Solar: Lease or Buy?

[darrinb]

Hi I was thinking about solar power and in NJ we have the option to buy our system or lease it.

According to some research that I've done the main reason that people decide on lease is to overcome the big up front cost of the solar system which can cost 10,000-20,000. But this is only good if you have a credit score of 700 or better. I don't know about any of you but that leave me out.

I have a 2 family house and spoken with a company that can do my unit as a lease option for $9,000 and the other unit for $9,500 if I want the other one done. Because I don't have a 700 credit score I will have to pay the lease option up front ($9,000). This will offset by utilites by 100%.

If I do the second unit it will off set by 75% (according to current uses). I can by a system for the whole house for about $18,000 plus the cost of installation. However the lease option includes maintence for the 20 year lease.

Does anyone knows how often a solar system needs maintence? Which option is better, owning or leasing your system?

[bodybuilder1958]

The biggest expense in solar is the batteries, the second is the panels. We've looked into solar for our RV and we're looking at roughly $1800. for the total cost. But where we camp right now solar unless you use portable panels is out.

If you buy look into a maintenance contract, also look into what it will run with your homeowners insurance. You will still need a standby system. What are you wanting to run on solar? If you're roof mounting make sure your roof can handle the panels plus any snow load.

Before you buy have an assessment done on your house. Energy usage, what needs to be changed, upgraded, etc.

Either way look into a security system for the solar panels and the batteries, lots of money invested there.

Goodluck,
bodybuilder1958

[bodybuilder1958]

Mother Earth news has an article on solar that you might want to look up, you can buy past issues. Issue 246 from June/July 2011

[darrinb]

(07-03-2012 10:57 PM)bodybuilder1958 Wrote:  Mother Earth news has an article on solar that you might want to look up, you can buy past issues. Issue 246 from June/July 2011

I'll take a look. Thanks