2024 Solar Incentives Guide for Ocean Springs, MS - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Ocean Springs.
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 Ocean Springs?
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 term "solar incentives" broadly refers to financial incentives put in place by solar companies and the government to encourage the use of renewable energy by making installing and using solar panels more affordable. Various types of incentives, such as cash back, discounts or monthly utility bill credits, 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 solar incentives you might qualify for are:
- Tax Credits: Tax credits lower, dollar-for-dollar, the amount of income tax you owe the federal government. These are different from tax deductions.
- Net Metering: Don't forget to speak to your Ocean Springs utility company about signing a net metering contract. This allows you to receive credit towards your utility bill every month for the value of excess energy your solar panels generate. You may receive either a dollar-for-dollar credit or a percentage of the value.
- Tax Exemptions: Tax exemptions can come in two forms. First, there is sales tax exemption, which is applied when you purchase solar panels. The second is property tax exemption. This allows you to exclude the value added by your solar system when calculating property tax for your home.
- Rebates: Solar rebates can be provided by your local utility company, or by your state or county. These rebates work as cash back that is applied after you purchase solar panels and before tax credits are calculated.
Best National Provider
SunPower
- 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
- 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
Federal incentives are the kind of incentives that you are most likely to have some familiarity with. 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 the cost of your solar system.
The ITC can be applied to solar systems installed after January 1, 2006, and allows you to deduct from your taxes a percentage of the total cost of solar panels, equipment, labor and accessories. This credit can be claimed on a solar panel system installed on a primary or secondary residence that you own in the United States. The original amount you could claim was 30% of the total cost, although depending on when the project was completed, your credit may range from 26-30%. There is no maximum claim amount.
To better understand how the ITC may apply to you, contact your local Ocean Springs solar panel installation expert and ask for more information.
The Inflation Reduction Act, passed in August 2022, made some changes to the ITC (as well as renaming it to the Clean Energy Credit). With the new provisions, solar installation projects that are completed between 2022 and 2032, can qualify 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 expansion to the program will also make credits for energy storage systems even easier to claim.
More information about the new Inflation Reduction Act can be found here. To better understand how the new Clean Energy Credit will apply to you, get in touch with your local Ocean Springs solar installers.
State & Local Solar Incentives
Federal solar incentives are not your only option; tax credits, rebates and more are often offered at the local or state level. These incentives — which might be given by the state of Mississippi, or by your county or municipality — could be offered on an ongoing basis, or for only a limited time.
Next Steps for Installing Solar in Ocean Springs
The expanding number of available solar incentives has helped tremendously increase the use of solar power nationwide over the last 15 years. You can get solar incentives from the federal government, the Mississippi government or from your local utility company. Getting in touch with your local Ocean Springs solar panel installation expert is a great first step towards getting all the incentives you qualify for when you switch to solar energy.
EcoWatch's Ocean Springs, MS Solar Incentives FAQs
My home already has solar panels. Are there any incentives that I qualify for?
If your solar panels were installed after January 1, 2022, you may qualify for the recently increased 30% tax credit under the Inflation Reduction Act. If you had your system installed between 2006 and 2021, you might qualify for a tax credit between 26% and 30%, depending on the exact installation date. Speaking with the company that installed your solar system, or any local Ocean Springs solar installer, can help you learn more about what incentives you can apply for.
What are the environmental benefits of switching to solar?
You can lower your carbon footprint by 450 pounds of CO2 a year when you install solar panels. This adds up to approximately 9,000 pounds in 20 years. Solar is also a renewable energy source, meaning that switching your home over reduces the drain on our planet's resources.
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. Make sure you talk through your plan with your local Ocean Springs solar installer. They can help you as you plan for your project and also help you understand the various incentives that you will or won't qualify for.
What if I add a solar system to a rental property, vacation home or commercial property? Will I still qualify for incentives?
While we recommend talking to your local solar installer and/or tax professional to best understand what solar incentives apply to you, many incentives apply to a second home, as long as it is in the United States and owned by you. There may be additional incentives available specifically for commercial properties, depending on the details.
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.