Benefits of Solar Energy
Solar energy offers multiple perks. Here are some highlights.
- Better energy independence: Solar panel systems with battery backups and storage systems work through power outages and emergencies, and you won't have to rely on the power grid for your safety and comfort.
- Lowered energy bills: You can avoid the expensive cost of grid-tied power by generating some electricity at home. Plus, many states provide net metering which can allow you to sell your unused energy back to help pay for your energy bill.
- Reduced carbon footprint: Solar is the universe's most abundant clean energy source, meaning you can lower or beat your home's dependence on fossil fuels.
What Solar Incentives Are Available to Southaven Homeowners?
Mississippi's public agencies and power companies offer multiple solar incentives to help reduce your solar system costs. Below is a breakdown of relevant solar programs where you live.
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 Southaven
Choosing a company is the first step toward an effective and cost-efficient solar array. Consider all of these criteria in your service provider search.
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 require an electrical or plumbing certification if either portion of related work costs over $50,000. Solar installers can also pursue accreditations from standards organizations and trade groups. The top ones in the industry come from the NABCEP. Most company websites will prominently display earned credentials, but you should also ask your estimator for more information.
Cost of Solar Panels in Southaven
Different solar panel types look and perform differently. Monocrystalline panels cost more than other options, but they generate the most power and generally have the highest quality. Polycrystalline panels produce less power, but start at a more budget-friendly price point. Thin-film panels work well for small projects like RVs and sheds, but they're not ideal for larger installations due to their low performance.
You can also add battery backups and electric vehicle (EV) chargers. These will increase your total installation cost, but they can boost your solar system's efficiency. Not every solar company offers these extras, so look for a provider that sells them if it's important for you.
Generally speaking, it will cost about $15,700 for a five-kilowatt solar array in Southaven. This table shows more specific costs for different solar panel types and system components in your area.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,055 |
| Solar Polycrystalline | $823 |
| Thin-Film | $481 |
| Solar Battery | $675 |
| Solar Home EV Charger | $2,532 |
Financing Solar Energy in Southaven
There are various ways to pay for new solar panels, and the right one will reduce your expenses. A few of the most common options include power purchase agreements (PPAs), leases, cash payments, and loans. Most solar experts recommend a cash payment 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. Similar to an auto or home loan, you'll pay a set monthly rate with as little as $0 down. Solar leases allow you to use your panels for a fixed monthly rate, while PPAs let you pay only for the energy you use, much like 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 considering about the payment options it offers. A salesperson 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 Southaven.
A 26% federal solar tax credit applies to new home solar systems purchased through 2032. Further incentives may be available through city and state governments, usually in the form of rebates and special financing programs.
| 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 Southaven
How much money could I save by going solar in Southaven?
How widespread is solar energy in Southaven?
Will solar panels raise my Southaven home worth?
Could I still use solar power if I live in a wooded, rainy, or dark area?
How do I care for my new solar system?
How long does it take to pay back a solar loan in Southaven?
What are the signs I shouldn't use a particular solar company for my job?
- Pressuring you into signing a contract
- Being evasive about cost, training and credentials, references and warranties
- Inflexible options
- Rushing through the site assessment
- No business filing with your local secretary of state
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