2023 Solar Incentives Guide for Crystal Springs, MS - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Crystal Springs.
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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Updated March 14, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Crystal Springs?
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
Source: https://www.dsireusa.org/
The phrase "solar incentives" refers to financial incentives designed to encourage the adoption and use renewable energy by making installing and using solar panels more affordable. Various types of incentives, including cash back, discounts or credit towards your monthly utility bill, might be available to you. Some incentives may be provided via the Mississippi government, by your utility company or by county or municipality, while other incentives are federal. Some broad categories of solar incentives include:
- Tax Exemptions: Your solar panel system could qualify for exemptions on both sales and property tax. Sales tax exemptions are effective at the time of purchase. Property tax exemptions allow you to exclude the value added by your solar panels when you are calculating property taxes on your home.
- Rebates: Rebates, or cash back after a purchase, are normally applied before any solar tax credits are calculated. Solar rebates might be offered by your local utility company, by your state or by your county.
- Net Metering: Net metering factors in once your solar system is up and running. If you've signed a net metering agreement with your Crystal Springs utility company, the company will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some areas, this credit is dollar-for-dollar, while in other areas you may 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 government.
Federal Solar Incentives
Federal solar incentives are likely to be the first thing that comes to mind when you think about solar incentives. A federal incentive many people are likely to be familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a given percentage of your solar system's cost.
The ITC originally covered 30% of the cost of installing a solar system, and has fluctuated slightly over the years between 26-30%. The installation date of your solar system will determine what percentage you qualify for. The cost of installation includes the panels themselves as well as the cost of accessories, equipment and labor. There is no maximum claim amount. The ITC applies to solar systems installed after January 1, 2006 on your primary or secondary residence. The residence must be in the United States and owned by you.
To better understand exactly how much the ITC could save you, get in touch with your local Crystal Springs solar panel installer.
In August 2022, the ITC (now referred to as the Clean Energy Credit) was expanded and extended by the passage of the Inflation Reduction Act. The Clean Energy Credit lasts until 2035. Solar installation projects started after January 1, 2022 and completed by the end of 2032 may qualify for a 30% tax credit. The amount will then decrease slightly on a yearly basis until the end of the current program. Beginning in 2023, it will also be easier to qualify for credits for energy storage systems under this new program.
Click here to learn more about the new Inflation Reduction Act. The best way to understand how the new Clean Energy Credit might apply to you is to talk with your local Crystal Springs solar panel installers.
State & Local Solar Incentives
There are often also state solar incentives in addition to those provided by the federal government. Tax credits, rebates and more might be available at a more local level. Incentives might be handled by your county or municipality, or by the state of Mississippi. Some incentives may be available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Crystal Springs
Solar energy use nationwide has increased enormously in the last 15 years, in part due to the proliferation of solar incentives. You can obtain these incentives from the Mississippi government, the federal government or your local utility company. It is a good idea to talk to your local Crystal Springs solar installation company for more information about these incentives and to make sure that you're getting the largest number possible for your solar panels.
Best Technology
Tesla Energy
- 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
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Crystal Springs, MS Solar Incentives FAQs
Can I get any financial incentives when I add solar panels to a vacation home, rental property or commercial property?
While we recommend getting in touch with your local solar installer and/or tax professional to better understand what solar incentives apply to you, many apply to a second home, provided that it is in the United States and owned by you. There may be additional incentives available for commercial properties specifically, depending on the specifics.
How can I learn if I qualify for specific solar incentives?
In most cases, solar incentives apply to:
- a new solar system
- installed on property you own
- within the U.S.
- within the date range specified by a particular incentive.
Specific incentives, including ones handled by the Mississippi government or by your county/municipality, may have additional qualifications. Get in touch with your local Crystal Springs solar installer to discover what incentives your project may qualify for.
How much can I save annually on my electric bill if I add solar panels to my house in Crystal Springs?
When you add solar panels to your Crystal Springs home, you can expect to save approximately $977.58 per year, or approximately $18,573.95 over 20 years.
Who installs solar panel systems near me?
To find the right solar panel installer for you, check out our guide to the best solar companies in Crystal Springs.
I want to trade in my old appliances for ones that are more energy-efficient. Are there any incentives I can get?
The new Inflation Reduction Act creates several new financial incentives that are available when you make eco-friendly improvements to your home. More details on these incentives, including information about incentives for purchasing new appliances, can be found here.
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.