Nevada has many incentives and regulations that will help you go solar. Nevada offers a state-run rebate that will give you either a lump sum of money, or a percentage off your total cost. To receive the rebate you will need some paperwork. However, many solar contractors will take care of it. You should hire an experienced solar contractor.
Net metering
Net Metering in Nevada refers to the process of transferring clean electricity produced by solar systems from your utility company in return for a credit on you electric bill. Since 1997, the program allows homeowners and businesses to store excess electricity for later use or return it to the utility to receive a credit. The program will offset most of your electric bills and can save you thousands by using enough solar power.
Nevada law mandates net metering. This must be offered by your local utility company. The retail rate is 75 percent, and the compensation decreases with more customers installing solar. This means that Nevada's payback period for solar panels can reach 16 years. However the rate of return will continue to decline as more customers get solar.
Community-based solar projects
Nevada's community-based renewable energy projects are a promising way of making solar energy more affordable to Nevada residents. Currently, the cost of installing solar panels on a roof ranges from $10,000 to $15,000. Most Nevadans cannot afford to pay that much, especially low-income residents, who typically rent and do not have access to roof space for solar installations. So, the state is exploring incentives to make solar energy more affordable.
The Valley Electric Association in Pahrump has a 15-megawatt project. The project will be free to members of the cooperative and should be up and running by July 2016. VEA is collaborating with MDU Resources Group, a Nevada company that is responsible for the long-haul power purchase agreement. VEA members will have the opportunity to purchase this renewable energy at a fraction of the cost charged by traditional electric companies.
Tax credits
Nevada offers a variety of tax credits to solar and renewable energy. DSIRE is a great place to find information about these credits. The website is run by the N.C. Clean Energy Technology Center at N.C. State University and is a comprehensive resource. The state offers a program that lets you sell your excess power back to your utility.
The state has a strong Renewable Portfolio Standard (RPS), which mandates utilities to produce more renewable electricity. They must also purchase renewable energy from customers. Utility companies often offer solar incentives or solar carve-outs to help them meet their mandate.
Legality
Nevada recently approved solar power as legal. A law allows rooftop solar power systems installed by homeowners to be sold to their utility. The rate currently stands at 95 percent retail. But, the price of electricity will drop as more rooftop systems are added. Additionally, the legislation provides new homeowner protections. For instance, the net-metering rate will remain unchanged for 20 years.
This policy is not without its problems. Utility companies don't like net metering. This allows solar customers to sell excess electricity at retail rates to the utility. Because some of the money utilities collect goes to maintaining the electric grid. Additionally, utilities in the state claim that solar customers are not paying their fair share.
Prices
If you don't have enough cash upfront to purchase solar panels but want to save money over the long-term, a Nevada solar lease is an excellent option. The payback period on a solar lease in Nevada is typically eight to fourteen years. This payback period is calculated using a simple payback formula, which divides the cost of power by the annual electricity output. It takes at least one year to save enough electricity to match the current price. So it's crucial that you understand the costs of solar leasing Nevada.
Federal Investment Tax Credit (FITC), a credit you can use for the purchase of solar panels, is a tax credit. The credit is worth up to 30% of the cost of solar panels, but only if you install a 10-kW system. For residential solar installations that are under 25 kW, NV Energy's Renewable Generations Rebate Program can help you lower your costs even further. When you install a solar panels system, you can receive up to $13,500 worth of rebates.