2023 Solar Incentives Guide for Mccomb, MS - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Mccomb.
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 May 04, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Mccomb?
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are meant to encourage people to switch to renewable energy by providing financial incentives that lower the burden of solar panel installation and use. You might be eligible for several types of incentives, such as cash back, discounts or monthly utility bill credits, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the state of Mississippi and others from the federal government. Types of solar incentives might include:
- Net Metering: Net metering is an incentive you can get after your solar system is up and running. If you've signed a net metering agreement with your Mccomb utility company, it will subtract the value of the excess energy your solar system produces from your utility bill each month. In some locations, this credit is dollar-for-dollar, while in other areas you might receive a refund equivalent to a percentage of the value.
- Rebates: Solar rebates may be provided by your local utility company, or by your county or state. These rebates are essentially cash back that is applied after you purchase a solar system and before tax credits are calculated.
- Tax Credits: Tax credits reduce, dollar-for-dollar, how much income tax you owe the federal government. Tax credits are different from tax deductions.
- Tax Exemptions: These could come in the form of property tax exemptions, which allow you to ignore the value added by your solar panels when calculating the taxes you pay on your home. You could also look for exemptions on sales tax at the time of purchase.
Federal Solar Incentives
Federal solar incentives are likely the first thing that you think of when you think about solar incentives. The Federal Solar Investment Tax Credit, or ITC, is probably the most commonly known federal solar incentive. The ITC offers a tax credit for a set percentage of your solar system's cost.
The ITC can be applied to a solar system installed on your primary or secondary residence in the United States. The solar panels have to have been installed on a property you own after January 1, 2006 for you to claim the credit. Originally, the ITC covered 30% of all costs (panels, labor, accessories and equipment), although the amount has fluctuated slightly over the years between 26-30%. The amount you qualify for will depend on when your solar system was installed. There is no cap on the amount you can claim.
Have questions about how the ITC applies to your specific situation? Reach out to your local Mccomb solar panel installer to get more information.
In August 2022, the Inflation Reduction Act laid out new provisions for the ITC, now called the Clean Energy Credit. The new Clean Energy Credit extends until 2035. You are now eligible for a 30% credit for solar systems that began installation after January 1, 2022 and are completed by the end of 2032. The total credit will then see a slight annual decrease until its expiration. Beginning in 2023, it will also be easier to qualify for credits for energy storage systems under the new laws.
More information about the new Inflation Reduction Act can be found here. Your local Mccomb solar panel company can answer your questions and explain how the new Clean Energy Credit may apply to you.
State & Local Solar Incentives
Some solar incentives are often also provided by state and local governments. Like with federal incentives, these could include tax credits, rebates and more. Some incentives are offered for only a limited time, while others are ongoing. Your local incentives could come from the Mississippi government, or from your specific county or municipality.
Next Steps for Installing Solar in Mccomb
Solar incentives may come from your local utlity company, the Mississippi government or the federal government. The growing number of available solar incentives has facilitated the nationwide growth of solar energy use in the last 15 years. Your local Mccomb solar panel installation expert can help you learn more about which incentives you can apply for, and get you on track to switch to renewable energy today.
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EcoWatch's Mccomb, MS Solar Incentives FAQs
Can I receive any incentives when I add solar panels to a vacation home, rental property or commercial property?
Many solar incentives apply to a property located within the United States that you own, and most secondary residences fall under this distinction. Other solar incentives may be available for commercial properties, depending on the details. We recommend getting in touch with your local solar installer and/or tax professional to better understand what incentives will apply to your specific situation.
How do I know if I qualify for solar incentives?
Typically, solar incentives apply to:
- a new solar system
- installed on property that you own
- within the U.S.
- within the date range specified by a particular incentive.
Specific incentives, including those run by the Mississippi government or by your county/municipality, sometimes have additional qualifications. Speak with your local Mccomb solar installer to discover what incentives your project may qualify for.
How much can I save annually on my electric bill if I install solar panels on my house in Mccomb?
On average, Mccomb homeowners who install solar panels save about $913.84 per year, or about $17,363.00 over 20 years after they make the switch.
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 Mccomb.
I want to change out my appliances for ones that are more energy-efficient. Are there any benefits I can apply for?
The recently passed Inflation Reduction Act includes provisions for multiple incentives that reward homeowners for making eco-friendly upgrades. Some incentives include rebates and tax credits for installing new electric appliances. You can find more details about these incentives 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.