Buy, finance, lease, or add a battery
There’s no single right way to go solar. Here’s how each option works, what it costs up front, and who it tends to fit best.
- At a glance
The three ways to pay for solar, side by side
A battery can be added to any of these. We cover it separately below.
| Feature | Buy outright | Solar loan | Lease or PPA |
|---|---|---|---|
| Upfront cost | Highest. You pay for the system. | Low or $0 down, depending on the loan. | Usually $0 down. |
| Who owns the panels | You | You | The solar company |
| Monthly payment | None | Loan payment, often close to your old electric bill | Fixed lease payment or a per-kWh rate |
| NY State tax credit | Yes, if you have NY tax liability | Yes, if you have NY tax liability | May apply on qualifying 10+ year agreements |
| Maintenance | Your responsibility (covered by warranties) | Your responsibility (covered by warranties) | Usually handled by the solar company |
| Long-term savings | Most | Strong, after interest | Modest, but immediate |
| Selling your home | Panels add value and go with the house | Pay off the loan or transfer it, depending on the lender | The buyer takes over the agreement, or you buy it out |
General comparison. Terms vary by installer and lender, which is exactly what Kevin compares for you.
- Option 1
Buy outright
You pay for the system up front and own it from day one. Every dollar it saves on your electric bill is yours.
PROS
- Biggest lifetime savings
- No monthly solar payment
- Can add value to your home
WATCH FOR
- Largest upfront cost
- Tax credit only helps if you owe NY tax
- Best for: homeowners with savings who plan to stay put
- Option 2
Solar loan
You own the panels but pay for them over time. Many homeowners find the monthly payment lands close to what they used to pay for electricity.
PROS
- Ownership with little or nothing down
- Savings grow once the loan is paid off
- Same incentives as buying
WATCH FOR
- Interest and dealer fees vary a lot
- Credit approval required
- Best for: ownership without writing a big check
- Option 3
Lease or PPA
A solar company installs and owns the panels on your roof. With a lease you pay a fixed monthly amount. With a PPA (power purchase agreement) you pay a set rate for the power they make.
PROS
- Usually $0 down
- Maintenance handled for you
- Lower bills from month one
WATCH FOR
- Smaller long-term savings
- Yearly rate increases (escalators)
- Long contracts, often 20+ years
- Best for: lower bills with no upfront cost or upkeep
- Add-on
Battery storage
A battery stores your extra solar power instead of sending all of it to the grid. When the power goes out, it keeps your essentials running.
PROS
- Backup power during storms and outages
- Use more of your own solar at night
- Can be added now or later
WATCH FOR
- Adds significant cost
- Backs up selected circuits, not always the whole house
- Best for: storm-prone areas and anyone who hates losing power
- Questions
Common questions about solar options
Which option saves the most money?
Buying outright usually saves the most over the life of the system, followed by a loan. Leases and PPAs save less, but they start saving right away with no upfront cost. Kevin runs the numbers for each so you can see the difference for your home.
Can I add a battery later?
Usually, yes. Some systems make it easier than others, so if a battery is on your wish list, we’ll make sure the proposals you compare are battery-ready.
What happens to a lease if I sell my house?
Most leases can be transferred to the buyer, or you can buy out the system. We’ll point out the transfer terms in each proposal before you sign anything.
Do I need great credit for a solar loan?
Lenders have different requirements. Because we work with several installers and their financing partners, there’s often more than one path to look at.
- Free consultation
Not sure which one fits?
Kevin will lay out your real options side by side, with the numbers for your home.
TALK TO KEVIN DIRECTLY
Call or text. Free, no-obligation advice from a Long Island solar advisor.