Sunny Mississippi is one of the best states for solar. Install solar panels, generate energy, and enjoy saving your family budget. And to save even more money, take advantage of solar incentives in Mississippi.
The US government wants more people to go solar: it’s a modern and green way of getting energy. This is why the Solar Investment Tax Credit (ITC) program was developed. It allows American citizens to claim 30% of the cost of their installation as an income tax deduction. The cost here is not only solar panels, but also shipping, installation expenses and more. For example, if your system overall made you spend $10,000, the government returns you $3,000. To claim the ITC, complete all the necessary forms and submit them when filing your taxes.
The essence of net metering is the same across all states: you sell solar energy that you haven’t used into the commercial grid and gain credits from the utility company for it. The credits later can be used to cover your electric bills.
In Mississippi residential systems that are eligible for the net metering program must be under 20kW in size. When it comes to other systems, the cap is at 2MW. Check the rates and conditions with your electric supplier.
The Energy Efficient Mortgages (EEM) program allows you to quickly get more money for energy upgrades for your home or for a new property with preinstalled upgrades. These loans are insured through Federal Housing Authority (FHA) and Veterans Affairs (VA) programs.
If you qualify for an FHA loan, you do for the EEM program. Usually, the energy package that can be added to a standard FHA loan amounts to the cost of upgrades based on the home energy assessment; or the lesser of 5% of: the Adjusted Value; 115% of the median area price of a Single Family dwelling; or 150% of the national conforming mortgage limit.
Solar systems, of course, qualify as energy-efficient upgrades, so your loan can be increased by the amount your system costs. Again, the cost of a PV system doesn’t amount to panels only but includes accessories, shipment and installation as well. Read more about the FHA program and apply on the U.S. Department of Housing and Urban Development website.
EEMs through the Veterans Affairs program are available for military personnel, reservists and veterans. The exact loan amount depends on your status and credit history. Check the guide on how to apply for the loan on the VA website.
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Years of experience in translation and a love of nature help Julia find the right words to encourage going solar. She joined the team in 2023 and is happy to make her contribution to a greener future.
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