Harness the Power of Nevada’s Sunshine with Solar Incentives and Rebates
Nevada is a leading state for solar installation, ranking 6th in the nation according to the Solar Energy Industries Association (SEIA). With an average of 92.02% sunlight throughout the year, the Silver State is the third sunniest state, making it an ideal location for generating solar energy. However, the abundant sunshine isn’t the only reason to go solar in Nevada. The state’s electricity prices rank 18th highest in the country, making solar power a cost-effective investment for homeowners.
Investing in solar panels in Nevada comes with a plethora of incentives and rebates that property owners can take advantage of. Discover how you can benefit from going solar in Nevada!
Nevada Solar Incentives, Rebates, and Benefits
NV Energy’s Renewable Generations Rebate Program
If you’re a homeowner within NV Energy’s service territory, you’re eligible for a utility rebate when installing a solar panel system on your property. NV Energy will pay its ratepayers $0.15 per watt upfront when they go solar. Act quickly, as the payments are expected to decrease after the program reaches its participation milestones.
Nevada Renewable Portfolio Standards (RPS)
Nevada’s Renewable Portfolio Standards (RPS) are a driving force behind the state’s commitment to renewable energy. The RPS requires utilities to increase their energy production from renewable sources (wind, solar, biomass, and geothermal) by specific dates. By 2025, 25% of all energy in Nevada must come from renewable sources, and by 2030, that number will rise to 50%. Utilities can generate the energy themselves or purchase it from customers. Naturally, utilities in states with strong RPS provide solar incentives for property owners to invest in solar panels instead of paying fees.
Nevada Solar Energy Carve-Out
The solar carve-out is a portion of the RPS dedicated specifically to solar energy. In Nevada, the solar carve-out requires 26% of the state’s energy to come from solar sources from 2016 until 2025.
Nevada Net Metering
Nevada property owners who invest in solar panels qualify for the state’s net metering program. NV Energy’s net metering program pays homeowners for the electricity their solar panel systems produce. Net metering connects green power sources like solar panels to the utility grid, allowing users to earn credits for their energy production and use them to offset the electricity they consume from the utility. If the system produces more energy than needed, the surplus is sold to the utility, and you’ll receive credits on your electric bill.
Nevada Interconnection Standards
Nevada has established uniform interconnection standards for connecting solar and other electricity-generating systems to the grid. These reliable and consistent rules streamline the process, making it faster and less expensive for both homeowners and utilities.
Nevada Performance-Based Incentives (PBIs)
Nevada is one of many states that offer Performance-Based Incentives (PBIs). These incentives pay for your solar system’s energy production, measured in kWh or BTUs. Solar Renewable Energy Credits (SRECs) can be sold at varying prices, helping you offset the cost of your solar system.
Nevada Solar Access Rights
Nevada’s solar access rights laws protect your right to install solar panels and generate electricity without interference. These rights supersede any contracts, actions, decrees, or other legal instruments that might arbitrarily restrict a property owner from installing solar energy systems. Additionally, no agreement or legal document, such as homeowners association bylaws, can prohibit homeowners from installing a solar energy system. You’re also granted the right to enter into solar easements with your neighbors, ensuring your panels continue to receive sunlight regardless of any additions or trees planted.
Nevada Inflation Reduction Act (IRA)
Eligible property owners with solar panels may qualify for a 30% tax credit on the system’s cost under the Inflation Reduction Act (IRA).
Don’t Forget About the Federal Tax Credit!
On top of Nevada’s excellent solar incentives and rebates, solar panel owners can enjoy the Federal Investment Tax Credit. This credit allows those who own (not lease) their solar system to deduct 26% of its total cost from their federal taxes. However, the Federal Investment Tax Credit is scheduled to decrease in the coming years, so make the switch soon to take advantage of the 26% credit.
Nevada Solar Incentives and Rebates at a Glance
With abundant sunshine, high electricity prices, and a wealth of incentives and rebates, going solar in Nevada is a worthwhile investment for property owners looking to reduce their electricity costs and embrace sustainable energy.
