2023 Solar Incentives Guide for Brandon, MS - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Brandon.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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By EcoWatch Local Advisors
Data Analysis: James Savino
Ranking Methodology: Karsten Neumeister
Updated March 14, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Brandon?
Southern Pine Electric Power Association - Residential Energy Efficiency Rebate Program
Comfort Advantage Home: $300
Additional Heat Pump: $150/Unit
Additional Geothermal HVAC: $500/Unit
Federal Residential Renewable Energy Tax Credit
Solar incentives help mitigate the cost of installing a solar panel system on your home. This category of financial incentives is designed to encourage more Americans to make the switch to renewable energy. Incentives can include things like discounts, cash back or credit on your utility bill each month. Some incentives are handled federally, while others are handled by the state of Mississippi or by your specific utility company, county or municipality. Some solar incentives you might qualify for are:
- Tax Credits: Tax credits reduce, dollar-for-dollar, how much income tax you owe the federal government. These differ from tax deductions.
- Rebates: Some solar companies will help you claim a rebate, or partial refund of your purchase, for your solar panels. States or counties will also sometimes offer limited-time rebates. If you receive a rebate, that amount will usually come off the total price before tax credits are calculated.
- Net Metering: Be sure to speak with your Brandon utility company about signing a net metering agreement. This allows you to get a credit towards your monthly utility bill for the value of excess energy generated by your solar panels. You could receive either a dollar-for-dollar credit or a percentage of the value.
- Tax Exemptions: These may come in the form of property tax exemptions, which allow you to exclude the value added by your solar panels when calculating the taxes you pay on your house. You could also look for exemptions on sales tax at the time of purchase.
Federal Solar Incentives
When thinking about solar incentives, you probably think of federal incentives first. The Federal Solar Investment Tax Credit, or ITC, is likely the best-known federal solar incentive. The ITC allows you to claim a tax credit for a specific percentage of your solar system's cost.
The ITC applies to solar panels installed after January 1, 2006 on a primary or secondary residence that you own in the United States. Originally, the tax credit was for 30% of the total cost — for panels, labor, equipment and accessories — although the percentage may range from 26-30%, depending on when your solar system was installed. There is no cap on the claim amount.
To know exactly how much the ITC could save you, speak with your local Brandon solar panel installation expert.
The ITC has been renewed and expanded following the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The Clean Energy Credit runs until 2035. Solar installation projects started after January 1, 2022 and completed by the end of 2032 may qualify for a 30% tax credit; this amount will decrease slightly each year until the current program ends. Starting in 2023, it will also be easier to get credits for energy storage systems under this new program.
Click here to learn more about the new Inflation Reduction Act. The easiest way to learn more about how the new Clean Energy Credit applies to you is to get in touch with your local Brandon solar panel installation expert.
State & Local Solar Incentives
Rebates, tax credits and more can be claimed at multiple levels. In addition to federal solar incentives, there are often state and local ones, too. Incentives may be provided by the state of Mississippi, or by your county or municipality. Certain incentives may be available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Brandon
There are many kinds of solar incentives: those given by local utility companies, those given by the federal government and those given by the Mississippi government, to name a few. Solar energy utilization has increased tremendously in the last 15 years, partially due to these incentives. Contact your local solar panel installation company today to discover more about the various programs and to save as much money as possible on a solar system for your Brandon home.
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
Best Warranty Coverage
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Brandon, MS Solar Incentives FAQs
How much can I save annually on my electric bill if I add solar panels to my house in Brandon?
Once you add solar panels to your house in Brandon, you can anticipate savings of approximately $919.34 per year, or approximately $17,467.45 over 20 years.
What are the environmental benefits of switching to solar?
You can decrease your carbon footprint by 450 pounds of CO2 a year when you install solar panels. This adds up to roughly 9,000 pounds over 20 years. In addition, solar power is a renewable energy source, which means that making the switch lessens the drain on our planet's resources.
How long until the federal solar tax credit ends?
The Clean Energy Credit (formerly named the federal solar tax credit, or the ITC), is scheduled to end on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.
I want to change out my appliances for ones that are more energy-efficient. Are there any benefits I can apply for?
The new Inflation Reduction Act includes provisions for multiple incentives meant to reward homeowners who make eco-friendly upgrades. Some of these incentives include tax credits and rebates for installing new electric appliances. You can find more details about these incentives here.
Can I apply for incentives both towards the initial cost of solar panels, and later as reimbursement?
The order that incentives will be applied in may vary depending on which incentives you are eligible for but in most cases yes, you can claim multiple types of incentives for your solar project. Speak to your solar installer or a local tax professional to confirm you are claiming all of the incentives you qualify for and applying them in the correct order.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.