INCENTIVES AND FINANCING

30% SOLAR INVESTMENT TAX CREDIT (ITC)

Install a solar PV system in 2022 and receive a 30% credit on your Federal Income Taxes.

There is no maximum credit.

Applies to residential and commercial installations.

Tax credit can be rolled to the year following if needed.

The ITC for businesses and homeowners increased from 26% to 30% and is available for solar installations and stand-alone battery storage systems

commissioned anytime in 2022.

The ITC can be increased an additional 10% or 20%, depending on the location of the project and domestic content of components.

In 2023 and beyond, commercial customers can transfer (sell!) these credits to another commercial entity. This ability to transfer credits means that more businesses can monetize the tax benefit and you no longer need a tax bill that exceeds the amount of the ITC.

The 30% ITC will be effective through 2032 and then steps down to 26% in 2033 and 22% in 2034.

DIRECT PAY

Nonprofits and Municipalities – This is for you! The federal government will reimburse 30% of the cost of a solar installation, through a mechanism knows as Direct Pay.


The percentage available for Direct Pay, like the ITC, could be increased 10% or 20% when certain conditions are met, such as the location of the project in economically distressed areas.


Projects commissioned in 2023 will be eligible for Direct Pay. There are many administrative unknowns associated with the Direct Pay option, as it is a new federally administrated incentive, and the federal government anticipates releasing full guidance in the next three to four months.

USDA REAP GRANTS and GUARANTEED LOANS

The USDA’s REAP Grant has been boosted from 25% to 50% of the project cost. This program is only eligible for businesses in rural locations (includes most of Mississippi) and does require an application. The federal government will be issuing guidance on this change in the coming months. Applications are available now.

NEW MISSISSIPPI INCENTIVES

Mississippi has adopted new solar interconnection rules (now Mississippi Distributed Generator Interconnection Rule – MDGIR) that may include incentives that can help reduce the cost of going solar. Read more about it here…

EASY FINANCING
Mississippi Solar, LLC is partnered with Synchrony Financial, the same great name behind companies like Lowe's, to bring you simple, easy financing to meet your needs once you qualify.  No matter what your budget, we have a plan that works for you, even zero down with no interest if you pay your system off in 18 months!

IS SOLAR RIGHT FOR MY HOME OR BUSINESS?

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