Free Solar Panels: Why They May Not Actually Be Free

Content

When something is advertised as "free," it usually comes with a few conditions: free solar panels are no exception. Companies that offer "free" solar panels often offer solar panel rentals, which allow you to use solar energy without servicing or maintaining the panels.

While this may sound appealing, there are many things to consider before signing up for a "free" solar panel lease. This guide will tell you everything you need to know and how to get free solar panels.

Compare offers from the best solar panel installers

Free estimates without obligation

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 some type of solar lease program or solar power purchase agreement (PPA). Under these contracts, the company installs solar panels on your roof or property with no upfront payment; hence the "vague" terminology.

You will then be billed for the electricity produced by the panels and, in some cases, monthly rent. You won't get solar panels with any of these "free solar" deals. In other words, renting solar panels is essentially the same as renting solar panels. A solar company provides installation and maintenance for a fixed period of time, usually 20-25 years. At the end of the lease, you can buy solar panels; otherwise, the solar company will remove them.

Will free solar panels save you money?

"Free" solar panels will save you money because solar energy is often cheaper than grid electricity. However, remember that these solar energy savings are possible if you rent or buy your solar panels.

The long-term savings will help you determine if solar panels are worth it. Will you save enough money on your electric bill over 20-25 years to justify installing the panels? You will not own the solar panels at the end of the lease, but the panels will be removed from your property if you do not withdraw. Consider this when looking at other pros and cons of solar panels.

The Hidden Costs of Free Solar Panels

While the upfront cost of "free" solar panels may be attractive, there are hidden costs to consider before signing a solar panel lease. Signing up with a solar company will cancel 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 will go 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 solar panel materials that do not convert sunlight into energy like other panels. In other words, you risk missing out on potential energy savings from inefficient panels.

One thing to consider when leasing solar panels is whether or not you will ever sell your home during the lease term. Potential buyers are often hesitant to lease solar, which can make it difficult to sell your home.

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

Unfortunately, under a solar lease or power purchase agreement, homeowners generally cannot take advantage of federal and local solar power. Since the solar company owns the panels, it will be the one who gets all the benefits.

If federal and local solar benefits or solar tax credits are a priority for you, consider buying your own solar panels instead of leasing them. This will allow you to take advantage of federal loans.

How to choose the best solar company for you

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

A reliable solar energy company will provide you with all the options when it comes to panel sizes, styles and features. Plus, they'll have several different financing options to suit their needs. Ask friends and family who have installed solar panels for recommendations, and always ask for reviews of any solar company.

Compare offers from the best solar panel installers

Select a state to start a free, no-obligation evaluation

Find a solar panel installer

At the end of the line

The concept of "free" or "free" solar panels is really too good to be true. "Free" solar panels are mostly leased to solar companies. While you get the benefits of lower electric bills with solar, it doesn't have panels; is a solar company. At the end of the lease, the panels will be removed.