There are two ways to get solar: buy it yourself or rent it from a solar company. The biggest thing to consider when deciding between buying and leasing is who receives the federal solar tax credit. Since the tax credit can be worth thousands of dollars, you should carefully consider this.
PROS:
• Zero out-of-pocket cost
• May offer a lower starting price per kWh than NV Energy charges, but not always.
• Warranty & Maintenance is usually included at zero cost because you do not own the system; they do
• Transferable at-home sale
CONS:
• The Solar company gets the tax credit, not you!
• No control over panel or inverter type
• You could pay MORE for power than the power company charges. Make sure you know what you pay per kilowatt hour before signing a lease! Some companies sell leases at a starting cost per kilowatt hour that is HIGHER than what NV Energy charges. If the lease has an annual increase (usually 1-3%) in your contract, you could create a problem for yourself. NV Energy’s rates have gone down every single year since 2015.
• Can slow down or stop a home sale as some people do not want to assume a lease
• The system cannot be moved out of the NV Energy service territory
• You may pay a substantial early termination fee to remove panels before the term is up
BUYING PANELS
PROS:
• You get to keep the tax credit
• Price per kWh is set for the life of the system and can NEVER change
• Full Warranty from the manufacturer and the installer
• Increased resale value and no hassle transfer
• Full control over panel and inverter type
• The system can be moved anywhere you move
• No early termination fees
• Guaranteed return on investment as high as 8-10%
• Cash price is the cheapest, with many affordable zero or low-money-down financing options available
CONS:
• You must pay cash or finance the purchase
• A down payment may be required
Unless you cannot use the tax credit because you are no longer working and do not pay federal income taxes, you should buy your system instead of leasing it. We offer low-rate financing options for customers with good credit and competitive prices in the Las Vegas market.
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