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Going Solar in Mississippi

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Incentives to Help You Go Solar in Mississippi

With the cost of solar systems falling and an important federal tax incentive stepping down at the end of 2020, now is a good time for Mississippi residents to go solar. Installing solar panels is a good choice for anyone interested in saving money on utility bills and doing something positive for the environment.

In just one year, Mississippi's rank for solar has gone up from 43 to 27. The Solar Energy Industries Association provides this ranking based on a variety of factors, including the number of homes that can be powered (34,270) with the installed solar capacity, and the number of solar jobs (847).1 That rank could be getting higher, however, thanks to pricing that has fallen 40% over the last five years and the projected growth of 580MW of solar power in Mississippi over the next five years.1

Net Metering

Net metering enables some solar system owners to feed excess renewable energy from their systems into the local grid, reducing the demand for fossil fuels. In areas where net metering is available, utilities will offer payments, usually in the form of energy credits, to utility customers who sell their excess energy to the grid.

Mississippi's net metering rules only allow instantaneous generation and use to be credited at the retail rate. Customers' electricity contributions to the grid will only be credited at the utility's wholesale electricity rate plus an additional 2.5 cents per kWh premium. Residential systems up to 20kW are eligible for net metering.2

PACE Financing

  • PACE (Property Assessed Clean Energy) Financing, a program that involves loaning the cost of an eligible energy upgrade to a homeowner to be repaid over time through property tax bills, is not currently available in Mississippi.3 However, a number of programs do exist for Mississippi residents interested in solar energy and other energy efficiency measures. For a full list of the 48 energy-related regulatory, incentive, rebate, and loan programs in the state, visit the  Mississippi page at DSIRE, a service of the NC Clean Energy Technology Center.

Federal Incentives: Act Now to Get the Greatest Benefit

As a way to promote clean and renewable energy, the federal government has put in place two nationwide solar incentives that are available to Mississippi residents. Homeowners should apply for them shortly after installation is complete. Our experts from LG's Solar Concierge can help you understand these incentives and how to apply.

  • The Federal Solar Tax Credit allows Americans in any state to deduct 26% of the cost of their residential solar installation from their federal taxes, dollar for dollar, through the end of 2020. The ITC then steps down to 22% for projects that begin construction in 2021. After 2021, the residential credit is scheduled to drop to zero, although a commercial and utility credit will remain.4  So lock in your ITC advantage by going solar now!
  • Customers of a public utility can save money at tax time because the money, credits, or subsidies they earn are not taxable.5

Discover LG's Solar Concierge for Going Solar in Mississippi

Your geographical location, roof orientation, and electricity rates are major factors that influence the amount of savings solar energy can bring you. LG's Solar Concierge offers you our reliable online tools to find out the system size and annual as well as cumulative savings, right at your fingertips - for free. Additionally, you can use it to connect to our expert energy advisers or LG PRO installers to get the right offers for your home. Choose a trusted global brand that offers high power output, high efficiency, long-term durability and reliability, and panels that produce power during late afternoons when the angle of light is lower (when utilities may charge more for electricity from the grid). Get peace of mind from knowing that we will be here for you now and for the 25 years guaranteed in our product, performance, and labor (up to $450) limited warranty.

When you go solar, ask for the brand you can trust: LG

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References

1. “Mississippi Solar.” SEIA. April 24, 2019. Web:
https://www.seia.org/state-solar-policy/mississippi-solar.

2."Mississippi Solar Policies". NREL. July 23, 2020. Web:
https://www.nrel.gov/solar/rps/ms.html.

3. “Mississippi – Residential Property Assessed Clean Energy.” State Policy Opportunity Tracker for Clean Energy. April 24, 2019. Web:
https://spotforcleanenergy.org/state/mississippi/residential-property-assessed-clean-energy/.

4. “Solar Investment Tax Credit.” SEIA. April 11, 2019. Web:
https://www.seia.org/initiatives/solar-investment-tax-credit-itc.

5. Federal Government of the United States. "Title 26 - Internal Revenue Code". Federal Government of the United States. Federal Government of the United States. p.520. n.d. Web:
https://www.gpo.gov/fdsys/pkg/USCODE-2011-title26/pdf/USCODE-2011-title26-subtitleA-chap1-subchapB-partIII-sec136.pdf. 10 Dec. 2018.

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