In
this day and age, everyone wants to do right by the environment and reduce
their carbon footprint by going green, but, let’s be really honest, sometimes
the cost of going green is more than the average homeowner can afford. While some things are easy to do, like
recycling, gardening, and using more environmentally conscious products around the
home, others can have hidden costs associated with them. For instance, installing solar panels on your
home is a great way to lower your electrical bills on a month to month basis, and
you could get some tax credit to reduce your federal tax liability in the year
that the system was purchased. But, what
are the actual costs to the homeowner?
Purchasing
solar panels outright is a huge expense and you need to weigh how long it will
take for the monthly savings to cover the cost of the system. In most cases, this will take years. Also, you need to consider the fact that you
will be responsible for any upkeep and maintenance of the system. Some parts can cost as much as $2500, and
need to be replaced more than once during the lifetime of the system. Leasing solar panels is another way to go. With a lease, you pay half to no money down
and receive the same environmental benefits as purchasing. If something goes wrong, the leasing company
is responsible for the upkeep and maintenance.
However, you do not get the tax credit, the leasing company does. Also, if you try to sell your home before the
lease is up, you will need to ensure that the purchaser is eligible to take
over the lease. Additionally, make sure
you read the fine print on your lease; some companies have hidden rates and
fees that the homeowner may never even know about. Going green is great but make sure you know
what you are getting into upfront, or all those savings will be coming out of
your pocket instead of going in.
