Top 5 Solar Companies in mississippi

Despite high amounts of sunshine throughout the year, Mississippi has consistently underutilized solar power as a viable energy alternative. With cheap utility prices and a lack of legislative force behind its solar policies, the Hospitality State is far from the greatest host for solar energy. That said, the long-term benefits of going solar still apply, no matter which state you live in.

• Pros and Cons of Going Solar in Mississippi
• Cost of Solar in Mississippi
• Mississippi Solar Financing Options
• Mississippi Solar Incentives
• Mississippi Solar Policy Information
• Mississippi Solar Statistics

Read on to learn more about the ins and outs of going solar in Mississippi.

Pros and Cons of Going Solar in Mississippi

Here's an at-a-glance description of the current benefits and drawbacks of switching to solar in Mississippi:

Benefits of Going Solar in Mississippi:

• High Sunshine Rates
• 30% Federal Tax Credit
• Average Payback Period
• Net Metering for TVA Customers

Drawbacks of Going Solar in Mississippi:

• No Renewable Portfolio Standard
• No Solar Carve-Out or SREC
• Low Electricity Prices
• No Solar Power Rebates
• No State Tax Credit
• No Tax Exemptions for Solar Panel Systems

Cost of Solar in Mississippi

The levelized cost of solar in Mississippi averages to about 5 cents per kilowatt-hour over 25 years — much lower than the 23 cents per kWh residential solar customers could expect to pay over that same period.

In terms of overall costs for going solar, customers can expect to pay about $20,000 for a typical 5 kilowatt system, a fairly average price when compared to other states. Accounting for the federal solar tax credit (worth 30 percent of the system’s upfront costs), that cost gets reduced to around $14,000 — though customers should note that upfront costs can be either higher or lower depending on solar PV system capacity and efficiency, and household energy consumption.

Mississippi Solar Financing Options

Unfortunately, only two financing options are available to Mississippi residents looking to go solar: direct purchase and solar loan. Solar leases and power purchase agreements, as yet, are not currently offered in the state.

Direct Purchase

As mentioned above, to purchase a 5 kW system upfront in Mississippi, customers will pay around $20,000, or $14,000 once the federal solar tax credit has been applied. Following the purchase, solar homeowners can expect to wait around 16 years for the solar savings to offset the initial costs. This leaves another nine to ten years of pure solar profit — upwards of $10,000 over the remaining life of the system.

Purchasing a solar energy system outright in Mississippi will also improve home value by about $18,000 over 25 years!

Solar Loan

The other way to finance a solar panel system is through a solar loan from a third-party financier or through a solar home-equity line of credit (HELOC). Assuming zero money down and a 15-year repayment term, homeowners could qualify for a $20,000 solar loan and enjoy the savings from day one.

However, because utility prices tend to be lower than the monthly payments customers will pay toward their solar panel system, those savings will be relatively short-lived, possibly lasting only five or six years before borrowers will start paying more for solar than they would for traditional electricity. Thankfully, once the loan is paid off, they’ll be able to recoup those losses, and end up netting between $5,000 and $6,000 after 20 years.

Mississippi Solar Incentives

Mississippi has few solar incentives to speak of. Apart from the tax credit from the federal government, its offering in the state-level department is severely lacking. With no state-level tax credit, solar rebate program, or sales or property tax exemptions applied to solar panel systems installed within state borders, customers are more or less on their own in terms of footing the bill for solar energy.

Mississippi Solar Policy Information

As mentioned above, Mississippi has few favorable solar policies to speak up. No renewable portfolio standard (RPS) or solar carve-out means the state is not incentivizing utility companies to make room for alternative energy sources, particularly solar. A state’s RPS penalizes utilities for not making renewable energy part of their portfolio by a certain set deadline.

Additionally, the state’s low electricity prices (about 11 cents per kWh versus the 13-cent national average), residents themselves have little incentive to make the switch.

Net Metering

One ray of sunshine in the Mississippi solar incentive makeup is utility provider Mississippi Power’s net metering program. But even this program falls under certain conditions. Mississippi Power will only credit its solar customers for excess solar energy their systems produce at about half the going rate.

Mississippi Solar Statistics

Save for a major spike in 2017 and a smaller uptick in utility solar farm projects in 2020, Mississippi has remained fairly quiet in terms of solar investment and output. The state currently ranks 27th in the nation for solar, having installed more than 300 megawatts of solar energy in sum (utility-funded solar projects accounting for nearly all of that). That’s enough solar power to provide clean energy to more than 30,000 homes. Mississippi currently hosts 12 solar companies employing nearly 900 solar technicians and installers.

Interested in a solar quote? Check out the top-ranked solar companies in Mississippi and read reviews from verified solar customers.

Sources

• solarpowerrocks.com/mississippi/
• solarreviews.com/solar-panels/mississippi
• seia.org/state-solar-policy/mississippi-solar
• solar-nation.org/mississippi
• solaractionalliance.org/solar-panel-installation/mississippi/

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