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Purchase vs. Solar Lease
When considering a transition to solar energy, individuals often face the decision of whether to opt for a lease or to purchase solar. Both options have their merits, and the choice ultimately depends on individual circumstances and preferences.
A solar lease entails entering into an agreement with a solar provider, who owns and maintains the solar panels on your property. In return, you pay a fixed monthly fee for the use of the system. Leasing offers ZERO upfront cost, ZERO maintenance, and guaranteed production making it an attractive option for those clients that may not qualify for the federal tax credit or simply don’t want to pay for it upfront.
Purchasing solar involves buying and owning the solar system outright. While it requires a larger upfront investment, it offers long-term savings and other financial incentives that you would not get with a lease. There is a 30% Federal Tax credit, in Maryland there is a $1000 State Grant, & there are still a handful of counties still offering property tax credits.
Ultimately, the decision between a solar lease and a solar purchase hinges on factors such as financial situation, long-term goals, and desired level of involvement. Please reach out to discover which method of going solar is right for you.
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