladly help you compare our price to any leasing offers you receive. You will be surprised by how much they differ!
WHY BUYING IS HALF THE PRICE OF LEASING
Ownership matters. If you lease a solar array, the leasing company will own the array on your roof, will likely install more panels than you need, and will charge you for all the electricity they produce. By buying a right-sized system from EcoSmart, you will enjoy all of the benefits of ownership:
- You will receive a 26% federal tax credit and the CT Green Bank rebate — not the leasing company. That’s usually a 30+% savings on your purchase!
- Once you pay off the loan, the electricity produced by your system is FREE. That’s 15+ years of free electricity from your system. If you lease your array, you will pay that company every month for 20 years or more.
- Green loans, like leases, are $0 down ― but you can put down any amount you wish.
- Green loans are fixed-rate loans that begin at just 1.99% and are available in a variety of lengths to suit your needs. Most leases, on the other hand, contain a 3% escalator clause that increases your payments every year for 20 years or more. If you pay 12 cents per kilowatt-hour for the first year, the escalator drives the price up to 18.2 cents in year 15!
- The purchase is tax free and your property taxes won’t be increased.
- If you sell your home, it’s hard to find home buyers who are willing to assume a solar lease, so you’ll probably have to purchase the system outright or pay to have it removed.
Here’s a handy rule of thumb: If a solar installer wants you to sign a standard lease for more than 9 cents per kilowatt hour, you will save more by purchasing a system.
Contact us today to learn how we can help you save more when you go solar.