Lowering Reno NV Living Costs via Solar
Reno, Nevada, has a cost of living index score of 116.2, which is well above the national average cost of index living score of 100. Reno’s higher-than-average cost of living index score stems primarily from expensive average home prices and transportation costs.
Two factors play a role in these expenses: 1) The seven-hour drive between Reno and Las Vegas and 2) the mountain range between Reno and the nearby state of California. Although a concomitant, ternary factor in the equation, the fact that many Californians have moved to Reno has increased the average home price at a rate that far outpaces the area’s wages.
The Average Income in Reno
In 2017, the average American household made $61,937. However, Reno’s average household income was $52,106. The low Reno average income combined with 13 percent higher transportation costs and seven percent higher housing costs adds up quickly.
Some try to save by spending less on food and recreational activities. However, it’s a little harder to cut back on housing and transportation expenses since these are more economically inelastic commodities and processes. For those living in Reno, finding creative ways to save money helps. One way to save money is by conserving electricity.
The Expense of Electricity
Although per watt electricity is relatively cheap in Nevada, it takes many watts per hour to run the average home, especially in a warmer environment like Reno, which is among the nation’s sunniest cities, increasing the demand for air conditioning.
Electricity Usage for the Average Reno Home
The average monthly Reno Nevada electricity bill costs $141.84. At 11.05 cents per watt, which is the average price per watt in Reno. A typical home’s usage comes out to roughly 1,283 watts per month.
Electricity costs could decrease significantly in Reno with several renewable energy adjustments. Residential solar power has the most potential to offset those electricity costs when compared to other forms of renewable energy.
Insulation’s Role in Energy Efficiency
We all know how well refrigerating the outdoors works. However, many of us do it without realizing it.
Air can escape even from closed doors if not sealed. Obtaining a free, no-obligation energy audit for your Reno home will help determine what needs the most attention.
Replacing light bulbs can also decrease electricity bills. While more expensive per bulb, LEDs save much more than they cost in energy usage.
A more expensive energy-saving device, though well worth it, is the smart thermostat. This smart, Internet of Things (IoT), gadget allows individuals to control their thermostats from their cell phones with automated energy-saving settings.
When combined, these items help increase energy efficiency. However, none of them compares to the savings that come from installing solar panels on a Nevada home.
Solar: Nevada’s Best Money Saver
Installing solar increases energy efficiency and almost entirely changes the primary energy source. It transitions energy that the home uses away from fossil fuels toward renewable power that’s as reliable as the sun rising every morning.
In conjunction with the Federal Solar Investment Tax Credit (ITC), residential solar modules lock in a fixed, low monthly payment. If purchased through a loan, these payments will only last 12 to 15 years, leaving 10-plus years of free solar power.
Solar also optimizes the aforementioned energy-saving technologies. These savings don’t have to stop with powering the lights and fridge; they can also power your car.
How Solar Reduces NV Transportation Costs
With transportation costs 13 percent higher than the national average, an electric vehicle (EV) powered by residential solar can offset high commuting costs, especially since electric cars are becoming more reasonably priced and Reno’s transportation infrastructure is adapting to the increased demand for these vehicles.
These savings increase when the electricity used to charge these cars comes from the sun. In conclusion, having a solar array on your Nevada home doesn’t just decrease your cost of living; it makes a positive difference to your community.
Get a personalized estimate for how much you can save with solar on your Reno home on our Nevada solar savings calculator page.