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From the radiant skyline of Las Vegas to the serene landscapes of Lake Tahoe, Nevada is a state with diverse climates and a wealth of natural resources. Among these resources, solar energy is increasingly being recognized as an eco-friendly and cost-effective power alternative.
Is Investing in Solar Panels Worth It for Nevada?
Yes, solar panels are definitely worth it for most homeowners in Nevada. With the state’s abundant sunshine, generous net metering policies, and various incentives, solar power offers significant financial benefits, including lower electricity bills and an increase in home resale value. Whether you’re aiming to reduce your carbon footprint or gain energy independence, the advantages of solar energy in Nevada far outweigh the initial investment.
How much do solar panels cost in Nevada?
The price of installing a solar system for your home in Nevada will vary a lot depending on your individual needs & savings objectives. In Nevada, you can expect to pay $2.50–$3.00 per watt, which is slightly below the national average. The national average fluctuates between $3.00–$5.00 per watt.
This price may seem high initially but given the immediate federal/state/utility incentives and long-term savings, the investment can pay off in a surprisingly short time. Once the system is paid off, your home will essentially become its own renewable energy plant.
Benefits of using Solar Energy in Nevada
The cost of going solar has dropped dramatically in recent years giving homeowners in Southwest states like Nevada an almost unfair advantage! Why? Because the sun is so abundant!
In fact, Nevada ranks #3 on the list of states with the highest amount of sunlight — behind only New Mexico & Arizona.
Besides the advantage of living in a sunny state, other benefits include lower energy bills, environmental sustainability, energy independence, financial incentives, increased property values, and support for your local economy. I’ll cover some of these benefits below.
Savings on Electric Bills
Solar panels can generate substantial savings on your monthly electricity bills. A well-designed solar system can cover your entire electricity usage, effectively reducing your bill to the minimum service charge imposed by your utility company.
Lower Taxes & Other Incentives
Nevada residents can receive incentives for going solar at every level from federal to state and local utility.
Federal – The Residential Clean Energy Credit offers a 30% federal tax credit on the entire cost of your solar system, including equipment and installation. There’s no cap on the credit amount, and if your tax liability is lower than the credit, it can be rolled over to subsequent tax years, maximizing your savings.
State – While Nevada doesn’t impose a state income tax, the state provides strong support for solar installations through its favorable laws and policies. One notable benefit is the property tax exemption available for large-scale solar farms, reducing operational costs and making Nevada an attractive state for solar development.
Local/Utility – At the local level, NV Energy and Valley Electric Association offer a 75% retail rate credit for excess solar energy you generate and send back to the grid. Additionally, NV Energy has incentives for homeowners on time-of-use rate plans who install battery storage systems, helping you store energy for use during peak hours and further enhancing your savings.
To further boost your solar investment, Nevada has Solar Renewable Energy Certificates (SRECs), known locally as Portfolio Energy Credits (PECs). These credits are earned based on the renewable energy your system generates and can be sold to utilities, providing an additional stream of income.
Lastly, if you’re planning a solar installation, it’s important to note that you’ll need to obtain both electrical and building permits. These are required to ensure your system meets local safety standards. While this might sound complex, most installers will handle the paperwork, so you can focus on enjoying the benefits of your new solar system.
The Resale value of your home increases
Solar panel installation in Nevada can increase your home’s resale value. Buyers are more willing to pay a premium for a home equipped with a solar system, recognizing the future energy cost savings. A study by the National Bureau of Economic Research found that homes with solar panels sell for an average of $15,000 more than homes without solar panels.
Clean energy leadership
Nevada residents are among the country’s leaders in contributing to reducing carbon emissions and promoting a healthier, more sustainable environment. In 2022, Nevada ranked sixth in the nation for total electricity generation from utility & small–scale solar resources combined. Solar energy provided 23% of Nevada’s total generation! Needless to say, all this solar means residents are supporting a healthy economy with a growing number of solar jobs.
Nevada solar energy net metering rates
Nevada’s net metering policy allows you to earn credits for excess solar power your panels produce, which gets sent back to the grid. These credits can then offset your future electricity bills, further increasing your solar savings. As mentioned above, NV Energy & Valley Electric Association customers receive a 75% retail rate credit for their excess production of solar energy. Additionally, NV Energy offers battery storage incentives for customers on time-of-use rate plans.
Calculate if solar panel installation is worth it for your property in Nevada
To determine if solar is a wise investment for your property, consider the cost of solar panels in Nevada, available incentives, your electricity usage, and the amount of sun your roof receives.
Google’s Project Sunroof is a cool tool that uses satellite imagery and data to analyze solar potential for individual homes.
How does it work?
Enter your address into the tool and Project Sunroof calculates your home’s solar energy potential, estimated savings, and environmental impact. Try it out below.
Conclusion
To recap, in a state with as much sunshine as Nevada, solar panels are definitely worth considering. When you add the balance of savings on electricity bills, tax credits, increase in home resale value, and contribution to a cleaner environment, the cost of investing in solar panels in Nevada can pay off substantially.
FAQ
What are the available incentives for using solar energy in Nevada?
Nevada offers a range of incentives for solar power, including the Federal Solar Tax Credit and a net metering program. Additionally, Nevada offers battery storage incentives for customers on time-of-use rate plans.
Does going solar save money in Nevada?
Yes, going solar in Nevada can significantly reduce or eliminate your electricity bills, saving money in the long term.
Does solar energy installation increase home value in Nevada?
Yes, homes with solar panels in Nevada typically have a higher resale value (adding a ~4% premium to your home).
What is the average cost to install solar panels in Nevada?
As of 2023, the average cost to install solar panels in Nevada is between $15,000 to $25,000 before incentives.
Are permits needed to install solar panels in Nevada?
Yes, like all states, Nevada requires permits to install solar panels for your home.
