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if you’ve been considering solar energy for your home you’ve probably run into the question of whether or not you should lease or own a whole house solar system and while this topic can be confusing in this video we’re going to make things as simple as possible by exploring both the pros and the cons of leasing versus owning a solar system we’re going to discuss the financial aspects of both options and even look at how your choice might affect your home’s resale value so if you’re feeling frustrated stuck or concerned about making the wrong choice don’t worry because by the end of this video you’ll have a clear understanding of which option is the best fit for your unique situation all right let’s jump into it okay so first I need to clear up a little bit of confusion around this topic so solar releases can go by a couple of different names that you should be aware of they can be called a lease but they can also be called a solar power purchase agreement or a PPA for short so while these terms mean basically the same thing that you’ll lease the panels instead of purchasing them there’s one big difference to understand so with a traditional solar police it’s exactly how it sounds you’ll have a payment every month for the lifetime of the lease which is similar to other leasing programs like for example when you lease a vehicle the big difference though is that with a solar power purchase agreement you agree to purchase the power generated by the solar system at a fixed kilowatt hour price instead of paying a monthly lease amount when it comes to leasing in either case one of the major benefits is the lower upfront costs so you won’t have to pay for the entire system out of pocket or take out a loan like you would if you decided to purchase a solar system outright so leasing can be a really good option if you’re concerned about spending a lot of money up front just to see some savings on your energy bill however leasing a system does have some key drawbacks to consider for example you might not be eligible for tax credits or incentives like you would be if you purchased your system and when it’s time for you to sell your home the lease might make things a little bit more complicated and we’re going to talk more about that here in just a minute now obviously the other popular option is to Simply purchase the solar system outright by paying for it up front either through cash payment or financing the purchase through a loan now unlike leasing once you purchase a solar system it becomes an asset that belongs to you instead of the leasing company the other big benefit here is that by owning a system you can take advantage of any tax credits rebates or other incentives that may be available which can be significant now arguably the most important factor when deciding between owning or leasing solar goes back to the finances with a typical lease you’ll pay a monthly fee for the life of the lease which typically ranges from 20 to 25 years another thing to know is that leases tend to increase one to three percent annually as well which is different than what you would find with a traditional loan that has fixed monthly payments with either a lease or a PPA you can expect to see a 10 to 30 percent savings on your utility bill costs and if you’re wondering there isn’t much of a savings difference between a traditional lease and a PPA however it can be easier to budget for a lease payment because you’ll have a consistent amount of money to pay every month versus a fluctuating bill that’s based on your energy use and when it comes to owning a home solar system your total cost can vary quite a bit depending on the size and the type of your system that you choose like I mentioned earlier the total cost can also be affected by any tax credits or incentives that you qualify for too which can significantly reduce the cost of owning your own solar system in fact you may even get a credit from your utility company if your system is designed to offset 100 or more of your energy needs and when purchasing solar it’s important to point out that solar should be considered an investment into your home the biggest reason for this is because on average it takes eight to nine years to make back the cost of what it took to purchase and install solar panels outright this time period is referred to as a solar buyback period so while you can start saving on your utility bill as soon as your system is connected your full savings won’t be recognized until after you recoup your initial costs for the system through any Energy savings over time again this is different than what you could expect from leasing a system because with the lease you would benefit from A reduced Energy bill right away without having to pay for the entire system first now let’s switch gears and talk a little bit about something else that’s important to consider so what happens when you sell your home and more importantly how does leasing or owning a home solar system affect the value of your home when it’s time to sell so after all there seems to be a lot of conflicting information on the internet as to how much a home solar system will increase the value of your home or even if it will increase it at all so here’s the good news when you purchase a solar system it typically does increase your home’s resale value Studies have shown that homes with solar systems sell for more than those without them increasing a home’s value by three to four percent on average homes with solar tend to sell faster too so clearly buyers see the value in purchasing a home with solar versus one that doesn’t have it that means that not only can you enjoy Energy savings while you live at your current home you could also see a return on your investment if you decide to sell your home in the future now the bad news when it comes to selling a home that has a lease system things can get a bit trickier some potential buyers may be hesitant to take on the lease especially if the terms aren’t favorable or if there’s a long time left on the contract your options may vary but there are typically three different paths you could take if this is the case you could buy out the remaining part of the lease yourself you could transfer the sole release agreement to the new homeowner or the Solar Company may allow you to move the system to your new home in any case it’s important for you to understand what options you have even if you don’t plan on selling your home anytime soon so to summarize while owning a whole house solar system can make your home more desirable and increase your home’s value when it comes time to sell leases can be a turn off for home buyers and make the selling process more complicated going solar is a big decision and we’ve only touched on some of the things you should consider in this video but don’t worry I’ve got your back I’ve teamed up with energy Sage to make sure you have all the help and guidance you need energy Sage is an online solar Marketplace that makes it easy for consumers like you to research compare and choose the best seller options for their needs by providing transparent pricing quality ratings and unbiased advice energy Sage empowers all homeowners to make informed decisions when going solar so if you still have questions about solar or if you’re excited to start getting quotes for your home just click on the link in the description below after this video is over all right so now that we’ve covered the basics of leasing versus owning a whole house solar system let’s talk about how to maximize your savings and benefits regardless of whether or not you lease or if you own a system one way to maximize your savings is by using appliances like dishwashers washing machines and dryers that use a lot of energy during the day when your solar system is producing Peak energy you can also invest in more energy efficient appliances too which can help you reduce the size of the system that you might need for your home and another great tip is to monitor your Solar System’s performance over time many systems come with a monitoring software that allows you to track energy production and usage keeping an eye on this data can help you identify any issues and ensure your system is running at its best something else to consider is investing in a separate home energy monitoring system like this product called sense devices like this one can track your energy use and even show you what specific devices are consuming energy in your home that way you can identify things like appliances that may be using more energy than you think they are so they can be upgraded with a more efficient model the great thing about products like this is that you don’t even have to have solar to start seeing some Energy savings at your house so here’s the bottom line at least maybe the best choice for you if you want to minimize your upfront costs and save on your energy bill if you don’t plan on selling your home anytime soon and if you’re looking for a zero maintenance solution now on the flip side purchasing the solar system may be the best choice for you if you want to maximize your savings on your electricity bill if you’re looking to increase the value and desirability of your home and if you can afford The Upfront investment but at the end of the day only you can decide on what’s best for you and your home now I know that all this information can still be a lot to consider but remember both options can lead to significant savings and benefits the key here is to carefully consider your unique situation your budget and your long-term goals and remember if you’re feeling unsure or overwhelmed it’s always a good idea to seek professional advice solar professionals can help assess your specific needs answer your questions and guide you towards the right decision for your home if you’re hungry for even more solar knowledge don’t worry I’ve got you covered be sure to check out these other videos here that I’ve put together that will have more information on going solar and as always I want to say thanks for watching and I hope that this information in this video was helpful to you otherwise I will see you in the next video …