You should be familiar with all the incentives and regulations available to you if you're considering going solar in Nevada. Nevada has a state-run program that can provide a lump sum or a percentage discount on the cost of installing solar. To receive the rebate you will need some paperwork. However, many solar contractors will take care of it. Hire a professional solar installer.
Net metering
Net metering in Nevada is the transfer of clean electricity from solar systems to your utility company for credit on your electric bills. The net metering program has been in existence since 1997. Home and business owners can store excess electricity for later usage or send it back at the utility for credit. With enough solar power, this program can offset most of your electric bill and save you thousands of dollars.
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 programs
Nevada community-based solar projects offer a promising approach to making solar energy more accessible for all. The average cost to install solar panels onto a roof costs between $10,000 and $15,000. Nevadans are unable to afford this much, especially those with low incomes who do not usually have roof space or can't afford it. Therefore, incentives are being explored by the state to make solar power more affordable.
The Valley Electric Association in Pahrump has a 15-megawatt project. Members of the cooperative will be able to benefit from this project at no additional cost. It will be operational by July 2016. MDU Resources Group in Nevada is the company responsible for the long haul power purchase agreement. VEA is collaborating. 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 several tax credits for renewable energy. DSIRE, the best website to learn about these credits, is where you can find them. The N.C. Clean Energy Technology Center at N.C State University runs the website and it is a valuable resource. The state offers a program where you can sell off excess power to your utility.
The state has a strong renewable portfolio standard (RPS), which requires utilities to produce more renewable energy. They must also purchase renewable energy from customers. Many utilities offer solar incentives, solar carve outs and other ways to meet their obligations.
Legality
Nevada recently passed legislation that makes solar power legal. The law allows homeowners who have rooftop solar systems to sell their excess electricity to their utility. The rate is currently 95 percent of retail, but as more rooftop solar systems are installed, the price will drop. New homeowner protections are also provided by the legislation. For instance, the net-metering rate will remain unchanged for 20 years.
However, this policy comes with its flaws. Utility companies aren't big fans of net metering, which allows solar customers to sell excess electricity to the utility at retail rates. This is because utilities receive some of the money to maintain the electric network. Additionally, utilities in the state claim that solar customers are not paying their fair share.
Costs
Nevada's solar lease is a great choice for those who don’t have the money upfront to buy solar panels but still desire savings over time. A Nevada solar lease typically pays back in eight to 14 years. The payback period can be calculated by using a simple formula that divides the cost per unit of electricity by the annual output. It takes one year for electricity savings to equal power prices at today's levels. Therefore, it is crucial to calculate the costs associated with solar leasing in Nevada.
Federal Investment Tax Credit is a tax credit that can be used to offset the costs of installing solar panel systems. You can get the credit up to 30% off the cost of solar panels if you only install 10-kW systems. NV Energy's Renewable Generations Rebate Program is available to help reduce your solar installation costs. If you have a solar panel installation, you could get up $13,500 in rebates.