2024 Solar Incentives Guide for Gautier, MS - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Gautier.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Gautier?
Coast Electric Power Association - Comfort Advantage Home Program
Comfort Advantage Basic: $300
Comfort Advantage Plus: $500
Comfort Advantage Apartment: $200/unit
Geothermal Heat Pumps add-on: $500
Per additional unit of Heat Pump: $150
Existing Homes
Geothermal Heat Pump (13 SEER or higher): $400
Per additional unit of Heat Pump: $150
Singing River Electric Power Association - Comfort Advantage Home Program
Comfort Advantage Home: $300
Comfort Advantage Plus Home: $500
Additional incentive for a qualifiedgeothermal HVAC system: $1000
Existing Homes
Heat Pump: $400
Geothermal Heat Pump: $900
Additional Heat Pump Units: $150/unit
Pearl River Valley Electric Power Association - Residential Energy Efficiency Rebate Program
Heat Pump: $400
Electric Water Heater: $150
Existing Homes
Heat Pump: $400
Gas to Electric Water Heater Conversion: $150
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The phrase "solar incentives" includes a range of financial incentives designed to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. Incentives might include things like discounts, cash back or credit on your utility bill each month. Some incentives are offered by the federal government, while others are provided by the Mississippi government or your utility company, county or municipality. Types of solar incentives might include:
- Tax Exemptions: Sales tax exemptions are effective at the time of purchase for your solar system. Property tax exemptions let you exclude the added value of your solar system when you're calculating the amount of property tax you need to pay.
- Net Metering: You can sign a net metering agreement with your Gautier utility company. This agreement may apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then deduct this value from your monthly utility bill.
- Rebates: A solar rebate is a partial refund given after you've purchased 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 tax credits are calculated.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in the amount of tax that you owe the federal government.
Federal Solar Incentives
When someone says "solar incentives," you likely think of federal incentives first. The Federal Solar Investment Tax Credit, or ITC, is likely the most well-known federal solar incentive. The ITC allows you to claim a tax credit for a set percentage of your solar system's cost.
The ITC applies to a solar system installed on your primary or secondary residence in the United States. The solar panels must have been installed after January 1, 2006, on a property owned by you for you to be eligible for the credit. Originally, the ITC covered 30% of all system costs (panels, labor, accessories and equipment), although the total amount has fluctuated over time between 26-30%. The amount you qualify for will depend on when your solar system was installed. There is no cap on the claim amount.
Your local Gautier solar panel installer can offer more information about the ITC and how it might apply to your situation.
In August 2022, the ITC (now titled the Clean Energy Credit) was expanded and extended by the passage of the Inflation Reduction Act. The new Clean Energy Credit is valid until 2035. Homeowners are now eligible for a 30% credit for solar systems that began installation on or after January 1, 2022, and will be done by December 31, 2032. The credit will then be decreased by a few percentage points every year until its expiration. The expansion to the program also makes it easier to get credit for energy storage systems, starting in 2023.
Click here to learn more about the new Inflation Reduction Act. The easiest way to fully understand how the new Clean Energy Credit applies to you is to get in touch with your local Gautier solar panel company.
State & Local Solar Incentives
Some solar incentives are often also provided at the state and local level. As with federal incentives, these can include tax credits, rebates and more. These solar incentives — which may be given by the state of Mississippi, or by your county or municipality — might be offered for only a limited time, or on an ongoing basis.
Next Steps for Installing Solar in Gautier
The variety of solar incentives available has helped tremendously increase the nationwide adoption of solar energy over the last 15 years. You may receive solar incentives from the Mississippi government, the federal government or your local utility company. Contact your local solar panel installation expert today to learn more and to save as much money as possible on solar panels for your Gautier home.
EcoWatch's Gautier, MS Solar Incentives FAQs
What are the highest-rated solar panel installation companies near me?
To learn about the top solar panel installers near you, read our article on Gautier's top solar panel companies.
What are some environmental benefits of installing solar panels on my house?
Solar energy is a renewable energy source — by switching where you get your energy, you can help reduce the strain on our planet's resources. You can also lower your home's CO2 emissions by 450 pounds yearly, or around 9,000 pounds over 20 years.
Can I claim 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 which incentives you are claiming, 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 the correct incentives and that you're getting the most money possible.
Can I use both solar and another type of renewable energy to power my home?
You can power your home with multiple types of renewable energy, or a combination of renewable and non-renewable energy. Be sure to talk through your plan with your local Gautier solar installation expert. They can help you with the plan for your project and give you an understanding of various incentives that you might or might not qualify for.
Can I get any financial incentives when I add solar panels to a vacation home, rental property or commercial property?
Many solar incentives are intended to apply to a property located within the United States that you own, and most secondary residences will fall under this distinction. There may be other solar incentives available for commercial properties, depending on the specifics. We recommend talking to your local solar installer and/or tax professional to best understand what incentives will apply to your specific situation.
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.