The Mississippi Public Utilities Commission (PSC) recently made a groundbreaking move by approving a new incentive program for renewable energy, despite the objections of Governor Tate Reeves and large utility companies. This was made possible by the Inflation Reduction Act signed last year, which secured the largest investment to promote energy security and combat climate change in U. S. history, while reducing energy costs for the American people.
According to Stephen Wright, director of the Gulf States Renewable Energy Industries Association, these incentives “will position Mississippi to compete effectively for solar energy manufacturers, builders and financiers in a highly competitive market”.The state of Magnolia is heavily dependent on natural gas and needs to diversify its energy sources. Although the cost-effectiveness of converting to solar energy must be evaluated house by house, the incentives available in Mississippi make solar energy more affordable and accessible across the board. The budget invests in clean energy across the United States, providing jobs to rural communities and cities without leaving anyone behind. The Mississippi Public Utilities Commission (PSC) requires net energy metering, but only for public utility companies (promissory notes) owned by investors, including the Tennessee Valley Authority (TVA). The state recently took key steps to improve incentives to encourage and promote the development of renewable energy in the area by authorizing greater tax incentives for property throughout the state.
This new interpretation now opens up the possibility that a new qualifying renewable energy project will enjoy a reduction of up to eighty-three percent (83%) in annual property taxes during the first ten years of operation. Most reliable installers at The Magnolia State will file the net energy measurement application for you, so the process to take advantage of this incentive will effectively be automatic. There are currently no plans for these incentives to lose benefits or completely disappear in the next two years. The search for and development of clean, renewable energy continues to play an important role in driving economic development in the United States. By taking advantage of these incentives, individuals can invest in renewable energy sources in central Mississippi and help reduce their carbon footprint while saving money.