2023 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 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 September 15, 2023
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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 qualified geothermal 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" broadly refers to financial incentives put in place by solar companies and the government to encourage increased use of renewable energy by making solar panels more affordable. Various kinds of incentives, such as discounts, cash back or credit towards your monthly utility bill, might be available to you. Some incentives may be handled by the state of Mississippi, by your utility company or by county or municipality, while others are federal. You might qualify for any of the following types of solar incentives:
- Tax Exemptions: These can come in the form of property tax exemptions, which would allow you to exclude the value of your solar system when calculating the taxes you pay on your house. They may also include exemptions on sales tax at the time of purchase.
- Rebates: Some solar companies will help you claim a rebate, or partial refund of your purchase, for your solar system. States or counties will also offer limited-time rebates at various times. If you receive a rebate, that amount will usually come off your total price before tax credits are calculated.
- Net Metering: You can sign a net metering contract with your Ocean Springs utility company, that may apply to all or a percentage of the excess electricity your solar panels generate. Your utility company will then subtract this value from your utility bill each month.
- Tax Credits: Tax credits decrease, dollar-for-dollar, how much income tax you owe the government. Tax credits are different from tax deductions.
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Federal Solar Incentives
When thinking about solar incentives, federal incentives are likely the first thing that comes to mind. A federal incentive many people are likely to be familiar with is the Federal Solar Investment Tax Credit (ITC). This is a tax credit for a certain percentage of the cost of your solar system.
The ITC applies to solar systems installed after January 1, 2006 on a primary or secondary residence that you own in the United States. Initially, the credit applied to 30% of the total cost — for panels, labor, equipment and accessories — although the percentage may range from 26-30%, depending on when your solar system was installed. There is no cap on the claim amount.
Reaching out to your local Ocean Springs solar panel installation expert is the best way to understand how the ITC may apply to you.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now titled the Clean Energy Credit. The Clean Energy Credit is valid 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 current program ends. Starting in 2023, it will also be easier to get credits for energy storage systems under the new laws.
More information about the new Inflation Reduction Act can be found here. To fully 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
In addition to those provided at the federal level, there are often also state solar incentives. Tax credits, rebates and more might be available at a more local level. These incentives might be given out by your county or municipality, or by the Mississippi government. Some incentives may be available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Ocean Springs
Solar energy use nationwide has gone up tremendously in the past 15 years, in part due to the proliferation of solar incentives. You may get these incentives from your local utility company, the federal government or the Mississippi government. When you're ready to make the change to solar energy, getting in touch with your local Ocean Springs solar panel installation expert is a great first step.
EcoWatch's Ocean Springs, MS Solar Incentives FAQs
Can I claim incentives for adding solar panels to a rental property, vacation home or commercial property?
Many solar incentives apply to a property located within the United States that you own, and most secondary residences fall into this category. There may be other solar incentives available for commercial properties, depending on the specifics. We recommend speaking with your local solar installer and/or tax professional to fully understand what incentives may apply to your specific situation.
What are some environmental benefits of adding solar panels to my home?
Solar energy is renewable — by changing where you get your energy, you help reduce the strain on our planet's resources. A solar system can also reduce the CO2 emissions from your home by 450 pounds annually, or roughly 9,000 pounds in 20 years.
When does the federal solar tax credit end?
The Clean Energy Credit (formerly named the federal solar tax credit, or ITC), is slated to end on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.
If I trade in my appliances for ones that can use solar energy, are there incentives I can claim?
The recently passed Inflation Reduction Act introduces a number of 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.
Can I claim incentives both towards the up-front cost of solar panels, and later as reimbursement?
Yes, you can claim both rebates and tax credits towards the cost of solar panels. Depending on which incentives you are eligible for, they may apply in a different order. Make sure that you talk to your solar installer or a local tax professional to ensure 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.