Evaluating Solar Lease Buyout Options in 2024: A Comprehensive Guide

[Originally published on February 18, 2022, | Updated on January 24, 2024 - 3 min read]

Evaluating Solar Lease Buyout Options in 2024: A Comprehensive Guide

Understanding Your Solar Lease Buyout Options

If you're considering a solar lease buyout in 2024, here are some key points to help you make an informed decision:

Reasons to Consider a Lease Buyout

1. Home Resale Value: Buying your solar lease could increase your home's value. This is particularly relevant if you're planning to sell your home soon. A bought-out system can be more attractive to buyers than a leased one.

2. Potential Cost Savings: Comparing the total amount of remaining lease payments against the buyout cost is crucial. Sometimes, the buyout amount may be less than the sum of the remaining payments, leading to potential savings.

Reasons to Remain in Your Solar Lease

1. Maintenance and Repair Coverage: Leases often include comprehensive maintenance and repair coverage, which can be financially advantageous. The lease agreement might cover these costly repairs if your inverter or other components fail.

2. Evaluating Buyout Cost vs. Home Value Increase: It's important to assess whether the potential increase in home value justifies the buyout cost. In some instances, staying in the lease might be more financially sensible.

Making an Informed Decision

Carefully weigh the benefits and drawbacks of a lease buyout. Factors like your financial situation, the age of your solar system, and your home's market conditions play a crucial role. Consulting with a solar-savvy real estate agent or a solar expert can provide personalized guidance. We have you covered! Submit your information down below and we will reach out. 

For more detailed insights and personalized advice on solar lease buyouts, consider contacting experts in the field or visit The Energy Industries Association (SEIA) for comprehensive resources on solar leasing.