If you’re looking for solar leasing pros and cons in Maui, you’re in the right place.
At Pacific Energy, we’ve prepared a list of the most popular questions that are asked regarding leasing a solar system on the island.
Without any further ado, here’s a Q&A list with things you need to know about solar leasing pros and cons in Maui.
Solar leasing pros and cons in Maui
Q.: What does solar leasing mean?
A.: A solar lease is different than going solar by buying your own system.
By signing a solar lease, you’re signing a deal with a leasing company that will install a solar system on your roof and will allow you to use it for the duration of your contract. The solar PV system will be owned by the solar leasing company so, once your lease it up, you may no longer be able to use solar unless you sign a new contract.
Q.: What if something happens to the PV system while I’m using it?
A.: Since you’re “renting” the solar system from the leasing company, if something happens to it – maybe your inverter stops working or something happens to the panels – the leasing company is responsible for any repairs or maintenance work.
Q.: I can’t afford to go solar, should I “rent” a PV system instead?
A.: If you’re curious about the solar leasing pros and cons in Maui, you should know that renting a PV system comes with both.
On one hand, many homeowners often wonder if it’s worth leasing a solar panel system instead of buying one. After all, a lease doesn’t require you to apply for a loan or spend all your savings on a new system. After signing a contract, you’d start to rely on renewable energy and, instead of paying a hefty electricity bill each month, you’d be paying a much lower rate to the leasing company.
For someone who doesn’t have the possibility to get a loan, this may be a good idea to go green right away, reduce carbon footprint and stop relying on the grid! And on top of it all, save some money.
Q.: Is leasing a solar system worth it to save money? Do you recommend it?
A.: Sometimes, but mostly no.
On one hand, leasing a solar system is indeed cheaper than paying for your regular electricity bill. You’d be able to go solar and start saving right away. The fee you’d pay each month to the leasing company is often times much lower than the cost of electricity.
On the other hand, you wouldn’t really be saving money on electricity. It’s true, you are locking in a lower electricity rate, but all you have really done is shift who you are sending money to.
To learn more about the solar leasing pros and cons in Maui, feel free to contact Pacific Energy today! We’re here to answer all your questions and explain how you can truly benefit from a photovoltaic system.