Should I Lease or Purchase Solar? Compare Cash, Loan, & Lease Options
Posted: 11.20.2025
When you’re ready to go solar in Missouri or Illinois, one of the biggest decisions isn’t whether to go solar, it’s how to pay for it. When you lease or buy solar panels for your home, open the door to lower energy bills, long-term energy control, and a more environmentally responsible way to power your home.
StraightUp Solar makes this easy by offering cash purchases, solar loans, and solar leases.* Each option has unique benefits depending on your budget, ownership goals, and preference for maintenance responsibilities.
*At this time, our solar lease is only available for Illinois homeowners in Ameren Illinois and ComEd territory.
Solar Financing Options at a Glance
Here’s a snapshot of how each option compares:
| Feature | Cash Purchase | Loan Financing | Solar Lease* |
|---|---|---|---|
| Reduce Energy Bills | ✔︎ | ✔︎ | ✔︎ |
| Net Metering | ✔︎ | ✔︎ | ✔︎ |
| Production & Product Warranties | ✔︎ | ✔︎ | ✔︎ |
| Maintenance Included | — | — | ✔︎ |
| $0 Downpayment | — | ✔︎ | ✔︎ |
| Own the System | ✔︎ | ✔︎ | — |
| Receive Federal / State Incentives | ✔︎ | ✔︎ | — |
| Locked-in Monthly Payments | ✔︎ | ✔︎ | — |
*At this time, our solar lease is only available for Illinois homeowners in Ameren Illinois and ComEd territory.
Cash Purchase: Own Your System from Day One
Paying upfront offers the deepest long-term financial benefits and the simplest relationship with your solar PV system.
Ideal for:
Homeowners looking for the fastest payback, full ownership, and the greatest long-term return on investment.
What to Expect:
- Own the solar PV system outright from day one
- Receive all solar incentives that may apply
- Maximize savings and home equity
- Covered by performance and product warranties
Considerations:
Many homeowners get a home equity loan or line of credit with their financial institution. StraightUp Solar’s payment schedule provides a phased approach to your purchase.
Keep in mind that as an owner, you will be responsible for any service and maintenance your system may require. You’ll be covered by a 25-year product warranty and StraightUp Solar’s 10-year performance guarantee. We’re one of the few local companies with a full-time Service Team, here to care for your system long-term.
Solar Loan: Own Your System with Flexible Payments
Financing with a solar loan makes ownership accessible without an upfront cost.
Ideal for:
Homeowners who want the benefits of ownership–including solar incentives–but prefer low monthly payments.
What to Expect:
StraightUp Solar partners with Clean Energy Credit Union, a mission-driven lender that provides affordable clean energy loans that reduce the cost of living for its members while also contributing to a healthier environment.
They offer a flexible Everyday Solar loans with:
- 100% financing
- $0 down options
- 12-, 15-, or 20-year terms
- Competitive rates
- 60 days no payments
- No prepayment penalties
- Re-amortize your loan at minimal or no cost
- Rate Promise (guarantees your interest rate will only go down before closing)
You receive all system incentives, grow equity, and enjoy stable monthly payments that do not escalate over time.
Considerations:
As the system owner, you will be responsible for any service and maintenance of your system, which is typically minimal. We’ve got your back, with a 25-year product warranty, StraightUp Solar’s 10-year performance guarantee, and a dedicated Service Team.
Illinois Solar Lease: $0 Down & Lower Bills Immediately
For homeowners in Illinois, our solar lease option offers the quickest way to reduce energy bills without an upfront investment.
Ideal for:
Homeowners who want immediate savings, predictable solar energy production, and zero maintenance responsibilities throughout the contract.
What to Expect:
A solar lease installs a solar PV system on your home with:
- $0 down
- Maintenance included
- No system ownership requirements
- Look for an option for early purchase after a number of years (usually 6-7)
- Annual escalator rate increases your monthly payments over time (unlike a loan)
- Panels can be removed when lease ends or you can purchase
You’ll make monthly payments to a third party financier who owns the system. You receive the net metering benefits from your utility. The energy bills savings you generate from this can help offset your monthly lease payments.
Considerations:
- Because you don’t own the system, the lease company receives any federal or state incentives. This is what helps make your loan affordable.
- If you move, you’ll work with the lease owner to transfer the contract or you can choose to buy the system.
- Who you install with makes a difference. Learn more about 5 Questions to Ask Before Signing a Solar Lease. StraightUp Solar will handle your installation and any service needs—a critical advantage given our 20-year history and full-time Service Team.
How to Decide: Matching Your Solar Option to Your Goals
As rates climb, solar offers a powerful solution: it allows you to lock in your energy costs and avoid future increases. With a solar energy system, you produce electricity at a predictable cost, offering long-term peace of mind and financial stability.
Do You Value Full Ownership & Maximum Return?
Paying with cash or choosing a loan gives you long-term control, incentives, and the equity benefits that come with owning a clean energy asset. These paths appeal to homeowners who see solar as both a financial and energy-security investment, and who prefer locking in predictable costs for years to come.
Is Your #1 Priority to Lower Your Utility Bill with No Upfront Cost?
A solar lease may be the low-stress, keep-it-simple pathway that makes solar possible right away. Many Illinois homeowners choose a lease because it removes maintenance concerns entirely. Before signing, make sure your installer is experienced and offers transparency, accountability, and long-term support. StraightUp Solar’s expert team installs and services the system while the lease financier manages its performance.
Are You Somewhere in Between?
That’s normal. Many homeowners compare how long they plan to stay in their home, how much they want (or don’t want) to manage, and how involved they prefer to be in an asset like solar. Once those answers become clear, the right financial option usually does, too.
Get Trusted Guidance from Our Local Solar Experts
StraightUp Solar has served more than 3,000 homes and businesses across Illinois and Missouri since 2006. More than half our team is NABCEP certified, the gold standard in solar, and we lead with a values-driven approach to long-term care for our solar community. We’re here to help you make the solar decision that truly fits your home.
Ready to Compare Your Best Solar Options?
Whether you choose a solar power lease vs purchase with cash or a loan, our Project Developers will walk you through the numbers, the savings, and what makes the most sense for your goals.
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