Purchasing solar panels is a big commitment, and it’s vital to understand your options. While financing is the most approachable method, you may wonder if you can buy solar panels outright. The short answer is: Yes. Here’s what you need to know.
Can you buy solar panels outright?
Yes, you can buy solar panels outright. When you go solar, you’ll have the option to pay for your panels in cash. There are a few advantages to buying solar panels outright that you don’t get when you finance. Here are a few:
- No monthly payments
- No interest
- Federal tax incentives still apply
It takes time to break even on a solar panel purchase, but you also get immediate month-to-month savings. That’s a major benefit, especially at the rate at which utility bills increase. For example, PGE is raising rates by 18% in 2024, one of its largest increases ever. The same is true across the United States, with rates increasing as much as 28% in Montana.
Purchasing solar panels outright means you don’t have a monthly payment, which avoids loan interest and locks in your utility rate. It’s an investment that can potentially have a large return.
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Who should buy solar panels outright?
You should consult a financial advisor to determine whether buying solar panels outright is wise. Every financial situation is different, especially once you throw the cost of your home into the mix. There are too many variables to confidently say if it’s the right move without an expert eye to run the numbers for you. However, if you have the funds available to you, buying panels outright can be a good move.
If you aren’t sure where to start, talk to a solar installer about your options, then take those options to your financial advisor. They can run you through the fine details of your finances before and after installing solar panels. For example, your property value increases with solar panels, but most states exclude the increase from your property taxes. Those factors greatly impact your finances, so it’s vital to get expert help.
Purelight Power offers free quotes for homeowners looking to go solar. Fill out our contact form, and we’ll schedule a consultation to initiate the process.
How to buy solar panels outright
You have three options for buying solar panels: leasing, financing, or paying cash. Your solar installer will offer some or all of these options, so just move through the process until it’s time to pay the bill. They’ll walk you through their acceptable payment methods, and you’ll be set.
A word of advice: Leasing solar panels is generally a bad idea. You can get roped into bad agreements and liens that are sticky to get out of, and you’ll get a far smaller return on your investment. If paying cash or financing is available to you, it’s best day to go those routes. If a company only offers leases, you may want to reconsider installing solar panels on your home.
Where do I buy solar panels?
The best place to buy solar panels is from a reputable, licensed solar energy company. Solar panels are complex, and installing them requires many moving pieces. Tackling them as a DIY project is incredibly risky, especially once you factor in the necessary permits and communication with your utility company. If there are any problems with the installation, it’s good to have someone in your corner who knows how to keep the process moving.
Find a solar installer with good reviews and a track record of timely communication. Customer service should be a deciding factor in who you opt to go with. The last thing you want is to partner with a company that won’t return your calls. That’s especially true given that you’ll have installers on your roof and inspectors visiting your home. If the times and dates of those events aren’t properly communicated, you’ll have a bad experience.
Purelight Power Can Help
At Purelight, we have a long track record of helping customers achieve their solar goals. We emphasize customer service throughout the journey, explaining how going solar impacts your home and finances. We offer a range of options for making your solar panel purchase, including cash purchases. Our solar experts are leaders in the field, ready to pass their knowledge on to you.
Contact us today if you want to see how solar can benefit your home. We’ll create a free system design showing how much power your home can generate.
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