“Free” Solar Panels: Why They May Not Actually Be Free

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When something is advertised as "free", there are usually certain conditions attached - free solar panels are no exception. Companies that offer "free" solar panels usually rent solar panels, allowing you to enjoy the benefits of solar electricity without having to maintain and maintain the panels.

Although it may seem tempting, there are many other things to consider before taking out a "free" solar lease. This guide will tell you what you need to know, as well as how to get free solar panels.

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What do companies mean when they talk about free solar panels?

You may see some solar panel companies advertise their panels as "free" or "free". In most cases, these companies describe the program as a Solar Lease or Purchase Agreement (PPA). Under this agreement, the company installs solar panels on your roof or in your home at no upfront cost; Hence the term "free".

You will then be charged for the electricity consumption generated by the panel and, in some cases, a monthly rent. You won't own a solar panel with any of these "free solar power" offers. In other words, renting solar panels is essentially the same as renting solar panels. Solar companies take care of installation and maintenance for a fixed period of time, which is usually 20 to 25 years. After the lease expires, you can immediately purchase solar panels; Otherwise, the solar company will delete them.

Will free solar panels save you money?

"Free" solar panels will save you money because solar energy is usually cheaper than grid electricity. But remember that these solar energy savings are possible whether you rent or buy solar panels.

The long-term cost savings will help you decide if solar panels are worth it. Will you save enough money on your energy bill in 20-25 years to justify installing panels? At the end of the lease, you will not own the solar panels, but they will be removed from your property unless you resign. Keep this in mind when discussing other advantages and disadvantages of solar panels.

Free solar panels are hidden costs

While the upfront cost of “free” solar panels can be attractive, there are hidden costs to consider before signing a solar panel lease. Signing a contract with a solar company will make you ineligible for any solar rebates, federal tax credits, or local solar incentives. Also, if your solar panels produce more solar energy than your home consumes, any financial benefit from that energy goes to the solar company, not your home.

Make sure you fully understand the terms of the solar contract before signing the contract. Some companies may use inferior materials for solar panels that do not convert sunlight into energy, as well as other panels. In other words, you risk missing out on the energy-saving potential of inefficient panels.

Another factor to consider when leasing solar panels is whether or not you are selling your home during the term of the lease. Potential home buyers are often hesitant to sign a solar lease, which can make it difficult to sell your home.

Federal and local incentives to reduce the initial cost of solar energy

Unfortunately, under a solar lease or power purchase agreement, homeowners are generally no longer eligible for federal and local solar benefits. Since the solar company owns the panels, they will be eligible for all benefits.

If your top priority is getting federal and local incentives or solar tax credits, consider buying your own solar panels rather than renting them. This will allow you to take advantage of the federal credit.

How to choose the best solar company for you

If you are interested in free solar panels or want to learn more about buying solar panels for your own home, start by working with the best solar companies to provide the best service.

A reputable solar company will let you know about all the possible options for panel size, style, and potential. Plus, they will have various financing options to suit your needs. Ask friends and family who have installed solar panels for recommendations and always check the reviews of any solar panel company.

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The idea of "free" or "free" solar panels is too good to be true. The “free” solar panels are mainly rented to solar energy companies. While you will benefit from cheaper solar energy bills, the panels are not yours; Solar companies do. After the end of the lease, the panels will be dismantled.