It’s no secret that things are expensive these days! It seems like everything is going up–including rising electricity bills.

Mainers are always looking for ways to save money–we’re savvy like that–and for Maine homeowners switching to solar power has become a top choice. Of course, you’ve heard that a solar investment will pay for itself in about 10 years, but the upfront cost is right now, making that long-term return on investment look a little less exciting.

Because of this, many people consider leasing panels, but is that the right decision for you? Let’s shine a light on the financial benefits of buying over leasing panels for solar energy in Maine.

• Ownership and equity. When you buy solar panels, you own them outright. This means any financial benefits, such as energy savings and incentives, go directly into your pocket. Unlike leasing, where the leasing company reaps these benefits, ownership allows you to build home equity.
• Return on investment. The initial cost of purchasing solar panels is high (keep reading for how to offset this), but the long-term savings are substantial. On average, homeowners can recoup their investment in 7 to 10 years through energy savings and incentives. After this payback period, all the electricity generated is essentially free.
• Incentives. Owning your solar panels in Maine offers significant financial benefits. You can take advantage of the Federal Investment Tax Credit (ITC), which covers 30% of your installation costs. The state of Maine will soon provide solar rebates and Efficiency Maine offers low-interest loans via the Property Assessed Clean Energy (PACE) program. The PACE program allows homeowners to borrow funds for energy improvements with competitive interest rates and flexible repayment terms. Plus, Maine’s net metering policy allows you to earn credits for excess electricity, further reducing your energy costs year-round. 
• Increased Home Value. Homes with owned solar panels often have a higher resale value. Prospective buyers are attracted to the prospect of reduced energy bills without the burden of taking over a lease agreement. Studies have shown that solar-equipped homes sell faster and at a premium compared to non-solar homes.
• No Monthly Payments. Once your solar panels are paid off, there are no ongoing costs, unlike leasing, which requires monthly payments to the leasing company. This means more savings in the long run.

The decision between buying and leasing solar panels ultimately depends on your financial situation, long-term goals, and personal preferences. If you have the capital and are looking for a long-term investment with substantial financial benefits, purchasing solar panels is the way to go. The ownership offers greater savings, increased home value, and eligibility for incentives.

Before making a decision, it’s crucial to weigh the pros and cons and consider your individual circumstances. Consulting with a trusted solar provider like Maine Solar Sheds can also provide personalized advice and help you navigate the process.

If you’re considering switching to solar and want a pre-fabricated solar shed for your home contact us today, or sign up for our newsletter for news, promotions, and information.