Are you familiar with the solar lease disadvantages in Maui?
Going solar comes with myriad advantages. However, not everyone can afford to pay for such a hefty investment upfront. In this case, homeowners can opt to lease their solar panels and enjoy the benefits of going green without putting a heavy dent in their budget.
But is leasing solar panels in Maui really worth it? Are there any solar lease disadvantages in Maui that should raise a red flag and determine you to install your own system?
Despite the solar panel’s low cost, the high fees of installing a new solar PV system for a home continues to lead homeowners to believe that leasing solar panels is a good idea. However, leasing is almost never a good option.
Keep reading to learn more about the solar lease disadvantages in Maui and why investing in your own system will pay off in the long run.
Solar lease disadvantages in Maui
1. Leasing solar panels means you won’t be able to take advantage of tax credits
When you invest in your own PV system in Maui, you can take advantage of many state tax credits and incentives. The initial investment may seem expensive, but after accessing all the federal and state solar subsidies, you can safely draw the line and see how much money you have saved and how much you can continue to save in the long run.
Leasing solar panels, on the other hand, means you won’t have access to any solar tax credits. On the contrary, it’s the solar leasing companies that will access these funds, since they’re the rightful owner of the solar panel system installed at your home.
2. Many of the solar lease disadvantages in Maui may be hidden in fine print
Unfortunately, not all solar leasing companies can be trusted. After years of installing solar systems on hundreds of homes, we have heard many complaints from homeowners about leasing solar panels because of the hidden fees and contract terms.
If you’re tempted to lease solar panels instead of installing your own system, keep in mind that many of the solar lease disadvantages in Maui are often hidden in fine print.
3. Having a PV lease in Maui can scare away potential home buyers
Owned PV systems significantly adds to the value of your home, whereas leasing solar panels can often lower it. With that in mind, if you decide to sell your home, you should be prepared for potential buyers to be weary of your contract.
Furthermore, it’s the solar leasing company that must approve the buyer. If the solar leasing company doesn’t approve, the sale may easily fall out of escrow and it won’t take long until your buyer will be gone.
4. When the solar lease is up, you may have to pay for roof repairs
If you’re still looking for solar lease disadvantages in Maui, think about what happens when the lease is up.
If you don’t agree with the terms of the new lease, you’ll have to return all the equipment. However, once the system is removed, chances are high you’ll have to repair your own roof.
If you’re truly looking to go solar, consider the solar lease disadvantages in Maui and choose to install your own system. Call us today and see how we can help.