***2020 Update - as of 2019, NV Energy is no longer providing rebate incentives to it's customers that decide to go solar***
With a goal of using 100% renewable energy by 2030, Nevada is pushing companies and residents to go solar. To date, over 2,000 MW of solar energy have been installed across the state. In the first quarter of 2017 alone, Nevada added nearly 70 MW of power, which earned it a #4 ranking in solar capacity by state. Although Nevada's solar industry suffered when net metering was eliminated in 2015, the re-installation of net metering in 2017 brought new hope and confidence to the market. Today, a generous package of net metering credits, a federal tax credit, and additional state incentives means 2018 is poised to be a record year of energy savings and industry growth. As any Las Vegas solar company can attest, now is a better time than ever to go solar.
The minute customers install solar panels Las Vegas, they'll see significant savings. Converting to solar from conventional electricity saves about $36.44 per month. Over the course of a year, that amounts to over $400. But the cost savings customers see just from getting their systems up and running is only the start. Many people are drawn to solar panels Las Vegas by enticing state and federal incentives. A federal tax credit, called the ITC, rewards solar customers with a 30% rebate on the cost of their system's installation and equipment. For a 5kW system, which is the average size of a rooftop residential installation, customers save about $5,030 on the cost of the installation through the federal rebate. Additional incentives at the state level, which customers may be eligible for, further reduce installation costs.
Nevada Solar Rebates
One popular state rebate program applies to customers of Nevada Power Company and the Sierra Pacific Power Company. Both residential and commercial customers of these utility providers are eligible for the incentive. Under the program, systems sized 25kW or less receive an up-front incentive that pays anywhere from $0.245/W - $0.49/W (AC). Systems above 25kW get a performance-based payment ranging from $0.026 - $0.052 per kWh. Commercial, agricultural, and industrial solar system owners can get up to a 100% property tax deduction for installing solar. The property tax exemption starts the first year that the solar system is installed, and it continues every year that the system is active. Net metering, which was revived through law in 2017, allows customers to receive a credit for up to 95% of their solar energy system's generating capacity. The incentive also allows credits to roll over, so any credits that are not used in one month can be used the next month. Any remaining credits that the customer has left at the end of the year are paid out by the utility provider.
Along with the state and federal rebates and incentives to take advantage of, a Las Vegas solar company may also offer a zero-down payment plan as an additional incentive to install solar. With all incentives in place, customers can pay off their systems in 10 years or less and start earning money!