If you've heard anything about solar energy incentives, you are probably aware of a 30% federal tax credit called the ITC. But although the ITC is a shining star in the solar energy industry, there are actually many more incentives, including some at the state level, that customers may be able to take advantage of. Some of these incentives, such as net metering, rebates, and property tax deductions, can significantly reduce the system's cost. Solar installers Las Vegas can tell you all about the 2018 Nevada incentives and which ones you qualify for. Combined with the federal tax credit, Nevada's rebates make it much easier to go solar.
Net metering, which is a contract between a solar customer and the utility provider, is one of the most popular and rewarding solar incentives for Nevada residents. When you install a solar energy system, a solar dealer Las Vegas will explain the net metering incentives that you may be eligible for, which varies depending on your utility provider. Although the net metering incentives provided by utilities differ, the incentive works the same way for all participants. All net metering programs offer credits to customers for electricity that their solar systems generate. NV Energy and Valley Electric Association are two big utility companies that provide credits for net metering. The credits don't expire, and they can be used to offset the cost of any non-solar power used in the future.
Nevada Energy Renewable Generations Rebate Program
This program is offered through NV Energy. While a number of incentives are designed to lower the cost for commercial and large-scale solar systems, this one is geared towards residential homeowners and small business owners. Through this program, customers of NV Energy can get an upfront rebate of $0.245 per watt when they switch to solar. For the average size system in Nevada (8kW), this amounts to a total incentive of $1,960 for a residential system. Combined with the 30% tax credit, this rebate leads to a fast payback period and tremendous savings!
Property Tax Reductions
Property tax reductions are available for commercial and industrial solar customers. This incentive is administered through the Office of Energy. It reduces property taxes by 55% for qualifying entities for a period of 20 years. Customers and their solar systems must meet certain criteria to be eligible for the incentive. The solar customer must plan to remain in operation for at least 10 years, and the solar system must be at least 10 MW in size. The program provides a property tax credit for other types of renewable energy too, including wind, biomass, geothermal, and hydroelectricity. The program was revised in 2009 to give renewable energy customers a more substantial property tax reduction and to extend the incentive's lifespan.
Any solar dealer Las Vegas will tell you that incentives for 2018 are stronger than ever before. But they also caution that incentives won't stick around forever, which means that if you've been thinking about going solar but have not yet made the switch, now's the time to change!