July 21, 2024

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Solar Panels: How much will the Government Pay for Solar Panels in Jackson?

Dominion Energy unveils steep solar fees threatening solar jobs, access to  rooftop solar | Southern Environmental Law Center

Going solar is something a lot of people in Jackson, Mississippi want to do and despite solar panels generating “free” electricity, the installation of the system and the panels are the ones that cost a lot, and this would even depend on how big your solar system is. With that being said, there’s a ton of solar financing in Mississippi that would be able to help you in your solar journey. How much will the government pay for solar panels in Jackson?

Cost to install solar panels on a house

When you are planning on installing solar panels in the United States, the average cost could be found to be about $12,000 after the federal tax incentives. If you are installing a smaller system, you could spend around $5,000, but installing a high-end tier 2 panel system could cost you about $40,000 or more.

Federal state incentives – As of 2020, the solar tax credit is good for 26% of the system cost. By the end of 2022, the federal tax incentives would then be reduced to 22%, and homeowners may or may not be able to claim their solar tax credit when 2024 rolls around. But one thing to keep in mind is that commercial solar panel tax credits are required to stay at 10%.

Electricity Needs – A solar panel would cost you an acreage of $2.51 and $3.31 per watt, but installers who would buy them wholesale could get it for $0.85 per watt. The solar panels are rated by kilowatt (kW) and in kW would equal to 1,000 watts.

Choice of panels – When you are choosing your solar panel, you have to remember that not all solar panels are created equal. There are three types of solar panels available, but monocrystalline and polycrystalline are the most common solar panels that are used to power homes.

Where you live – Where you live and your location affects the cost of going solar. Most American homes end up needing around 30 panels if you want your home to be 100 percent powered by solar panels. The following is a table of possible average costs of going solar in Mississippi.

Starting cost for 6 kW System                    $14,763

Average cost per watt                        $2.64

2020 Federal tax credit value (26%)                $3,838

2021 federal tax credit value (22%)                $3,248

Is the government paying for solar panels in Jackson?

Being part of the Jackson EMC has a bunch of rebates that could be made available to you when you go solar. They pay out $450 per kW of installed solar capacity having the 10 kW system size limit. Let’s make a 6 kW system as an example. If you install a 6 kW solar system in your home, then you would get a $2,700 cash rebate and this is an addition to the federal ITC and any of the other credits that you may qualify for.

You could be able to get your solar rebate after the Jackson EMC inspects your system after installation. They will be coming to inspect your solar system, and if you pass the inspection, then you may go and submit your rebate application, which you will get within 3 to 6 weeks. 

Jackson EMC also has a net metering program as a bonus incentive so if your solar energy system produces more extra solar energy that is too much for your home, then you would be able to profit from it because they would be buying all of your excess energy and it would go back to the grid.

How much is the government rebate on solar?

As of currently, the residential federal solar tax credit would give you a dollar-for-dollar reduction against your federal income tax that is equal to 26 percent of the final cost of the solar system that you have installed in your home. 

You might be wondering, how to get free solar panels from the government in Jackson? There are a bunch of rebates and incentives that come with going solar, and that is there to encourage people to turn to renewable energy. Getting solar panels and having your own solar system is like a long-term investment where you could get the money that you spent on all of your solar panels and your solar system as a whole by getting tax credit and selling your extra solar power back to the grid.