Solar leases are an option for Bakersfield residents who want to install solar panels without the upfront costs of purchasing them. Here are some of the pros and cons of solar leases:
- No upfront costs: With a solar lease, there is no upfront cost for the installation of solar panels. Instead, you make monthly lease payments to the solar company.
- Savings on electricity bills: By using solar power, you can reduce or eliminate your electricity bills, potentially saving you money over the long term.
- Maintenance and repairs: With a solar lease, the solar company is responsible for maintenance and repairs of the solar panels, which can save you time and money.
- Low-risk option: A solar lease is a low-risk option because you are not responsible for any maintenance or repairs on the solar panels.
- Long-term commitment: Most solar leases require a long-term commitment, typically 20-25 years. This means that you will be locked into the lease agreement for a long time, even if you move.
- No ownership: With a solar lease, you do not own the solar panels, and you are not eligible for any tax incentives or rebates that may be available to homeowners who purchase their solar panels.
- Higher monthly payments: Although a solar lease does not require upfront costs, the monthly lease payments can be higher than loan payments for a purchased solar system.
- Transferability: If you sell your home before the end of the lease agreement, you may need to pay off the lease or transfer the lease to the new owner. This can be a hassle and may affect the sale of your home.
In conclusion, solar leases can be a good option for those who want to enjoy the benefits of solar energy without the upfront costs. However, it’s important to carefully consider the long-term commitment and other factors before making a decision.