Searching for different solar options for your home can be overwhelming. Fortunately, there are free online resources available to simplify the process of switching to solar energy.
Financial advisor Winnie Sun published an article in Forbes that breaks down major trends in the solar industry and highlights the pros and cons of leasing versus purchasing panels. One of the most important changes in the solar industry is the reduction in installation costs. Sun wrote that “the cost of installing solar systems has fallen by more than half in the last decade.”
Installing a solar system for your home is one of the most effective ways to reduce your energy bills while protecting your home from rising energy prices. Whether you decide to rent or purchase panels for your home ultimately depends on your budget and long-term living situation.
“Leasing is worth it if the cost is cheaper than your current electricity bill,” Sun wrote. “If you can afford it, it's generally better to buy, especially if you plan to stay in your home for at least seven years.”
TCD's Solar Explorer is another free resource that can help you learn more about different solar options. While there are little to no upfront costs for leasing solar panels, purchasing solar panels before the end of 2025 will allow you to take advantage of federal tax breaks, saving you even more money.
The Solar Explorer also offers you a network of trusted solar partners who provide concierge services and tailor solar options specifically for your budget. For example, an Explorer partner, EnergySage, provides incentive information and curates offers for you, allowing you to save up to $10,000 on installation costs.
If you choose to lease, there are still ways to save money. TCD's Solar Explorer offers you subscription options with a discount of $0. For example, Palmetto's LightReach leasing program can help you reduce your utility costs by up to 20%. If you choose to lease panels through LightReach, you can continue to take advantage of the federal tax credits that were phased out for direct purchases.
As soon as you equip your home with a solar system – whether by purchasing or leasing modules – your household opens up even more savings potential. By combining your solar system with other electrical devices, such as an energy-efficient heat pump, you can further reduce your operating costs. To learn more about HVAC systems within your budget, check out TCD's HVAC Explorer.
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