Is it Cheaper to Lease or Buy Solar on Long Island?
It’s cheaper to lease solar on Long Island if you consider the upfront cost, but the long-term savings can look slightly different. Power Solutions can install solar on your rooftop through the Participate Energy Program. This program offers unique benefits that significantly improve the upfront savings. See how it works and why you might still want to consider purchasing your solar panels outright or through financing.
A Solar Lease is Cheaper if You Look Only at the Upfront Cost
Leasing solar panels through the Participate Energy Program is cheaper than buying solar panels because you only pay a flat prepaid lease.
- The solar panels installed are owned by Participate Energy.
- You pay a flat prepaid lease, which is significantly more affordable than financing or buying solar panels outright.
- Because the leased solar panels are owned by a commercial entity, they qualify for the federal solar tax credit.
- The tax credit is applied as a discount on your prepaid lease.
- You can choose to buy the system outright at an evaluated market price after the 6th anniversary.
You will save money as soon as the solar panels are installed and connected to the grid. Unlike traditional solar leases, this prepaid lease won’t change with inflation or other market factors. The prepaid price locks in the cost, and therefore your savings, for the entire lease term.
Why You Might Still Prefer to Finance or Purchase Long Island Solar Panels Outright
Leasing wins on cash-out-of-pocket today, because you pay once and enjoy the savings for a set period. However, owning the system, either through financing or a cash payment, creates different benefits.
- You still save by having your solar panels offset your electricity consumption from the grid. Your electric bill will shrink.
- You own the asset, which can increase your home value. All of the savings go back into your pocket for the 25+ year lifetime of the solar panels.
- Even if you finance your system, you will eventually own it outright.
- The total price of the system is locked in, whether you look at financing or a one-time payment. There’s no uncertainty about what the cost might be at the end of a lease term.
Get a Free Cost/Benefit Analysis and Solar Estimate from Power Solutions
Power Solutions is one of Long Island’s longest operating and top-rated solar contractors. We provide pathways to solar through a Participate Energy Program lease, or through financing or an outright purchase. We provide these options because every household is different. The right system for you depends on your current financial needs and long-term goals.
We offer free energy savings evaluations and cost/benefit breakdowns. If you aren’t sure whether to lease, buy, or finance, we can help you decide with transparent advice and a projection of your long-term costs and savings.
Get help choosing the best residential solar solution for your needs. Request your free estimate online or call us today at (631) 348-0001.
