Clarifying the misconception of no-cost Nevada rooftop solar programs is imperative to your process when you are in search of the best solar solutions for your Reno home. Everyone wants to save as much as possible and free is even better. Advertisements about free products are often misleading though.
Clark County No Cost Solar Program: Clark PUD solar financing
Many want to know what all the hype over Clark County’s no cost solar program is about. What most don’t realize is that this Clark County is actually in Washington, not Nevada.
This program is a loan program offered by Washington’s Clark Public Utilities at 3.5% interest. It isn’t a freebie for the people of Washington.
Nevada Solar Power Incentives
Although you can’t go solar for free there are incentives that make solar affordable. Solar is also an investment that will make money which is even better than free.
Current Federal Incentives
The main federal incentive for solar arrays is the 30% tax credit. It is known as the Residential Renewable Energy Tax Credit, or ITC for businesses.
Businesses have the option of taking advantage of the PTC instead of the ITC. Businesses are also able to take advantage of deductions, depreciation, and exemptions.
Nevada State Incentives
The state gives out Portfolio Energy Credits to every solar array installation. You can sell these credits to your local utility company. Utilities need these credit to hit Nevada’s Energy Portfolio Standard, so they have incentives to ensure they’re on pace to hit these marks.
The State also has some incentives that are specific to commercial installations. They can take advantage of both property and sales tax incentives.
Getting the Most Out of Your Solar Purchase
There are a couple of ways you can get your photovoltaic system financing. Which financing option you choose will influence your return on investment.
Cash is the best way to pay if you can. The main reason is that you save money on the interest you would have otherwise owed.
Most solar companies will also give you a discount for paying in cash.
Reno NV Solar Loans
Getting a low-interest loan with a short payback period is the next best option. Go Solar Group has a 2.99% loan with a 10 – 15-year term.
You will want to make sure that the numbers for your loan make sense. If you pay less per month, but your interest rate and loan term are higher, you will actually be paying more.
Nevada Power Purchase Agreements (PPAs)
A Power Purchase Agreement, also known as a PPA, may sound good at first, but it actually costs you more. A PPA is a solar panels lease. Instead of owning the panels, you are paying to use the solar company’s panels.
You lower your monthly bill by paying less per watt for your power. If you only want to decrease your monthly bill, this may be a good option for you. However, if you want long-term savings, a PPA won’t be as viable of an option.
You actually end up paying more for your energy over 25 years on a PPA than you would with a 15-year loan. You will also not receive any of the state or federal incentives. Instead, all of these incentives go to the solar company that owns your panels.
Getting Solar for Your Reno Home with Go Solar Group
Go Solar Group does not lease solar panels to businesses or households in Reno. We only sell solar arrays. If you would like to get a customized quote for your business or home, you can fill out our quick survey.
Within a couple of days, one of our associates will call to set up a free no-obligation appointment. You will receive an in-person, no-pressure analysis of your solar savings from one of our expert solar consultants.