Electricity bills are high in Mississippi due to the state’s overwhelming heat and humidity, with the average Mississippian’s monthly bill at $167 in June 2023, despite a 5% decrease from the previous year. Installing solar panels can reduce or even replace utility bills, with potential savings in the thousands after the payback period ends. The cost of solar has decreased by 52% in the last decade, and incentives like the federal solar tax credit make solar installation more accessible. Mississippi has net metering policies that allow homeowners to gain credits by sending excess energy back to the grid, though the state lacks strong solar incentives.
There are limited residential solar companies to choose from in Mississippi, with national companies like SunPower and Tesla offering top-of-the-line and affordable solar panels, respectively. Local company Mississippi Solar provides REC Solar panels with guarantees and monitoring. It is important for Mississippi residents to get quotes from multiple companies and evaluate them based on reputation, product offerings, services, and warranties before making a decision on solar panel installation.
The average cost of a typical solar panel system in Mississippi is $31,400 before tax credits and incentives, with an average system size of 10 kW. Residents can take advantage of the 30% federal solar tax credit for systems purchased from 2022 through 2032. Different financing options are available to help with the upfront costs of solar installation, including cash purchases, solar loans, and other loans from banks or lenders. Leasing and power purchase agreements offer affordable ways to use solar energy without owning the panels outright.
Before deciding on solar panel installation, it is important to consider factors such as homeowner’s insurance coverage, location of the home in relation to sunlight, membership in an HOA, the condition of the roof, and whether the home is rented. It is also important to get multiple estimates from different companies, compare warranties, and understand the installation process. The best solar companies in Mississippi are selected based on equipment, warranties, and customer service, with a focus on providing recommendations that are available in the state.
The payback period for a solar panel system in Mississippi depends on energy usage and total system cost, with an average payback period of six to 12 years. Solar panels typically last for 25 years, with high-quality materials having a longer lifespan. Installing solar panels can save money on energy bills and help reduce the financial impact of rising electricity rates, with financial incentives and financing options available to make solar more affordable in Mississippi.
