Having solar panels in Nevada has many advantages for you and for the environment. First of all, they will save you money in the long run. It is true that the biggest investment is their installation, but once you have them your energy bills will be lower. Also, solar panels have many benefits for the environment because they reduce carbon footprint and don’t emit greenhouse gases. Simply said solar panels provide clean energy that is available every day. And the best of all is that they require little maintenance. All that you would have to do is contact professional solar panel services such as Peak Services Las Vegas to perform an annual inspection and do occasional cleaning. Lastly, there are many federal grants and rebate programs if you go solar. So, read this article and find out everything that you need to know about Nevada solar incentives.
What is a solar incentive and how does it work?
Even though the price for installation of solar panels has dropped significantly in the last decade, there are still some homeowners that look at it as a big investment. If you add to that annual residential solar panel cleaning services that are affordable but still might be a bigger expense for some families, many people decide to skip their installation.
In order to help homeowners that are looking to reduce their energy bills and go green many local and federal governments have decided to offer incentives. This is important for many households because it would significantly lower their energy cost. Even up to 30% to 50%. Also, this would have a positive impact on the attempt to try to save the environment as much as possible. Usually, these incentives are offered in the form of tax exemptions and solar rebates.
Learn everything you need to know about Nevada solar incentives
With approximately 252 sunny days, it is no surprise that Nevada is the state number six when it comes to the national ranking of usage of solar energy. Still, the average cost of installation of solar panels in Nevada is between $10,800 and $14,600. This is something that not everyone can afford. Since it can be a serious financial investment for some families the government of Nevada has decided to help its residents and offer them solar incentives. Because of this, the number of solar energy users has increased. Nowadays most people are able to afford their installation. And this is something that will help the state of Nevada reach the goal of getting 100% solar energy by 2050.
Nevada net energy metering
Nevada net metering program is a program where you get credit for your excess solar energy that you don’t use and you return to the grid. Almost all homeowners that have solar panels are eligible for this type of incentive. This is a great way not only to use your own clean energy but to spread it throughout your community and get compensation for that.
In Nevada, almost 93% of residents receive energy from a company called NV Energy. The company is offering 1-1 net metering in the same billing cycle. This means that the credit they offer has the same value people would be charged for the electricity on their energy bill. And if you have credits left they will be rolled to the next billing cycle at an approximate rate of 75$ of the retail rate. Still, there are some items that cannot be charged by using this credit such as Basic Service Charge and Renewable/Energy Efficiency Program.
On the other hand, if your energy is managed by Valley Electric Association you will not receive the full credit. You will get 75% of the rate that you pay for your energy bill. Still, one is for certain. Nevada’s net meriting program has encouraged more people to install solar panels and opt for clean energy.
Nevada Federal Solar Investment Tax Credit
Almost all Nevada residents are eligible to claim Federal Solar Tax Credit which is also known as Residential Clean Energy Credit. This program allows residents of Nevada to claim up to 30% of their solar panel installation cost and use it as a credit for federal taxes that they own. People can claim credit of 30% until 2032. After 2032 it will decrease to 26% in 2033 and 22% in 2034. This is a great way to save money on the installation of solar panels. You can save up even up to $7.550.
In order to be eligible for Federal Solar Tax Credit you must:
- Have installed solar energy between 2006 and by the end of 2022
- Place the solar energy system in the residential area
- Own the solar energy system that was paid in cash or by taking a solar energy loan
If you are located in Las Vegas there is no doubt that this program will help you save money. Not only on the installation of solar panels but to reduce your energy bills afterward. Plus you wouldn’t have to worry about roof cleaning Las Vegas services as your solar panels will require minimal maintenance.
Solar rebates in Nevada
Nevada doesn’t have a solar state rebate for the installation of solar panels. Still, some manufacturers offer their own solar rebates. LG gives a $600 solar rebate for their equipment that you could redeem over the next year. Also, some of the local providers offer solar rebates for those who install solar water heaters. For example, NV Energy gives a solar rebate of up to $3.000 for solar water heaters system.
This is a great way to redeem your money and invest it in something else. For example, many Las Vegas residents use this for solar panel cleaning North Las Vegas services. That way people are able to save money and avoid additional costs for the maintenance of solar panels.
Nevada energy storage incentive
When you want to install solar panels in Nevada you would have to pay for the battery storage that comes with solar panels. But when paired with solar NV Energy offers incentives for its users. For customers that have time-of-use rates, NV Energy gives $0.19 per watt-hour of storage. This means that those users that signed for the changes in the charge of their energy bill depending on the time of the day can get a return of up to $3,000 per household. On the other hand, users that have a standard rate can get a return of $0.05 per watt-hour or up to $1,500 pre household.
This is a great program because you can get the extra money that you can use later in the solar panel maintenance, solar panel bird proofing, or simply for their cleaning. That means that after their installation you would have to worry about any other expenses.
State property tax exemption in Nevada
Nevada offers state property tax exemption when using solar, but unfortunately not for residential solar. Eligible for state property tax exemptions are the ones that use solar energy for commercial, agricultural, and industrial purposes. Maybe this is not good news for the residents but with this program, the state of Nevada is trying to encourage all large corporations and industries to go solar and that way helps the environment.
PECs trading program in Nevada
The state of Nevada created a system of portfolio energy credits (PEC). This system allows solar energy producers to sell and trade PECs to electrical utilities. People that are eligible to participate in the PECs trading program are the ones that installed solar panels without using solar rebates. So the residents that were using one of the solar incentives mentioned above will not be eligible to earn, sell, or trade their PECs. In order to participate in this program owners of solar energy systems would have to register with the Public Utility Commission of Nevada by filling out an online form. This is a great way to save money. But also to make an additional income by selling their PECs in the state.
It is worth it to have solar panels in Nevada
There is no doubt that having solar panels in Nevada has many benefits. Not only that you will help the preservation of the environment, but also you will save money on your energy bills. It is true that installation might be costly. But now that you know about Nevada solar incentives you have to admit that it sounds like a good investment. There are many ways to redeem the money invested in your solar panels and help Nevada reach its goal of being a state that uses only solar energy.