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Lease VS Own
Home
Lease VS Own
Purchase - Own
PROS
CONS
ROI/End Date
Tax Credit
When paid off, savings increase even more. Fastest ROI with Cash purchase.
Homeowner doesn't always qualify.
Tax Credit
Bill could jump
Home owner gets tax credit if they qualify.
If fininacing, loan payment will jump if you don't pay the tax credit amount, when due.
More Savings
Maintenance
Once paid off.
You are responsible to deal with it. Although, there isn't much for maintenance needed.
No Lean
Two bills if system goes down
Most of the time.
If system goes down, you still have to pay loan payment & utility bill. Note: Sinsce system is down, utility bill will be higher. Some companies might reimburse but read the fine print.
Loan zero down
Insurance
Most solar loans are zero down.
Extra cost - Usually not very high, but is an added expense.
Transfers
No Prodcution Gurantee
Can transfer to new owner.
No one regulating what consumer is being told by company. They can make up anything & not be held accountable unless stated in contract.
Equity
Cash Out
Can raise equity of home, but there are varialbles that can effect this.
Liquid cash out of your account. Could take a year to start seeing some of that money back. Like giving a loan to IRS to get that money back when it comes to the tax credit.
DTI (Debt To Income)
If getting a loan, it will show on DTI & can effect purchasing other needs/wants down the line.
Lease/PPA - DON'T OWN
PROS
CONS
All Maintenance Covered
Tranfers
Warranties on owned systems mean nothing and who knows if they will stay in business.
Usually easy but can come with complications.
Production Gurantess
Escalators
If production not met, get reimburement.
Can cost more for longer term stay. Around 8 years or more.
No Dealing with Tax Credit
No Tax Credit
Tax Credit isn't an option.
Lease company gets it.
No DTI
Lease company controls
Doesn't show up as debt.
Normally the lease company controls that part of your roof.
Transfers
Can transfer to new home owner.
Esculators Can be Optional
Best for those planning to leave around 8 years or under.
No Insurance
Insured by lease company.
No Worry About Home Equity
Cheaper utility bills is the focus.