NV Energy’s Renewable Generations Rebate Program
If you are a homeowner in NV Energy’s service territory, you are eligible for a rebate from the utility when you install a solar panel system on your property. Right now, NV Energy will pay $0.15/watt up front to its ratepayers when they go solar. Don’t wait, because the payments are expected to decrease after participation in the program reaches its milestones.
Renewable Portfolio Standards
Nevada has very strong RPS (Renewable Portfolio Standards), which require utilities to increase production of energy from renewable energy sources (wind, solar, biomass, and geothermal) by a certain date. Utilities can generate the energy themselves or purchase it from customers. Rather than paying a fee for missing the deadline, utilities in strong RPS states offer solar incentives to homeowners. Nevada’s standards mandate that 25% of all energy must come from renewable sources by 2025.
Solar Energy Carve-Out
A solar carve-out is the percentage of energy that must come from solar in particular by a certain date. Nevada’s solar carve-out is 1.5% by 2025.
Participants in the Renewable Generations Rebate Program must also take part in Nevada Energy’s net metering program, which pays homeowners for the electricity their solar panel systems produce. Basically any excess energy, meaning electricity produced beyond what you’re using each month in your home, is credited to your account. That credit is carried forward indefinitely. I bet you never thought your energy company would be paying you!
Nevada has strong statewide interconnection standards. Interconnection standards are requirements for connecting solar and other electricity-generating systems to the grid. Strong and consistent rules make the process faster and less expensive. The rules benefit both the homeowners and the utilities.
State Electric Rates
Nevada’s electricity prices rank it 12th highest in the country; 38 other states are cheaper. The more expensive power is in a state, the more cost-effective a home solar energy system becomes. Nevada’s high electric rates make investing in solar power more attractive.
Performance-Based Incentives (PBIs)
Nevada has what they call Solar Power Performance Payments, also known as performance-based incentives. The program provides small cash payments based on the number of kilowatt-hours (kWh) or BTUs actually generated by a renewable energy system. Electricity produced is credited as Solar Renewable Energy Credits (SRECs). The value of an SREC fluctuates by region and supply and demand but are a good way to help your solar panel system pay for itself.
Property Tax Exemptions
Homeowners in Nevada are eligible for a property tax exemption equal to 100% of the value of their solar panel systems. There is no maximum and homeowners can take advantage of the exemption for all fiscal years following the installation of the system. Talk about a solar perk!
Solar Access Rights
Nevada has solar access laws that protect your right to install and generate electricity with solar. In Nevada, no contract or other legal document (like homeowners association bylaws) can prohibit homeowners from installing a solar energy system. You are also granted the right to enter into a solar easement with your neighbors to ensure that your panels continue to get sunlight no matter what additions are built or trees planted.
Federal Tax Credit
In addition to the above rebates and incentives, solar panel owners get to enjoy a Federal Investment Tax Credit. This credit allows those who own – not lease – their solar system to deduct 26% of the system’s total cost from their Federal taxes. The Federal Investment Tax Credit is slated to decrease as the years go on, so make the switch soon to enjoy the full 26%.