A Guide to Nevada Energy Rebates
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Those looking for a quick and accurate guide to Nevada energy rebates have come to the right place. Although Go Solar Group supports all forms of renewable energy production and consumption, we especially encourage combining solar with energy-efficient resources, like NV Energy’s smart thermostat incentives.
NV Energy’s Renewable Rebates
Over the years, a bundle of renewable energy technologies emerged. Of these technologies, thermal, photovoltaic, and solar-energy storage currently have utility incentives for residential customers.
Solar Thermal System Program
Photovoltaic Utility Rebates for Low-Income Residents
Since 2013, NV Energy has provided a solar program for low-income residents. Only businesses that serve low-income residents or individuals who qualify for low-income housing tax credits qualify for this program.
Those who qualify for this incentive need to find a solar installer before applying for the incentive. For the 2020- 2021 award year, NV Energy and the Governor’s Office of Energy (GOE) allotted $300,000 for low-income housing for Southern Nevada and $300,000 for Northern Nevada. This incentive offers low-income residents up to $2.20 per watt.
NV Energy’s storage incentive makes energy storage more affordable by paying customers for adding solar energy storage. Both residential and commercial solar customers installing solar energy storage, such as battery backup, can benefit from this program. Those who qualify will receive the lesser of half their solar array costs or $3,000 for time-of-use customers and $1,500 for non-time-of-use customers.
Nevada’s Renewable Portfolio Standard (RPS)
Go Solar Group wants clean air for Nevadans, and so does the state. Each state has different renewable energy programs, making a significant difference in the affordability of renewable energy. Thankfully, Nevada homeowners enjoy one of America’s best state-based renewable portfolio standards, which mandates 50 percent of the state’s energy production achieved come through various forms of renewable energy, solar for homeowners included.
Renewable Energy Property Tax Exemption
Nevada offers a property tax exemption for solar-powered homes and other buildings powered by various forms of renewable energy. Through this exclusion, renewable energy systems allow commercial, industrial, and irrigation owners to dismiss associated property taxes. Furthermore, new or expanding businesses in Nevada can receive a property tax abatement.
Nevada’s Revolving and Direct Energy Assistance Loan Programs Program
The GOE has tried to make renewable energy more attractive with low-interest revolving loans. These loans can decrease the cost of large-scale renewable energy projects and make solar more attractive to prospective buyers. The GOE provides a low-interest loan for up to $6,000 for state employees. These loans, however, can only go toward state-approved energy auditor improvements to the homes.
Federal Renewable Energy Tax Credit
The Federal Government also offers a renewable energy tax credit. While this tax credit applies to solar-powered homeowners in states across the nation and not just Nevada, it is also the largest solar incentive most homeowners receive when installing solar arrays. This credit currently covers up to 26 percent of solar array costs.
Also known as the Investment Tax Credit (ITC), this incentive offers a dollar-for-dollar reduction in income taxes for those who have any form of taxable income. If 26 percent of the array exceeds what the solar owner owes in federal taxes in a year, the remainder carries over to the next year. This tax credit carryover will continue until the tax credit phases out.
In 2023, the tax credit will reduce to 22 percent and disappear for residential solar in 2024. These incentive decreases mean the sooner you go solar, the more you will save.
Renewables, Solar Included, Are the Future
Everyone wants happiness and health, and clean air provides the key to obtaining this for years to come. Join the wave of healthier living and become part of the change. To learn more about Nevada’s solar incentives and how much they can save, visit our Nevada Solar Incentives page today.