Cost of Solar Panels in Mississippi: Local Solar Installation Prices (2022)
Here’s a quick look at the estimated cost of solar in Mississippi:
- Average Cost Per Watt: $2.64
- Cost of Average System: $22,466*
- Cost of Energy Without Solar: $50,507
- Payback Period: 13 Years**
- Lifetime Savings of Going Solar: $20,147
*Average system size is calculated using data from the Energy Information Administration. This price is after tax credit.
**Payback period is calculated assuming the system is purchased in cash.
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Cost of Solar Panels in Mississippi
The cost of solar panels in Mississippi is around $2.64 per watt, on average, which is just below the national average of $2.66. Most Mississippians require a system that is approximately 11.5 kilowatts to offset their energy costs (average of $128/month).1 This is much larger than the average system size in America. Plugging these figures into our solar calculator, the standard cost of solar panels in Mississippi is $30,360 before the 26% federal tax credit, or $22,466 after.
Solar Panel System Installation Cost in Mississippi
The size of the system you require is almost always the primary cost factor when pricing your solar energy system. For each kilowatt you need to add on to cover your energy needs, your total will increase by an average of $2,640. The average system size in Mississippi is 11.5 kilowatts, but the table below provides some estimated pricing for other common system capacities in the state.
|Size of Solar Panel System||Solar Panel Cost||Cost After Federal Tax Credit|
Interested in seeing the top solar installers in your area that offer affordable, high-quality systems? Click here.
What Determines the Cost of Solar Panels in Mississippi?
The capacity requirements of your system — which are determined predominantly by your monthly energy usage (measured in kilowatt-hours) — will be the most significant cost factor when estimating the total price of your solar electric system. However, there are other things that can bring your total well above or below the average cost. We’ll discuss three additional factors to consider below.
The solar equipment you want to be installed in your home can range in durability, efficiency and price, and different brands will be used to fit different needs and budgets. Of course, choosing the most affordable solar panel brands will keep your upfront costs lower. Upgrading to the most efficient solar panel and equipment brands will cost more upfront, but a higher efficiency will usually save you more over the system’s lifespan. Some examples of higher-end equipment that often offer a better return on investment include Maxeon/SunPower solar panels and Tesla Powerwall batteries.
Even if you choose the same brand of equipment as another homeowner, your equipment can vary in price quite a bit because not every home solar project includes the same pieces of equipment. All residential solar systems that aren’t off-grid include an inverter and panels, but you can add on equipment options like solar batteries and electric vehicle chargers or services like energy monitoring that can bump up your total cost.
Solar financing is a great option for many Mississippi homeowners who struggle to rationalize spending the average $22,466 in cash on a solar conversion. A solar loan can reduce your upfront payment to just a few hundred dollars — or nothing at all with a no-money-down option — and it lets you spread out your payment over several years.
However, as with all loans, solar financing comes with added costs in the form of interest. A solar installation company can help you figure out what your all-in payments will total, including interest, and this can help you decide if solar is worth it for you.
Keep in mind that you can minimize the amount you’ll pay in interest by increasing your down payment and finding a solar installer that offers a low-APR loan.
Solar Installation Company
Mississippi homeowners have a relatively small selection of solar installers that service the state, but your company of choice can have a significant impact on the total price paid to go solar. Each solar panel installation company can vary in price based on labor charges and warranties included. However, the equipment offered can make a considerable difference when it comes to the cost of the system.
Companies typically only provide access to a handful of solar equipment brands. Those that only install high-efficiency equipment will naturally have higher prices because the equipment itself costs more. However, it’s crucial to consider value for the money, as cheaper isn’t always better in the solar industry. More costly equipment is often higher-quality and could save you more over time on your energy bills.
Mississippi Solar Incentives
Both the federal government and the state government in Mississippi provide incentives to promote solar conversions and make renewable energy more accessible to everyone. According to the Solar Energy Industries Association (SEIA), Mississippi ranks 36th in the nation for the most solar-friendly states.2 While state incentives are limited as solar power in Mississippi gains popularity, they can still help you save money on your system.
|Mississippi Solar Incentive||How it Affects the Cost of Solar Panels in Mississippi|
|Mississippi Clean Energy Initiative||This program is a tax incentive for solar manufacturers, but the savings can often result in a lower cost of going solar for homeowners. Companies that qualify have a 100% tax exemption on income, franchise taxes, and sales and use tax for 10 years. This can create opportunities for homeowners to enjoy lower costs of going solar overall, and it promotes conversions throughout Mississippi.|
|Net Metering||Net metering is a policy that lets energy flow back and forth between your PV system and the grid, depending on whether your system is under- or over-producing. You’ll end up paying for energy pulled from the grid, less any excess energy sent to the grid.
All investor-owned electric utilities in Mississippi offer net metering, but a large portion of the state is covered by cooperatives. Electric co-ops in Mississippi will all have different policies, so it’s best to check with your local utility company before committing. The state of Mississippi does not have any statewide net metering standards, so you’ll need to check your provider’s interconnection and net metering rules.
|Local Solar Rebates & Incentives||Unfortunately, Mississippi residents don’t have access to statewide solar rebates or incentives. However, your local utility company or local government might offer energy efficiency rebates to help you save some money. You can check the DSIRE database for more information on what’s available in your area.|
|Federal Solar Tax Credit||The federal solar investment tax credit (ITC) is a credit on your federal income taxes in the amount of 26% of your total photovoltaic system cost. In Mississippi, where the average system costs $30,360, that’s a typical credit of $7,894.|
Best Solar Panel Brands and Installed Solar System Costs in 2022
The table below provides a list of some of the best solar panel brands available in Mississippi. We have also included a relative pricing guide to help you rule out specific brands that are unlikely to fit into your budget.
|Solar Panel Brand||Average Cost Per Watt ($-$$$$$)|
People Also Ask
EcoWatch FAQ: Solar Panel Cost Mississippi
The EcoWatch team is thrilled to get questions regularly from Mississippi residents looking to go solar. To help guide you through the process, we’ve included some of the most frequently asked questions below, along with our responses.
The average home in Mississippi requires an 11.5-kilowatt system to offset energy consumption, which is quite high throughout the state. At an average price of $2.64 per watt, that comes out to a standard price of $30,360 before the federal tax incentive, or $22,466 after the incentive is accounted for.
However, your total could be thousands of dollars lower or higher depending on many factors. Your best option is to have a reputable solar installer assess your home and provide a customized quote based on your energy needs and expectations.
Yes! Solar panels boost property value in Mississippi quite significantly. Estimates based on data from Zillow suggest that the average home increases in value by approximately 4.1%.3 In Mississippi, where the average home value is $157,885 at the time of publication, that’s a typical bump of around $6,437.4
It’s important to note that this benefit is only expected if you purchase or finance your solar equipment. Solar leases and power purchase agreements (PPAs) will not provide the same bump in value.
In almost every situation, it is better to use cash or solar financing to acquire your solar panels than to lease them. Leases are useful in some cases when homeowners cannot afford a cash purchase and are denied financing options, but they are far less beneficial overall.
First, solar leases don’t increase your property value, so you’ll miss out on an average of $6,437 in home value if you lease. You also can’t claim the federal tax credit if you lease, which is another $7,894 in Mississippi that you’ll be passing up. Solar leases also don’t have a payback period — you’ll be paying monthly for your system until your lease ends. On the other hand, a purchased system will be paid off and can start saving you money after an average of 13 years in Mississippi. (The average lifespan of a solar system is 25-30 years.)
Yes, it is possible to eliminate your electric bills by converting to solar. However, it’s much more challenging to do so in Mississippi than in most other areas throughout the country because of the state’s less-than-ideal stance on net metering. Most homeowners in MS will also need to invest in a solar battery to maximize savings and bring their utility bills down to $0 per month.
Every homeowner will naturally be concerned with the total cost of going solar, but the majority of Mississippians agree that panel efficiency is more crucial. Due to the lack of a statewide net metering program, highly efficient panels can improve your chances of eliminating your electricity costs in Mississippi. As such, most residents prefer to pay more upfront for high-quality equipment that will save them more over time.
There is no universal answer to this question because system size is based on more than a home’s square footage alone. The size needs to be decided based on shading on your property, your monthly energy expenditure, your home’s energy efficiency, the equipment you want to be installed, and more. The only way to get an accurate estimate for the size your home requires is to have a reputable solar contractor design a system for your property.
With that being said, the average system size required to offset the average monthly electric bill of $128 in Mississippi is 11.5 kilowatts.