Introduction
In many places, you will notice that people mostly choose to buy a solar panel. However, it is one of the most important investments & sometimes this can also upset your home budget. But one of the best things that consumers can do these days is to lease a solar panel, without they bearing huge upfront cost. To know more about the same, simply look at solar panels Louisiana & buy the best panels. Besides all of that, you can also choose a solar panel subscription & it is another method of financing your solar unit’s installation – and it is confused with renting. Now, there is a huge difference between solar panel leasing and subscription. Let’s take a look at it. Let’s first look at solar panel leasing or renting and its working.
Working of the Solar Panel Leasing
Leasing can be said as renting or a fiscal arrangement in which the lease holder pays the rent or money for using the solar panels for a specific time period, also known as fixed term. The solar panels are taken on rent, by the lease holder, and a third party installs them in your property, then later it sells or gives you the electricity which they create or generate. These payments can enhance over the time period. Also, in your agreement it will be mentioned at which rate there will be increase on the term. So, before you sign the agreement read the fine print of the same. The term for the agreement which is fixed is for 20 years and after the lease term is over, you can purchase the solar panel or remove it or you can also renew the lease and endure making the payments. It is also important that you check the terms and conditions of the lease agreement.
Working of the Solar Panel Subscription
In a solar panel subscription, the home owner will give the permission to the installation firm to set up the solar units on his roof. After the solar panels are installed, the ownership of the panel system is transferred to the firm. In the solar subscription, the solar firm, which is the owner takes the charge for the maintenance and installation of the system to make sure that it functions properly. The home owner will manage and maintain the tenure of the energy created by the PV system. Next, he will compensate the firm for maintenance services through a monthly rent payment which is given in the subscription deal or agreement. Besides all of that, after a secure period of 20 years, which is common the homeowner can have the solar panels removed or have it. Also, the terms and conditions of the providers differ and therefore, it is very important that you check the terms and conditions of the contract before you sign any.