Whole Life Magazine

April / May 2015

Issue link: https://digital.copcomm.com/i/489304

Contents of this Issue


Page 22 of 43

Y ou've probably seen them on your neighbors' roofs, or at least lawn signs pointing to where they are— large, shiny rectangular panels that capture the sun's energy to reduce electric bills and power a household. Solar energy, not long ago the province of a few affl uent progressives, will power more than 600,000 homes by the end of this year, reports industry association Solar Energy Industries (SEIA). More than two-thirds of the nearly 400 megawatts of solar installed on home roo ops in California since 2011 are leased from and owned by a third party, but is this the wisest fi nancial decision? When you're purchasing a car or a house, buying can be more advantageous than leasing, but in both cases you'll need a down payment and credit approval. Leasing solar panels requires neither. If this makes it your best option, you'll still save money over the life of the lease compared to what you'd pay the power company. If you'd rather have the benefi ts of owning, but can't aff ord to purchase a solar power system outright, a low-interest-rate solar loan can still mean little or no out-of-pocket cost. For example, Admirals bank currently off ers interest rates starting at 5.99 percent to qualifi ed borrowers, on loans of up to $45,000 for terms from fi ve to 12 years. And in many cases the interest in deductible. e Institute for Local Self-reliance has put together a calculator that can help your decision-making process, but we asked Jim Jenal, founder of By Abigail Lewis To Buy or Rent Solar, that Is the Question All photos courtesy: Run to Sun april/may 2015 23

Articles in this issue

Archives of this issue

view archives of Whole Life Magazine - April / May 2015