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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 – Nevada residents are eligible for the new Residential Clean Energy Credit which gives you a 30% federal tax credit on your solar system. There is no cap on how high the credit can be so many residents are adding solar batteries to their installations. Additionally, if your federal tax liability is lower than the credit you receive, the credit will carry over to subsequent tax years to ensure you receive the maximum benefit.
State – Residents of Nevada already enjoy the benefit of paying no state income tax — so there are no benefits needed at this level.
Local/Utility – Solar access & easement laws make it very easy for residents to install & use solar energy.
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.
If you are building a solar farm, Nevada offers property tax exemptions.
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.
