Although Nevada was once shut off from the solar industry, the future is looking brighter. Reno solar power is bigger and better than you might think.
When it comes to going solar, there are a couple of things that make Nevada a good place to have solar installed. These variables can be organized into two categories: state policy and incentives.
Nevada State Policy’s Affect on Solar
Nevada has the 14th best Renewable Portfolio Standard (RPS) in the nation. This is largely due to Nevada mandating their utilities either generate or buy 25 percent of their energy through renewable sources by 2025. This means more incentives for utility solar customers.
Nevada’s Solar Carve-out
At 1.5 percent, by 2025, Nevada has the 11th best Solar Carve-Out in the nation. Carve-outs require utilities to generate part of their power from specific energy sources. The solar carve-out equates to better incentives for solar customers.
Nevada Electric Prices
Nevada is tied for the 19th highest electricity prices at $0.12 per kilowatt hour. Lower prices for fossil-fueled power makes solar in Reno, Nevada less economical.
These resources, however, are running out. Investing in solar will still save you from price inflation over the next 25 to 40 years.
Net Metering Program and Interconnection Policy in Nevada
NV Energy’s net metering program pays solar customers 95 percent of the retail rate. This rate will drop by 7 percent for every 80 MW of new solar installed until it reaches 75 percent.
The rate you get solar at will stay the same for the next 20 years. Meaning that the sooner you take advantage of solar the better your metering agreement will be.
Reno, Nevada Incentives for Solar
NV Energy Solar Rebates or PECs Take Your Pick
Nevada has pretty good solar rebates in place. NV Energy has a solar rebate program that pays $0.20 per watt of solar installed for systems under 25 kilowatts. This is about 7 percent of your total system cost.
If you sign up for NV Energy’s rebate program, you won’t be eligible for the Portfolio Energy Credit (PEC) payments. If you cash out your PECs instead of trading them you get two cents per generated watt each year until 2025.
The reason why you can’t get both incentives is that NV Energy’s rebates are in exchanged for your PECs. Which they use to fill their solar carve-out quota.
No Solar Income Tax Credits But That’s Ok
Because Nevada doesn’t have a state income tax, getting state tax credits for solar isn’t possible. There are, however, Federal Tax credits available that cover 30 percent of your system.
This is a 1-to-1 dollar amount taken off your taxes that you would have owed. If you are in a situation where you don’t owe federal taxes then you can’t take advantage of this credit.
Property Tax Exemptions for Commercial and Industrial Installs
Nevada grants property tax exemptions to commercial and industrial solar installations. Solar farms have a 100% property tax exemption. Homeowners, however, have to pay property taxes for the added value that solar adds to your home.
Sale Tax Incentives for Large Solar Installs
Nevada also grants sales tax incentives to solar installations that are over 10MW. This allows for large projects to be completed at a fraction of the cost.
Solar Helps Protect Your Future
Getting solar has always been one of the best ways to clean the air of further pollution, but now it saves money too. Getting solar now rather than later will help you even more because of how the state incentives are set up.
Current incentives that are in place will be gone soon, and most are decreasing every year. Protect your future and get the most out of your investment by getting several residential Reno solar quotes.
Once you have looked at your top options, it is time to make a decision. Making the decision to get solar now will ensure that you can take advantage of these incentives.
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