Are you thinking about installing solar onto your rooftop but you aren’t sure about the financial ramifications of it? You’ve already decided that it’s an obvious choice to cut back on your energy costs and the positive impact on the planet is clear, but how do you afford it? Most individuals have the option of either purchasing their solar panels or leasing them, and each option comes with its own set of benefits and drawbacks. Let’s take a look:

The upfront costs make a huge difference here, with a cash price of installation running up to $30,000. However, rebates are available that often cut this pricing almost in half. If you choose to lease, you can install your system for almost no money out of pocket.

Similar to the concept of automobiles, if you purchase a set of solar panels you are responsible for paying the maintenance costs associated with them. If a huge storm comes through and causes damage, that’s coming out of your bank account. Nowadays most solar products come with exceptional warranties, but it’s still something to think about. Conversely, if you choose to lease your system you won’t be responsible for any repair fees.

Another major factor to consider is that putting in a solar power system that’s paid for will increase the value of your home dramatically. With a lease, it’s a temporary benefit. The question you need to really think about is if you want to reap the benefits of solar energy over the lifetime of your homeownership, or if you want instant gratification with some savings during a shorter period of time?

Either way you decide to go, investing in solar power is the right step forward toward utilizing renewable energy and reducing our carbon footprints. Whichever option is best for you, buy or lease, it is still a great step forward.