Leasing of Solar Panels and Benefits of Owing One
Introduction
One of the most important things that you ought to know about the solar panels is that, taking on rent the solar panels is not at all good, especially from a financial point of view. Many have opined that, it is not a good thing and you can save more funds or income in long run through the best financing options like traditional loan, FHA title loan, PPA, and so on. If you want to know more about solar panels, then look here at solar panels Louisiana & broaden your horizons on the same. There are many reasons as to why you should not lease a solar panel, because the first and the foremost reason is that you are not the owner of the solar system. It is the 3rd party that owns & they can even take back the solar panels, if you infringe the T&C of the contract, like amiss payments and so on.
Tax Incentives & Solar Panels
The next and the most important reason for not leasing a solar panel is that, you will not get any benefit of tax incentives, which also includes 26% federal tax credit for solar. And, these tax credit belongs to the solar renting companies. Besides all of that, you will get a very low ROI than you would have thought, especially if you are choosing a loan or solar loan. The next and the foremost reason why you should not take a solar panel on rent is because the lease contract of the solar panels is not something that can be easily transferred, especially when you are selling the house. As per the solar leasing guidelines, if you plan to sell your house, then make sure that you transfer the lease to the new house owners, if they have excellent credit like a 700 or higher score of FICO.
Why Leasing Solar Panels is Not a Good Idea
If you are planning to sell your house, then leasing a solar panel before you sell your house is not a good idea because the new home owner will be stressed by a solar lease on home which is existing one, & they may have to make huge payments on the lease term, its remainder and so on, and additionally the lease term may be for 10-20 years and so on. But if you own a solar panel, then one of the biggest benefits that you get when you are selling your home is that, it enhances the value of the home & if the panels are leased then it can be possible that you may have to forcefully buy the solar panels to complete the sale deed or execution of sale of your home. Also, reading the fine print of the lease agreement is important because lease payments are bound to enhance on yearly basis. A yearly lease payment increases 3.9% every year for 15 years and it is very common.
