Mississippi has set a goal to grow its solar energy output 500% over the next five years. Major investments totaling over $7 billion will expand solar farms across the state and improve renewable infrastructure. As attention shifts toward solar power in Mississippi, savvy homeowners have a timely opportunity to install solar panels on their roofs.
This comprehensive guide details everything Mississippians need to know about going solar in 2023. We‘ll provide expert insights on costs, savings estimates, ideal system sizing, the best local installers, and all available incentives. Any Magnolia State resident curious about solar panels on their home needs to understand these key factors.
How Much Do Solar Panels Cost in Mississippi Right Now?
In 2023, solar equipment prices dropped slightly to around $2.50 per watt in Mississippi. This equates to about $15,000 before incentives for a typical 6 kilowatt solar array suitable for most homes. Use the table below to estimate installation costs for different system sizes:
| System Size | Cost per Watt | Total Pre-Incentive Price |
|---|---|---|
| 4 kW | $2.50 | $10,000 |
| 6 kW | $2.50 | $15,000 |
| 8 kW | $2.50 | $20,000 |
These overall installation estimates include:
- Solar panels
- Inverters
- Racking
- Wiring
- Labor
- Permitting
- Sales tax
Solar panel pricing depends largely on equipment efficiencies, warranties, and manufacturing quality. Premium brands like SunPower cost more upfront but deliver better long-term performance. Comparing bid quotes from different Mississippi solar installers shows cost differences tied to hardware quality and service guarantees.
Electricity rates also influence solar payoff timelines significantly across different southern states. See the regional comparison below:
| State | Avg. Retail Electricity Rate | Avg. Monthly Bill | Est. Years for Solar Payoff |
|---|---|---|---|
| Mississippi | $0.11 per kWh | $133 | 10 years |
| Tennessee | $0.12 per kWh | $151 | 8 years |
| Arkansas | $0.10 per kWh | $121 | 12 years |
| Louisiana | $0.09 per kWh | $110 | 11 years |
Accounting for lower solar equipment pricing and competitive power rates, investing in solar panels makes sense for most Mississippi households today.
How Large of a Solar System Will I Need?
Solar array output size is measured in kilowatts (kW), like your home‘s electricity usage. Right-sizing your system means matching capacity to your actual energy needs and roof space. We‘ll show sample calculations for both smaller and larger Mississippi homes below.
First, determine your average monthly kilowatt-hour (kWh) consumption from recent electric bills. Next, find your location‘s peak daily sun hours via this Mississippi sun hours map. Then divide average daily usage by peak sun hours to get your ideal system size in kW.
Smaller 2,500 sq ft House
- Avg. monthly usage: 900 kWh
- Avg. daily usage: 30 kWh
- Peak sun hours: 4.5
- 30 kWh / 4.5 hours = 6.7 kW system
Larger 4,500 sq ft House
- Avg. monthly usage: 1,800 kWh
- Avg. daily usage: 60 kWh
- Peak sun hours: 4.25
- 60 kWh / 4.25 hrs = 14.1 kW system
Solar arrays must match rooftop space and electrical infrastructure limits. Factors potentially increasing minimum size in Mississippi include:
- Home expansion plans
- Electric vehicle charging needs
- Heating/cooling system upgrades
- Future battery storage
Carefully measure your roof area and calculate energy needs when sizing your system. Oversizing will not provide extra financial payoff.
What Makes a Reputable Solar Company in Mississippi?
With Mississippi‘s solar market still developing, researching installer qualifications takes diligence. Solar contractors must meet training, certification, permitting, and safety standards that ensure quality workmanship. Homeowners should ask these questions when vetting installers:
- How long have you been installing solar panels in Mississippi? Look for 5+ years of local experience.
- Are your installers certified by NABCEP or another accredited solar program?
- Will you pull all required building/electrical permits and schedule inspections?
- Do you partner with reputable equipment manufacturers like SunPower or LG Solar?
- What workmanship and performance guarantees or warranties do you provide?
Established national solar providers operating locally like SunPower may provide the best service guarantee over newer contractors. Thoroughly check accreditations and track records either way.
Just How Much Can Mississippi Homeowners Save with Solar?
Over the 25+ year lifespan of a solar energy system, Mississippi homeowners can realize substantial utility bill savings:
| System Size | Est. Lifetime Savings |
|---|---|
| 4 kW | $19,000 |
| 6 kW | $24,000 |
| 8 kW | $32,000 |
These projections assume an average Mississippi monthly energy bill around $130. Payoff happens within 8-12 years, then accumulated savings continues building from elimination of that monthly electric payment.
Ultimately over 25 years, a 6 kW solar array provides the same return on investment as putting that $15,000 initial amount into stocks growing at a 7.8% yearly rate. And unlike the stock market‘s volatility, solar savings stay consistent thanks to reliable sunlight. Solar power generates excellent long-term value for Mississippians.
What Solar Incentives Exist in Mississippi Right Now?
Mississippi offers almost no state-level solar incentives currently except for one utility rebate program. So Magnolia State homeowners must maximize federal tax credits and local electric company rewards. See the latest incentives as of 2023:
Federal Solar Tax Credit – Covers 30% of installation costs through 2032 via tax refund when filing. For 6 kW system at $15k, that‘s $4,500 back. Reduces to 26% in 2033 then 22% thereafter.
Entergy MS Solar Rebates – Up to $0.04 per kWh via Sense program plus Energy Efficiency programs
TVA Renewable Credit Program – Fixed monthly credit amount over 10 years via participating utilities
Net Metering – Only approved for very small systems under 20 kW. Strict limits and no payment for excess energy exported make ROI very slow.
Check Energysage‘s updated solar incentives finder to confirm latest Mississippi and federal offers. The declining federal tax credit coupled with minimal state/utility support makes acting now on solar critical to maximize savings!
From sizable 25-year savings to favorable payoff timelines to available (though limited) incentives, Mississippi currently offers a prime opportunity to invest in residential solar panels. By following the guidance in this comprehensive guide, Magnolia State homeowners can evaluate if solar power is right for their house. Reach out to our energy experts any time for personalized solar quotes and project support!
