Loan vs Lease vs Cash?

When going solar, there are a couple of different options to go about paying that have unique advantages and disadvantages so it is important to make an informed decision! All homeowners that qualify can either finance their system, lease their system, or buy it outright in cash. The choice is yours!
Loan advantages

– $0 out of pocket
– fixed monthly payment no matter how high energy rates go
– own your equipment without a 3rd party involved
– transfer financing to new homeowner if the home sells
– increase property value & build equity in the home
Loan disadvantages

– take out a loan
Lease advantages

– $0 out of pocket
– pay monthly to a solar company based on their rates
– immediate savings
Lease disadvantages

– less savings
– 3rd partly involved
– does not build home equity
– harder to move or sell your home
Cash advantages

– cheaper price overall
– build equity in home
Cash disadvantages

– 5 to 10 year payback
– could see little to no savings if you move before too soon
– big initial payment