Today I want to answer one of the most frequently asked questions we get from homeowners, “Is solar a good investment for my home?”
One of the most important things to take into consideration when answering this question is the amount of solar power that your system produces is going to diminish over time. Keep that in mind when you’re looking at your different options.
In the beginning, the payment might be attractive for the amount of power you are getting. However, over time that production will decrease and some of the payment options will decrease. Today we are going to rank the options you have when purchasing solar power, from worst to best.
A lot of times, buyer’s won’t want to take on that new payment and will ask the seller to pay off the lease. When you pay the lease off, you are giving up all the payments from that lease and it can end up getting pretty costly.
When you finance a system, you will pay the principle and interest on it. The good thing with a finance purchase is that if a buyer asks you to pay it off, you just have to pay the principle off, and not the interest.
- Power Purchase Agreement
What’s great about this option is that there is no up-front cost to you.The company will put the panels on your roof for free and guarantee that you will only pay a fraction of the cost you would usually pay to San Diego Gas and Electric. They generate the power, you pay your electric bill to the solar company, and they will take care of SD G&E.
- Buy outright
The best option is to buy the system outright if you can. You will save whoever buys your home hundreds of dollars a month on their bill, they will have no monthly electric expenses, and you are truly adding value to your home.
If you are looking at purchasing solar power for your home and are wanting to explore your options, give us a call or send us an email. We look forward to hearing from you!