2023 Solar Incentives Guide for Vancleave, MS - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Vancleave.
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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By EcoWatch Local Advisors
Data Analysis: James Savino
Ranking Methodology: Karsten Neumeister
Updated March 14, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Vancleave?
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
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
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
Heat Pump: $400
Gas to Electric Water Heater Conversion: $150
Federal Residential Renewable Energy Tax Credit
Solar incentives are meant to help mitigate the cost of installing solar panels on your home. This category of financial incentives is in place to encourage more homeowners to convert their home partially or fully to renewable energy. These incentives can include cash back, upfront discounts or credit towards your monthly utility bill. Some incentives are handled by the federal government, some by the state of Mississippi and some by your utility company, county or municipality. Some broad categories of solar incentives include:
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in the amount of tax that you owe the government.
- Tax Exemptions: Tax exemptions can come in one of two forms. First, there is sales tax exemption, applied when you purchase solar panels. The second is property tax exemption. This allows you to ignore the value added by your solar system when calculating property tax for your house.
- Rebates: A rebate is a partial refund after the purchase of your solar system. Rebates may be offered by your local utility company, your county or your state. The discount that rebates offer is normally applied to the price of solar panels before calculating tax credits.
- Net Metering: Net metering is an incentive you can get after your solar system is up and running. If you have in place a net metering agreement with your Vancleave utility company, it will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some locations, this is a dollar-for-dollar credit, while in other areas you may make back a percentage of the value.
Federal Solar Incentives
When someone says "solar incentives," you likely think of federal incentives first. An incentive that most people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a predetermined percentage of your solar system's cost.
The ITC can be applied to the total cost of solar system installation, including the panels themselves as well as accessories, equipment and labor. You can claim this credit for panels installed after January 1, 2006 on a primary or secondary residence located in the United States that you own. The tax credit ranges from 26-30% of total costs depending on when your project was completed. There is no maximum amount you can claim.
Your local Vancleave solar panel installation expert can provide you with more information about the ITC and how it may apply to your situation.
In August 2022, the ITC (now referred to as the Clean Energy Credit) was expanded and extended by the passing of the Inflation Reduction Act. The Clean Energy Credit re-raises the credit up to 30% for solar systems installed between 2022 and 2032. At this point, the percentage will be reduced slightly each year until the program expires in 2035. The expansion also makes credits for energy storage systems even easier to claim, starting in 2023.
More information about the new Inflation Reduction Act can be found here. Your local Vancleave solar panel installer can answer your questions and explain how the new Clean Energy Credit applies to you.
State & Local Solar Incentives
Not all solar incentives are federal; tax credits, rebates and more may be offered at the local or state level. Incentives may be provided by your county or municipality, or by the state of Mississippi. Certain incentives may be available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Vancleave
Solar incentives might be provided by the Mississippi government, the federal government or your local utility company. The growing number of available solar incentives has contributed to a large increase in solar energy use in the last 15 years. Your local Vancleave solar panel installer can help you learn more about which incentives you can apply for, and get you on track to switch to renewable energy today.
- 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
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Vancleave, MS Solar Incentives FAQs
I already have solar panels. Do I qualify for any incentives?
An excellent idea would be to talk to a representative from the company that installed your system — or reach out to a local Vancleave solar installer — to learn about which incentives you might qualify for. If your system was installed after January 1, 2022, you likely qualify for the recently increased 30% tax credit under the Inflation Reduction Act. Solar panels installed between 2006 and 2021 may qualify for a tax credit of 26-30%.
How much can I save on my electric bill annually if I add solar panels to my Vancleave home?
On average, Vancleave homeowners who install solar panels save about $1,078.03 per year, or about $20,482.63 over 20 years after they make the switch.
What are some of the environmental benefits of switching to solar?
You can decrease 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 making the switch reduces the drain on our planet's resources.
If I trade in my appliances for ones that can use solar energy, are there benefits that I can claim?
The new Inflation Reduction Act provides multiple incentives meant to reward homeowners who make 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 use a combination of multiple types 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 go over your plan with your local Vancleave solar installer. They can help you with the plan for your project and educate you on the various incentives that you may or may not qualify for.
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.