What Should I Know About Nevada Residential Solar?
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Nevada solar power has been on the rise for nearly a decade, 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 eight facts for Nevada homeowners searching for the right solar company should know.
8. For Every 80 MW’s of Solar Installed, NV Energy Reduces Net Metering Credits by 7 Percent
Although energy credits make solar a viable option, Nevada has allowed NV Energy to reduce its metering credits. Every 80 MW’s of solar will decrease utility incentives by seven percent until it reaches 75 percent.
The good news is that solar metering rates entered into will stay the same for the next 20 years. This means that the sooner a homeowner in the city of Reno (where Go Solar Group installs) goes solar, the better.
7. Nevada’s On Pace to Meet its 2030 Renewable Portfolio Standard
More and more Nevada residents are adopting solar panels. Residential solar is helping to keep the state on track to meet its Renewable Portfolio Standard, which is calling for 50 percent of Nevada’s energy to be produced via renewable energy sources by 2030.
6. Nevada’s National Rank in Installed Solar Capacity
SEIA reported that in the 4th quarter of 2020, Nevada had enough installed solar capacity to power 667,506 homes. 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 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 because of a higher frequency of leased solar panels.
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, 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, particularly in 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.
Federal Tax Credits Are Still Applicable
The federal incentive accounts for 27 percent of an array. Although this incentive is decreasing, the Federal Investment Tax Credit (ITC) will remain applicable until it phases out in 2024.
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 power from the dam than Nevada. Roughly 90 percent of Nevada’s energy comes from out of state.
The main source of Nevada-generated energy attributes to natural gas. Eight of the state’s ten main power plants use natural gas to produce the bulk of their total power. Nevada redistributes natural gas to neighboring states and other places, making it one of the focal points of natural gas in the United States.
Residences from Reno to Carson City in the Silver State who go solar can domesticate the energy production of Nevada. Residential solar takes the state one step closer to energy independence in the same way it gives homeowners energy independence from utility rate hikes.
2. The Expense of Nevada Electricity Bills
In 2020, Nevada Ranked 26th in the nation for high energy costs. 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 technology, including but not limited to binary cycle power modules, dry steam power stations, and binary cycle power stations. Geothermal energy resources have become big in Nevada over the past decade and show no signs of slowing.
These energy resources amount to roughly ten percent of the state’s net electricity generation and half of the total renewable electricity generated in the state.