Benefits of Solar Energy
Solar energy provides multiple advantages that will enhance your home for years to come.
- Better energy independence: Adding a solar battery storage system lets you have dependable energy during storms and grid outages.
- Reduced carbon footprint: Using clean solar power means you're less dependent on fossil fuels, which emit harmful greenhouse gasses.
- Lowered energy bills: You can skip the premium cost of grid-tied power by generating some electricity at home. Plus, many states offer net metering which can allow you to sell your unused energy back for credits on your bill.
What Solar Incentives Are Available to Olive Branch Homeowners?
Mississippi homeowners who upgrade to solar could qualify for tax credits, special financing, reimbursements and rebates. Here are just a few of the region's incentive programs.
Incentive Type: Personal Tax Credit
Website: ecowatch.comIncentive Amount:
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.
How To Choose the Best Solar Company in Olive Branch
The more informed your company investigation is, the better your solar installation will ultimately perform. Make your choice based on the following important considerations.
Licensing and Training
Mississippi requires solar installers to have a Solar and Wind Construction classification on a per-job basis. Jobs valued at under $50,000 may be exempt from licensure requirements. A contractor may also need an electrical or plumbing certification if either portion of related work is valued at more than $50,000. Solar providers can also earn certificates from trade groups and standards organizations. The top ones in the industry come from the North American Board of Certified Energy Practitioners. Most company websites will prominently display earned credentials, but you should also ask your estimator for more information.
Cost of Solar Panels in Olive Branch
The kind of solar panels you choose determines how much power you can produce. Monocrystalline panels and high-quality and give you the best performance but cost more upfront. Polycrystalline panels work with a tried-and-true mechanism and cost less, but produce less power. Thin-film panels aren't meant for large home installations, but they're excellent for small projects like sheds and RVs.
Additional accessories, such as electric vehicle (EV) chargers and battery storage, will increase your overall installation costs. However, they might make your solar system more efficient and convenient to use. Not all solar companies offer these optional components, so look for a provider that installs them if it's a priority for you.
Most Olive Branch homeowners opt for solar systems designed for five kilowatts (kW) of electrical capacity. These systems cost about $15,700 to install, considering both materials and labor. You can find more specific solar cost information in the table.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,066 |
| Solar Polycrystalline | $832 |
| Thin-Film | $486 |
| Solar Battery | $683 |
| Solar Home EV Charger | $2,559 |
Financing Solar Energy in Olive Branch
There are a plethora of ways to pay for new solar panels, and the right one will help you decrease overhead. A few of the most common options include cash payments, leases, loans, and power purchase agreements (PPAs). Most solar experts recommend paying cash or using a solar loan. Cash payments demand a large up-front sum, but they help you avoid paying interest, grant you system ownership, and qualify you for cost-saving solar incentives. Solar loans have the same benefits, though you'll pay more in total due to interest and fees. Much like a home or car loan, you'll pay a set monthly rate with as little as $0 down. Solar leases let you rent your panels for a set monthly rate, while PPAs let you pay just for the energy you use, similar to an electric bill. Both options disqualify you for solar incentives and do not provide you system ownership. Solar experts generally don't recommend them, but they might be suitable in some cases. Ask each company you're evaluating about the payment options it offers. A consultant can help you determine the most suitable option for your financial situation.
The table below lists the average payback periods for different capacities of solar systems in Olive Branch.
You are eligible for a 26% federal solar tax credit for new solar energy devices until the year 2032. Local and state governments and utility companies might also offer rebates, discounts, and dedicated financing plans that could save you more.
| Solar System Capacity | Estimated Payback period |
|---|---|
| 1 kW | 2.1 years |
| 2 kW | 4.2 years |
| 5 kW | 10.5 years |
| 10 kW | 21.0 years |
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Frequently Asked Questions About Solar in Olive Branch
How much energy and money could I save per year by switching to solar?
How popular is solar energy in Olive Branch?
Should I expect a boost in my property value after installing solar panels?
How long does the solar installation process require?
What upkeep do my solar panels need, and how frequently do they need it?
How long does it take to pay back a solar loan in Olive Branch?
What are some "red flags" to watch for as I research companies?
- Pushy sales approach
- Not being straightforward about credentials and training, cost, warranties and references
- Limited or no customization
- Rushing through the site assessment
- No references or testimonials
How are a solar lease and PPA different?
You don't own the panels with either option, though you can choose to "buy out" of the contract for a fee.
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