According to a CNET survey, nearly 80% of adults in the U.S. are worried about rising home energy costs. Those concerns could worsen, as the National Oceanic and Atmospheric Administration’s latest seasonal forecast predicts a scorching summer ahead. Fortunately, there’s a way to potentially save big money on energy bills that doesn’t require an upfront investment.

The scoop

Solar panels offer huge savings on energy costs, with the average being $50,000 over a system’s lifetime, according to one estimate. The biggest hurdle for most people is the initial cost of purchasing a system outright, which can be prohibitively high. However, an alternative avoids that upfront investment: leasing. Palmetto’s LightReach program offers several options.

When leasing a solar panel system, the homeowner uses the panels during the lease period in exchange for a monthly fee. The company owns the system. 

Leasing has some big plus points, as Palmetto details. These include no initial installation costs and potentially lower energy bills. Plus, the company is responsible for maintenance. 

Cons include the potential extra steps involved in selling a home with leased solar panels, as a buyer might not want to take on the lease. Owning also saves more money in the long run than leasing. Palmetto offers a helpful breakdown if you are deciding between leasing and buying solar panels.

How it’s helping

Solar is a clean, renewable energy source that’s good for the planet and your wallet. It’s getting increasingly popular, and having more options, such as leasing with Palmetto, makes solar more accessible to many households by eliminating the upfront investment. 

Ultimately, whether leasing makes the most sense depends on the circumstances. Navigating that unfamiliar landscape can be daunting. If leasing isn’t the best fit for you, EnergySage offers free tools to help homeowners get estimates for purchasing and installing panels.

What everyone’s saying

Leasing versus owning is a popular debate on social media. For example, a thread on Reddit discussed the merits of each option. Some insisted that buying is best, while others saw merits in leasing. All advised reading the terms carefully and making an informed choice.

FROM OUR PARTNER Can’t afford solar panels? Here’s how to get them without paying for purchase or installation Palmetto’s revolutionary LightReach program gives you all the benefits of solar power without the upfront costs. LightReach lets you lease solar panels with no money down, making it easier than ever to lock in energy savings. Palmetto assumes all risk and responsibility for the panels you lease, which means you’ll get reliable performance without unforeseen costs. To get started, just answer a few basic questions about your home and learn how much you can save. Learn more →

One commenter said, “As long as you do the math and the system fits your needs, [it’s] fine imo.”

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