2024 Solar Incentives Guide for Byram, MS - Tax Credits & Rebates

In this guide, we'll cover the latest solar incentives and rebates available in Byram.

You'll learn about:

  • Local & State Solar Incentives
  • Federal Tax Credits (Updated for 2024 and beyond)
  • Ways to optimize your solar investment

Solar installers are experts in maximizing your solar tax credits and rebates.
Get a free quote from one of our trusted Byram solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

What Solar Tax Credits, Incentives, and Rebates are Available in Byram?

Southern Pine Electric Power Association - Residential Energy Efficiency Rebate Program

Incentive Type:
Rebate Program
Comfort Advantage Plus Home: $500
Comfort Advantage Home: $300
Additional Heat Pump: $150/Unit
Additional Geothermal HVAC: $500/Unit

Federal Residential Renewable Energy Tax Credit

Incentive Type:
Personal Tax Credit
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.

Source: https://www.dsireusa.org/


The phrase "solar incentives" broadly refers to financial incentives designed to encourage increased use of renewable energy by making installing and using solar panels more affordable. Incentives might include things like discounts, cash back or credit towards your monthly utility bill. Some incentives are handled federally, while others are offered by the state of Mississippi or your utility company, county or municipality. Some broad categories of solar incentives include:

  • Tax Exemptions: Sales tax exemptions are effective at the point of sale for your solar system. Property tax exemptions let you exclude the added value of your solar system when you calculate how much property tax you need to pay on your home.
  • Net Metering: Net metering becomes relevant after your solar panels are up and running. If you have in place a net metering agreement with your Byram utility company, the company will subtract the value of the excess energy produced by your solar system from your utility bill each month. In some locations, this credit is dollar-for-dollar, while in other places you might receive a refund equivalent to a percentage of the value.
  • Tax Credits: Unlike tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government.
  • Rebates: A rebate is a partial refund credited to your account after you've paid for your solar system. Rebates might be offered by your local utility company, your state or your county. The cash back that you get from the rebates is normally applied before calculating tax credits.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

Tesla Energy

★★★★★
3.2

  • 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

Federal Solar Incentives

When thinking about solar incentives, federal incentives might be the first thing that comes to mind. The solar incentive that you're most likely to have heard of is the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a certain percentage of your solar system's cost.

The ITC is applied to the total cost of installing a solar system, including the panels themselves as well as accessories, equipment and labor. You can claim this credit for panels installed after January 1, 2006, on a primary or secondary residence located in the United States that you own. The tax credit ranges from 26-30% of total costs depending on when your project was completed. There is no maximum claim amount.

To best understand how the ITC will apply to you, contact your local Byram solar panel installer and request more information.

The ITC was renewed and increased in scope after the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. Under the new program, solar installation projects started after January 1, 2022, and completed by the end of 2032, may be eligible for a 30% tax credit. This credit amount will then decrease slightly each year until the end of the current Clean Energy Credit in 2035. Starting in 2023, the program expansion will also make it easier to get credit for energy storage systems.

More information about the new Inflation Reduction Act can be found here. Your local Byram solar panel installers are the best people to answer your questions regarding the new Clean Energy Credit and how it may apply to you.

State & Local Solar Incentives

Not all solar incentives are federal; tax credits, rebates and more may be offered at the state and local level. Some incentives are offered for only a limited time, while others are ongoing. Local solar incentives might come from your county or municipality, or from the Mississippi government.

Next Steps for Installing Solar in Byram

Solar incentives may be offered by your local utility company, the federal government or the Mississippi government. The large number of solar incentives available has facilitated the nationwide growth of solar energy use in the last 15 years. It is a good idea to talk to your local Byram solar installation company to learn more about these incentives and to be sure that you're getting the most money possible for your solar panels.

EcoWatch's Byram, MS Solar Incentives FAQs

How do I know if I qualify for specific solar incentives?

It's a smart idea to get in touch with your local Byram solar installer for a better understanding of which incentives your project may qualify for. Usually, solar incentives apply to new solar panel systems installed on property you own (in the U.S.) between the dates specified by the incentive. Some incentives, like those offered by the government of Mississippi, may have additional requirements.

My home already has solar panels installed. Does my system qualify for any incentives?

Your best bet is to talk to someone from the company that installed your system – or call a local Byram solar installer — to learn about which incentives you might qualify for. If your solar panels were installed after January 1, 2022, you likely qualify for the recently increased 30% tax credit under the Inflation Reduction Act. Solar panels installed between 2006 and 2021 may qualify for a tax credit of 26-30%.

Who installs solar panel systems near me?

To find the best solar panel installers near you, read our article on the best solar companies in Byram.

How long until the federal solar tax credit ends?

The Clean Energy Credit (previously referred to as 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.

Can I apply for incentives both towards the initial cost of solar panels, and later as reimbursement?

Yes, you can claim both tax credits and rebates towards the cost of solar panels. Depending on precisely which incentives you are eligible for, they may apply in a different order. Make sure that you speak with your solar installer or a local tax professional to confirm that you are claiming incentives correctly and getting the most money you can.

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.

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