Thoughts on solar power home

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Hello everyone, I’ve come across the opportunity to go solar on my first Airbnb property after going over the deal it seems to be a good deal especially in the long run.

I would like to hear your opinions and experience on a lease for solar panels. Did you like it ? Was it worth your time ?

I bought solar panels for my primary residence. We intend to stay there for 20+ years. The panels will pay for themselves in about 10 years at the current cost of power. Apparently power has gone up about 3% a year on average over the last 15 years, with the expectation that power costs continue to go up 3% a year the payback period is closer to 8 years. The panels are warrantied to be 90something% as efficient in 25 years as when they are installed. We figure in 10 years they have paid for themselves and anything else is gravy. On the off chance we sell before 10 years we assume there is some additional value to the house of having them.

With all that said, we were not impressed with any of the lease options. They all seem to get a little shady with some of the numbers. I believe the leased panels may also make it trickier to sell the property down the road, but not positive about that. 

If you intend to own the property for a while and continue paying the power bill (instead of a LTR) it may be worth speaking with a bank about them financing them (a few different banks will do that around here) if you don't want to invest in the total cost of them upfront now. Also that would allow you to benefit from the federal credit now that you don't really get with a lease. 

Good luck.