Electricity bills in Mississippi are high due to the state’s extreme heat and humidity, leading to an average monthly bill of $167 in June 2023. However, there has been a 5% decrease in these bills from the previous year. Installing solar panels can help reduce or even eliminate these high utility costs, providing long-term savings after the payback period. The cost of solar has decreased by 52% in the last decade, and incentives such as the federal solar tax credit can further reduce the upfront costs. Mississippi lacks strong state-level incentives, but net metering policies allow residents to earn credits by sending excess energy back to the grid.
While there are limited options for solar companies in Mississippi, some national companies like SunPower and Tesla offer quality installations. SunPower is known for its top-of-the-line solar panels, while Tesla provides more affordable options, including the popular Powerwall for solar energy storage. Local companies like Mississippi Solar also offer installation services with long-term guarantees on product performance and quality. It is essential for residents to compare multiple quotes from different companies to ensure they are getting the best deal based on their specific needs and situation.
The average cost for a typical solar panel system in Mississippi is $31,400 before tax credits, with a total installed cost of $21,980 after the 30% federal tax credit. Incentives like the federal solar tax credit and net metering help make solar more affordable for residents in the state. Various financing options, including cash purchases, solar loans, and leasing agreements, provide flexibility for homeowners to invest in solar energy. Before deciding on solar panels, individuals should consider factors such as insurance coverage, location, homeowner association rules, roof condition, rental status, and warranty terms from the chosen company.
The payback period for a solar system in Mississippi typically ranges from six to twelve years, depending on energy usage and system cost. Solar panels are expected to last beyond their 25-year production warranties, providing long-term savings on energy bills. By installing solar panels, residents can save money and reduce the impact of rising electricity rates. It is advisable to obtain multiple quotes from different installers before selecting a company to ensure the best deal. Overall, going solar in Mississippi can offer significant financial benefits and help reduce reliance on traditional energy sources.
