Nevada Solar Power: 8 Significant Facts for Homeowners
Nevada solar power has been on the rise for nearly a decade now and for good reason. Aside from being the laboratory of Elon Musk, one of the world’s most forward-thinking entrepreneurs and solar advocates, the state of Nevada has also made significant legislative and policy strides for solar benefactors in the residential and commercial solar markets. So, without further ado, here are 8 significant facts for Nevada homeowners in search of the right solar panel installation company.
8. For Every 80 MW’s of Solar Installed, Utilities are Reducing Net Metering Credits by 7 Percent
7. Nevada’s On Pace to Meet its 2020 Renewable Portfolio Standard
More and more Nevada residents are adopting solar panels, putting the state on track to meet its Renewable Portfolio Standard, which is calling for 25 percent of Nevada’s energy to be produced via renewable energy sources by 2020. Those who propounded this renewable portfolio standard want at least half of this 25 percent to come from residential solar installations, meaning that more state-based incentives are soon to come.
6. Nevada Ranks 5th in the Nation in Installed Solar Capacity
Solar Nation reports that there is enough installed solar capacity in the state of Nevada to power more than 120,000 homes. This means that if you haven’t gone solar with one of the local companies in Reno, Carson City, or Las Vegas, one of your neighbors likely has.
5. The Biggest Solar Companies in Nevada Don’t Offer the Best Residential Deals
Simple economics might tell you that bigger solar companies with more money would have surmised the financial resources to make their companies efficient enough to drive down the cost of solar installation, customer acquisition, and more.
However, companies like Solar City charge more for installation in their state because a higher frequency of leasing solar panels in the solar leasing vs. solar owning discussion, in which solar prospects must consider the best alternative for them.
Additionally, larger solar installers in the state of Nevada sometimes rely on power purchase agreements (PPAs), making the data pan out in favor of smaller solar companies’ price points. Smaller companies in the Reno, Nevada area rely on loans and cash payments for their customers. In a power purchase agreement, the developer who has created the lease is responsible for the performance and functionality of the system.
4. Nevada Solar Power Incentives Have Returned to Favoring Solar
Although net metering briefly went away in Nevada several years prior, the state has reclaimed its foothold on the future of solar through NV Energy’s policy changes. Below are just a few of the policy implementations that make the future of solar bright in Nevada, and particularly so in the city of Reno.
Nevada Solar Power Laws
The solar access laws specify that homeowners are protected against any form of legislation or policy that, beyond a reasonable doubt, restricts the adoption and installation of solar and wind-powered energy on property owned by the user of the renewable energy source.
NV Energy Rebate Program: They’ll Pay 15 Cents per Watt Up-front to its Rate Payers
This is a great incentive for Nevada homeowners. However, the reward of the incentive will decline at a proportional rate as more solar is installed Reno, so be sure to capitalize on this credit while you can.
Federal Tax Credits Are Still Applicable
The federal incentive accounts for 30 percent of an array. Although this incentive is decreasing the Federal Investment Tax Credit (ITC) is and will likely remain applicable for the foreseeable future.
Valley Electric Solar Incentives
If you live in Valley Electric’s service territory (which Go Solar Group does not cover, unfortunately), you are eligible to an additional incentive. You get credited for your electricity at the same rate that you pay the utility, making this service area extra viable for solar prospects.
3. Nearly 90 Percent of Nevada’s Energy Comes from Outside the State
Although a reasonable amount of power comes from Nevada’s Hoover Dam, California and Arizona get more of their power from the dam than Nevada, and roughly 90 percent of Nevada’s energy comes from out of state.
The main source of this energy created in Nevada itself can be attributed to natural gas, which 8 of the state’s 10 main power plants uses to produce the bulk of its total power. Nevada redistributes natural gas to neighboring states and other places, making it one of the focal points of natural gas in the West and the United States in general.
This means that residences from Reno to Carson City in the Silver State who go solar will be able to domesticate the energy production of Nevada, taking it one step closer to energy independence in the same way solar gives homeowners energy independence from utility rate hikes.
2. Nevada Energy Bills are More Expensive Than All the States in the Inter-mountain West
Ranking 32nd overall in the nation in 2018 for states listed by expense rate on electrical bills, Nevada clocks in at number 1 as the most expensive place to use electricity in the inter-mountain west, particularly in the densely populated areas of Nevada such as Las Vegas and Reno. This means that solar power has been and will continue to be more relevant in Nevada cities than ever before, particularly for homeowners and businesses who live in the cities of the Silver State.
1. Geothermal Resources Power Nearly Half of Nevada’s Renewable Electricity
Geothermal resources are leveraged through man-made technology, including but not limited to binary cycle power modules, dry steam power stations, and binary cycle power stations. Geothermal energy resources have been big in the state of Nevada the past decade, and show no signs of slowing, either.
These energy resources amount to roughly 10 percent of state’s net electricity generation, and half of the total renewable electricity generated in the state itself.