Nevada Solar Policies
Nevada is one of the states with an almost-perfect climate for solar energy. The sunny weather and regulations that encourage investment and usage of solar systems have made Nevada the 6th highest-ranking state with solar power production. With 84 solar companies in the state and over 50,000 installations, there must be policies in place to govern the use of solar systems in Nevada. Are you thinking of setting up a utility-scale solar project in Nevada? Or are you considering your options for a residential or commercial installation? Here is everything you need to know about policies when it comes to your home solar requirements in the state of Nevada.
In Nevada, the net metering policy allows you to get credits at retail rates from the utility company for any solar power you generate without consuming. Any kilowatt-hour (kWh) of solar-generated electricity that gets sent back to your local grid is worth 75% at retail rates, which is about 7 cents per kWh. Nevada also has a specific energy program with a four-tier net metering system. With this system, residents and commercial users get a 20-year contract of retail credits for unused solar energy that gets exported back to the utility grid. At the end of the 20 years, individuals are eligible for any metering program available at the time.
Unlike some of the other top solar states, Nevada doesn’t have a specific rebate for individuals who install solar panels. However, manufacturers and solar companies, like LG, offer cost rebates to customers who purchase solar equipment. In Nevada, LG gives customers a $600 cost rebate, which the installer of the equipment can help them redeem within 12 months after purchase. Nevada Energy also offers incentive rates for home battery storage. Customers on a time-of-use (TOU) based enrolment get $0.19 per watt-hour of energy stored or 20% of the total cost of battery installation, and non-TOU based customers get $0.095 or 10% of the total cost of battery installation.
Federal Solar Investment Tax Credit
The federal solar investment tax credit (FITC) gives a 26% off the cost of your solar panel system, including the cost of installation, while filing for the federal tax credit in 2020. By 2021 though, the tax credit will fall to 22%, and it will still apply to residential and commercial owners of solar systems in Nevada.
While the state has had regulations for over a decade, which guide the use of solar systems, there have been some neighborhoods and resident associations that prohibit the installation of solar panels. However, the government of Nevada has put solar access laws in place to prohibit restrictions and make it possible for more individuals to install solar panels. These solar access laws protect individuals from real estate policies and communities that hinder solar installation. Nevada has enough solar installations to power over 600,000 homes, which makes it a prime location for solar companies and investors. The state regulations mobilize residents and business owners, so nothing is standing between them and renewable energy.