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Let’s find out whether leasing solar panels is a good idea.

Solar panels require a significant level of investment and the decision to buy or lease solar panels requires a lot of care; however, the long-term benefits of installing them are already well documented.

However, a solar panel lease contract can make things very complex when you decide to sell your property. The reason is that lease contracts are usually hard to transfer. If you were to sell your home before the full term of the lease has run, the new owner must have a good credit score. One way out of this is to prepay the lease and add the cost to the asking price of your home.

Why Solar Leasing Isn't a Good Idea

Leasing often looks more attractive than buying solar panels; the theory is that with leasing, there is no need for you to look around separately for an installer and finance options. While a whopping 72% of residential solar customers in 2014 signed up for leasing or other third-party arrangements, there is a stark reality that people are missing about solar lease vs buy.

Here is why leasing solar panels could turn out to be a bad idea.

Modest savings

Those who lease their solar devices end up saving much less than their counterparts who buy outright — even with loans. The truth is that many lease contracts include escalator clauses that could potentially limit your savings by increasing your payments by 3% annually. If you were paying 12 cents per kWh in the first year, a 3% escalator clause will see you pay 18 cents per kWh in your 15th year. If the cost of energy doesn’t go up by as much as the rise in your contracted lease payments, your savings will vanish for good. If you want to lease or buy solar panels, weigh the pros and cons at Solwiser first.

Leases may scare off potential home buyers

If you list your property in the market before the lease is due (usually 20 years), you may be forced to buy out the lease. Many potential buyers will be reluctant to assume responsibility for the lease.

This unfortunate scenario has been problematic for homeowners for years; Prospective buyers are put off by solar lease contracts as solar panel lease costs can be expensive.

Some solar leasing brands may allow you to relocate your systems from one property to another. However, that too could cost you up to $500 for the initial audit and another $500 for possible transfer of the panels. Paying these extra costs will be less than ideal.

Furthermore, you may need to seek approval from your utility or homeowners’ association. Meanwhile, there is no guarantee that the new home will be able to accommodate your old solar systems. If things get ugly, the leasing company reserves the right to remove your systems alongside your savings.

Leasing vs buying solar panels: which is better?

According to Samantha Allen of Forbes Advisor, buying solar panels with cash is an upfront expense. However, eventually, that is the easiest way to lower your costs and benefit the most from your solar panels. Paying with cash means you won’t incur any interest on your payment.  As soon as you install the panels, you can start saving more monthly on power bills.

The bottom line is that leasing solar panels isn’t that a great idea. 

Our lives are running at a fast pace. We do not have an extra minute to spare on things, therefore; we always opt for instant options. What if we say that you can get an instant approval for a car loan? You might be wondering that instant auto loans are not possible. However, you’ll be surprised to know that if you follow the right guidance provided to you, getting an instant approval is a cakewalk. Here are few simple steps that can easily help you get instant auto loans.

1. Look out for online options – If you search for instant approval for car loan offline, you might not have luck. Therefore, find instant car loans online. They offer a wide variety and turnaround time is also less. In 24 hours your loan gets approved. Moreover, the process of filling form is also easy and user-friendly. Therefore, without moving out of your comfort zone you can easily pick the right plan that suits you and get it approved instantly.

1. Choose the most feasible deal – Analyze your credit score first. If you possess a good credit score than interest rates will be less and you have more options to pick from. The problem arrives when your credit history is bad because now higher interest rates will be charged. In this situation, it is best to get quotes from multiple vendors. After comparing and fully analyzing the deals they are offering, pick the most feasible plan that covers all your requirements.

1. Be aware of scams – Companies offer quotes on various loans free of cost. If you come across a website where they are charging even for the quotes, do not pay. There is a large possibility that it’s a scam. Check for the credibility of the company before signing up for instant car loans online.

Instant approval for a car loan can help you save time and energy you invest while looking for loans offline. Also, there are great deals available in the online market that you might not get in the offline market. Pick the best deal that suits your need!