Solar has become the main renewable energy for residential installs across the world, and in Reno Nevada as well. Although solar is spreading among all, the wealthy seem to have a particular interest in it.
The Purpose Behind Wealthy Reno Solar Purchases
Historically the wealthy were the only ones that could afford luxury items. Today with the use of credit many middle-class citizens also enjoy these items. The difference now comes in the purpose behind their purchase.
By in large, wealthy individuals make purchases based on what it can do for them. Being smart about your money is the first step to thinking like a millionaire.
Solar’s Impact on Reno Retirement Fixed Expenses
Although everyone wants to retire the wealthy are far better at saving for it. The wealthy invest their money in areas that will build their wealth and decrease their debt. They realize that if you want to spend like there’s no tomorrow you need to have the funds for it.
This is where solar comes into play. Solar panels allow people to prepay for their electricity for the next 25 years. Not having as many fixed expenses in retirement allows one to spend and give more.
But the best part is that it is at a reduced rate and so financially it makes sense too. Those who purchase solar either upfront or through a loan saves thousands of dollars.
Solar Power Rocks estimates that those that buy solar in Nevada save $19,000 in electricity bills. And that individuals that get a solar loan will save about $12,000. Those that get leased panels also save money, but it isn’t nearly as much.
Solar Panels Increase Nevada’s Long-term Public Health
One of the most publicized benefits of solar is environmental. As a renewable energy source solar is an eco-friendly power choice.
What is less known is that the wealthy are more likely to make purchases that will secure or increase their health. This is why they put more money into health insurance and organic foods. And it is also a factor that goes into their solar purchase.
Powerful Reno Leaders Are In Support of Solar
Although in the past the PUCN pushed solar out of the state Nevada has learned its lesson. Solar has won the support of the governor, higher education, and legislation.
The endorsement for solar is not done on a whim. Powerful people have weighed the pros and cons of this renewable energy. After doing so they have found it worth their stamp of approval.
If powerful leaders have found that solar is worth investing in there is a reason for it. Following suit wouldn’t be a bad move.
Governor Sandoval’s Support of Nevada Solar
Governor Sandoval has been fighting to help revive solar ever since it’s abrupt end in 2015. Finally, In 2017 the Assembly Bill 405 came to his desk. Knowing the security it would give solar customers he approved it.
But he hasn’t stopped there he has also supported five other energy bills. These bills amend the mistakes made by the PUCN and compromise with NV Energy.
UNLV Solar Energy Initiative
Another Nevada solar supporter is The University of Nevada, Las Vegas. UNLV has recently built the solar solutions center. This is a big part of their solar energy initiative
This center is for the improvement and implementation of solar in Nevada. The expectation is that it will be a national center of excellence.
New Solar Legislation Provides Protection For Solar Customers
Many good things have come out of the legislation that has recently passed. These new benefits make solar a solid energy option for many.
SB 405 has reinstated net metering and with it has set protections for solar customers. They now have the same rate for their excess power over a 20 year period. Nevadans are now also protected from scamming solar companies.
The SB 405 provides new agreement and disclosure requirements for different financing options.
Among other things, the SB 65 protects Nevadans from a repeat in history. The PUCN is now required to make energy options that reduce cost a priority in their decisions.
The Rationale Behind Solar For Nevada’s Cognitive Elite
For those that enjoy weighing the pros and cons of your options solar has many pros in your favor. Solar helps the environment while saving consumers money. And on top of that Nevadans are also in one of the best areas for solar.
Solar Helps Nevada Home Improvements Save Even More
Improving your home will increase its value, but it can also decrease your power bill. Smart thermostats and updating lights and appliances can help you conserve energy.
When you make energy improvements to your home you use less electricity. If you also have solar the energy that you do use comes from the sun instead of fossil fuels.
Using the sun as your main power source is not only the healthy choice, but it has proven to be the economic one as well.
Nevadans Save Money on Their Electricity With Rooftop Solar
It is undeniable that the price of solar has been decreasing. What once was astronomical is now affordable. On top of the affordable price with zero down financing, you don’t even feel the difference in your pocketbook.
Now we aren’t saying it will be a couple hundred dollars. Solar replaces your electricity for the next 25 years. Long lasting equipment isn’t cheap, but it is worth the investment.
If your utility company never hiked up their prices again, you would still save money with solar. Historically, however, utilities have increased their rates. To expect this trend to stop goes against logic.
Taking Your Slice of Nevada Solar Incentives Before They Run Out: Federal and State
Those that have done their homework know that solar is a viable option right now. With the incentives that are currently in place, you are able to save thousands of dollars.
Federal Solar Incentive for Nevadans
Part of the reason why people can afford solar today is the federal solar tax credit. This credit will cover up to 30 percent of your solar array. This is a significant chunk of the cost of solar.
If you purchased a system that was $20,000 this tax credit would cover about $6,000 of that price. That is quite the chunk of money. However, because it comes to you in the form of a tax credit not everyone can qualify for it.
Those who don’t owe any taxes can’t benefit from this government incentive. If you do owe taxes you can apply for this credit. If you owe less than the credit it will roll over as long as the credit is still in effect.
Legislation passed in 2015 extended this credit to 2022
2018-2019: The credit will remain at 30 percent
2020: The solar tax credit will change to 26 percent
2021: The solar tax credit will be reduced to 22 percent
2022: Residential systems no longer get any tax credit. Commercial installs, however, will continue to get 10 percent.
Nevada Solar Energy Incentives
Nevada also a few other incentives in place that make going solar easier on the wallet. These incentives, however, are mostly geared toward commercial installations.
Residential installations can qualify for performance payments. These come in the form of tax credits. Or you can sign up for the NV Energy rebate program which will cover about 7 percent of your system cost.
The reinstatement of net metering pays customers for their excess energy. This is in the form of a credit on your monthly electric bill. These credits offset the cost of electricity taken off the grid when the sun isn’t out.
Nevada’s Solar Power Landscape
Nevada has an average of 6-7.5 hours of peak sunlight. These are hours during the day that your panels will produce the most amount of electricity. Having more peak sun hours is critical to a high functioning solar array.
Although Nevada is quite warm heat isn’t the main factor here. A cool long day is actually far better for panels then a short hot one.
The reason why Nevada has more peak hours is that it is closer to the equator meaning the sun is in the sky for longer. Peak sun hours are hours that the sun is highest in the sky.
Reno Solar Panels and Backup: Become a Beacon of Hope When Disaster Strikes
Those that have solar backup have a unique opportunity. Our reliance on electricity makes backup power in an emergency quit valuable. Having this unique tool in a crisis can help others and yourself.
Mitigate Reno Blackouts With Solar Backup
Power outages occur when electricity gets prevented from reaching your home. A typical outage will last about an hour, but some can last several hours. One hour may not be that big of a deal, but several hours could mean spoiled food in your fridge and freezer.
With backup energy, you are able to continue your daily routine without any worries. Within a couple of minutes you can to connect to your choice of backup and continue on as if nothing happened.
Prepare for The Worst, Hope for the Best
If a natural disaster occurs the grid may not be available for a long time. Having a solar array with a backup system, however, will allow you to be a safe house for your friends and family. Your home would be a beacon of hope to those in distress.
If we ever did have the misfortune of losing power long term there are other ways to continue. But life without electricity would be far more difficult. Being prepared for the worst will allow you to live without fear of the future.