Nevada's solar energy regulations are important. Nevada offers a state-run rebate program. This can either give you a lump sum or a percentage of your installed cost. You will need to fill out some paperwork in order to get the rebate, but many solar installers will handle this for you. It is important to hire a qualified solar installer.
Net metering
In Nevada, net metering is the process of transferring clean electricity generated by solar systems to your utility company in exchange for a credit on your electric bill. This program is available to home and business owners since 1997. It allows them to store excess electricity and send it back to their utility company for a credit. This program can help you save thousands of dollars and offset most of the electric bill if there is enough solar power.
Net metering is required by law in Nevada, so your local utility company must offer it. This compensation is capped at 75 percent of the retail price and will decrease as more customers go solar. This means that the payback time for solar installations in Nevada can be up to 16 years, but the rate will continue to decrease as more customers install solar.
Community-based solar programs
Nevada community-based solar projects offer a promising approach to making solar energy more accessible for all. Currently, the cost of installing solar panels on a roof ranges from $10,000 to $15,000. Nevadans can't afford to spend that much on solar panels for their roofs, particularly low-income residents who usually rent and don’t have rooftop space to put them up. So the state is investigating incentives to make it more affordable.
One such project is the Valley Electric Association's 15-megawatt project in Pahrump. 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 of Nevada, which is responsible for the long term power purchase agreement, is collaborating with VEA. VEA members will be able use this renewable power for their homes or businesses at a much lower cost than the traditional electric companies.
Tax credits
Nevada has a number of tax credits for solar and other renewable energy. DSIRE, the best website to learn about these credits, is where you can find them. This website is managed by N.C. Clean Energy Technology Center, N.C State University. It is a great resource. You can also sell excess power back to your utility through the state's program.
The state has a strong renewable portfolio standards (RPS), which require utilities to produce more clean energy. Customers also require them to purchase renewable energy. They often offer solar incentives as well as solar carveouts to help meet this mandate.
Legality
Nevada recently passed legislation that makes solar power legal. According to the law, rooftop solar system owners can sell excess electricity back to their utility. The current rate is 95% of retail. However, prices will drop as more rooftop PV systems are installed. The legislation offers homeowners new protections. The net metering rate, for example, will be guaranteed for twenty years.
This policy is not without its problems. Utility companies aren’t keen on net metering which allows customers to sell excess solar electricity to them at retail prices. Because some of the money utilities collect goes to maintaining the electric grid. The state's utilities also claim that solar customers don’t pay fair share of the costs.
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. This payback period is calculated using a simple payback formula, which divides the cost of power by the annual electricity output. It takes 1 year of electricity savings before the cost of power at today’s prices equals. This is why it's so important to carefully calculate the costs for solar leasing in Nevada.
Federal Investment Tax Credit (FITC), a tax credit, is available to offset the cost for installing solar panels. 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 will help lower your cost for residential solar installations under 25 kW. Installing a solar panel system can result in rebates of up to $13,500