Dear reader,
Have you considered installing solar panels in Nevada, but worry about the upfront investment? I assure you, between federal incentives, state programs, and utility benefits, you can save tens of thousands on a solar array in the Silver State.
As an industry professional with over a decade of experience in the Nevada solar market, I‘m here to detail the ins and outs of every avenue for solar savings. My goal is to leave you fully informed and excited to reap the financial rewards of clean energy.
So buckle up! Below I provide a comprehensive breakdown of solar policy alongside data-driven projections to help you capitalize on savings as a Nevada homeowner. Let‘s dive in!
Nevada‘s Vast Solar Success
Before covering incentives, let‘s discuss the solar landscape here. Of all US states, Nevada ranks 6th for installed solar capacity as of 2022. To give perspective on growth, there‘s been a near 700% increase in solar adoption over the past decade!
Now making up 12.7% of Nevada‘s electricity mix, solar helps power over 340,000 homes. And forecasts suggest accelerating growth, with over 6,000 additional megawatts (MW) of solar installations projected through 2027. That‘s enough to power an extra 460,000 homes!
Driving this momentum are America‘s ample solar resources (Nevada sees 5-6 kWh/m2/day of sun exposure) plus robust policy incentives I detail shortly. As both federal and state governments prioritize expanding renewable energy nationwide, solar emergence remains in early phases still.
Most exciting for homeowners are projections for distributed solar, aka rooftop solar on residences. Over the next 4 years, distributed generation solar growth is expected to outpace utility-scale projects here in Nevada. What does this mean for you? More affordable panel pricing, installer options, and chances to profit from rising adoption.
Incentive programs also make the decision easier. From the federal investment tax credit (ITC) to Nevada‘s net metering policy, you can offset up to 50-60% of solar array costs when you know where to look.
Let‘s examine the monetary benefits awaiting Nevada solar owners.
Scoring Serious Savings Through Federal Solar Incentives
I always recommend Nevada homeowners start their solar savings journey with the federal ITC. This program offers a sweet 26% tax credit for installing solar through 2033. In actual dollars, a $15,000 solar system purchase would cut your tax bill by $3,900!
The ITC applies to all set-up expenses too – panels, inverters, wiring, labor, permitting fees, you name it. Where else can you get 30 cents back for every dollar spent while being environmentally friendly?
Now over a quarter price slash is enticing enough, but Uncle Sam doesn‘t stop there…
While the ITC percentage gradually steps down over the next decade, you still have years to start saving before it expires. Act by 2033 and the U.S. government chips in 26% back on your purchase. Wait until 2034 and it‘s 22%, but hey that beats nothing!
Point is, federal solar incentives add up fast, accelerating ROI on your system. And when combined with additional Nevada benefits I detail next, you may just pay off the panels within 7-9 years!
Unlocking Nevada‘s Generally Sunny Disposition Towards Solar
You likely know Nevada isn‘t called the "Silver State" just for show. Our desert climate blesses us with sun beams year round! Nevada competes for the top spot nationwide with 5.5-6 kWh/m2 a day solar irradiance. Translated – light conditions are pretty much optimal for solar efficiency.
This allows homeowners like yourself to soak up insane savings. But state policy helps too!
You see, back in 2015 Nevada regulators made some unpopular changes to solar credits through a process called net metering. Basically the state wanted to pay solar owners less for sending excess power to the grid. Bad news right?
Well after enough public opposition, legislators reversed course in 2017. Now under net metering 2.0, Nevada homeowners receive 75% the full retail electricity rate as a credit for surplus power.
At the average price utility companies pay for residential electricity here (~13 cents/kWh), that 75% credit valued around 9-10 cents/kWh really piles up!
For a moderate 6 kW system, expect to produce roughly 8,500 kWh yearly. If your household only uses 6,000 kWh, that‘s 2,500 kWh excess to sell back and credit. At a 10 cent rate, that‘s $250 in annual bill savings through net metering alone.
Tack on another grand if you sell your excess via Renewable Energy Certificates (RECs). This means over $1,250 in extra income a year to pad your wallet (just for utilizing that desert sunlight)!
Again, by stacking savings through federal tax credits, state production payments, and home energy offsets, Nevada solar pays you back handsomely.
And our incentives don‘t stop there…
Nevada Incentives Solar Homeowners Should Know
Let‘s recap the monetary benefits waiting for you here:
- 26% Federal Solar Tax Credit through 2033 – Easily $10,000+ back over the first 6 years
- Net Metering at 75% the retail electricity rate – Around $250/year in bill credits
- Solar Renewable Energy Certificate Sales – Add another $1,000 or more annually
That‘s some serious cash in your pocket! And I haven‘t even touched on property value rises yet. One Berkeley National Lab study revealed solar homes sell for 4-5% more compared to non-solar houses.
In total, statistics show solar owners in Nevada saving ~$17,000 over 20 years compared to no solar installation. And with incentives and low rates here, typical payback hovers around 11-12 years before you‘re reaping pure profit.
So in case the above data hasn‘t convinced you of solar being a no-brainer investment here in Nevada, let me sum it up…
You stand to save tens of thousands in energy costs while adding value to your home. Oh, and you help the planet by going green in the process! From my expert view, it‘s a decision you won‘t regret.
I hope this intel gives you new insight and excitement into the solar opportunity right here in our great Silver State! Feel free to reach out with any other questions.
Your partner in solar savings,
[Your name here]P.S. One final tip – with install costs down over 10% this past year in Nevada, now is prime time to start saving with solar! Reach out for custom pricing and savings estimates.
