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Purchasing Solar Energy Becoming the Best Option in Massachusetts
Hardly two years have passed where leasing a solar energy system was the frequently chosen method for many homeowners to go solar. While, there are still circumstances that may favor a lease, the combination of boom-market driven lower costs and increasing financing alternatives means buying solar works for more families in Massachusetts.
Buying solar panels requires an investment and more decision-making than leasing, but over the long term the benefits of owning your system are hard to beat. Paying cash outright or financing through a loan give the owner they most value over the lifetime. A lease is an option for affordability and speed, but this option fits the needs of fewer than it has in the past.
Key Benefits of Solar Energy
- Reducing or eliminating your utility payments and electricity costs.
- Giving you a greater sense of independence from steadily rising energy prices.
- Providing years of confidence backed by product warranties.
- Making a positive contribution to benefit the environment and participating in the transition away from labor intensive fuels.
Solar Power Means Savings
Like most major home improvement expenditures, a solar buyer has options to weigh and balance to meet the objectives. When evaluating purchases and leases, the biggest distinctions boil down what fits a budget while giving the most appealing return on the money. Some home renovations may be chosen strictly on need. A solar system assures money savings in all cases.
For purchases, the savings grow over the lifetime of the system. For leases, the savings are slow but steady, but easily calculated. Where monthly budgets are most important, for example, a lease can provide better predictability. A purchase offers certain advantages over a lease:
Leases require third party ownership. The third party retains all of economic incentives. Purchases place the incentives in the hands of the buyer, who is the owner.
A cash purchase requires the biggest up front commitment while providing the largest savings over the life of the purchase.
Most commercial loans offer choices for up front commitment and selectable durations. Lifetime savings are significant.
Leases provide the lowest long term savings with smaller financial commitments.
The Best for Your Home and Family
With a purchase, solar energy does more than offset what is paid to utilities. The systems add value to a home at appraisal and at a point of sale. In Massachusetts, residential solar is booming. This has made everyone more aware and made a solar energy system more desirable. Home buyers more than ever are willing to value an existing solar installation for its ability to reduce monthly electricity spending. And Bay State costs are higher than in most other states, with no reason to expect measurable reductions in the future.