Reno solar power is bigger and better than you might think. Although once almost completely shut off to the solar industry, the future for Reno, Nevada is looking brighter in terms of solar power.
When it comes to going solar, there are a couple of things in your favor that make Nevada a good place to have solar installed. There are several variables that go into this, but they can be organized into two categories: state policy and incentives.
According to Solar Power Rocks, a site that rates solar policy for each state, Nevada was rated with a B. This mostly has to do with Nevada’s Renewable Energy policies, but there are also a couple of incentives in place that help make solar an affordable option.
The Solar Energy Industries Association ranked Nevada 4th in the Nation for its cumulative solar capacity in 2017. This growth in the solar industry is largely due to state involvement.
Nevada Policy Renewable Portfolio Standard: How it Affects Reno
Nevada has the 14th best Renewable Portfolio Standard (RPS) in the nation, in large part due to Reno efforts. Nevada has mandated that their utilities either generate or buy 25 percent of their energy through renewable sources by 2025. This means more incentives for their solar customers.
At 1.5 percent, by 2025, Nevada has the 11th best Solar Carve-Out. Carve outs require utilities to generate part of their power from the sun. This equates to better incentives to solar customers.
Nevada is tied for the 19th highest electricity prices at $0.12 per kilowatt hour. Lower prices for fossil-fueled power makes solar in Reno, Nevada less economical. These resources are running out though, so investing will still save you from inflation in these prices over time.
Net Metering program
Nevada’s net metering program recently changed in 2017. Nevada’s new net metering program allows solar customers to get 95 percent of the retail rate for their excess energy for the next 20 years.
This rate will drop by 7 percent for every 80 MW of new solar installed until it reaches 75 percent. This averages to a 7 percent drop year over year.
Nevada has a pretty good interconnection policy. This is because there are no large costs or extended wait times associated with becoming connected to the grid.
Reno, Nevada Incentives
Nevada has pretty good solar rebates in place. NV energy has a solar rebate program that pays $.245 per watt of residential solar installed. This is estimated to be about 7 percent of your total system cost.
If you sign up for NV Energy’s renewable rebate program, you won’t be eligible for the Portfolio Energy Credit payments. These rebates are cash, whereas the credits are not, so this may be a determinant in your decision to discover which program you want to use.
Solar Income tax credits
Because Nevada doesn’t have state income taxes, getting state tax credits for solar doesn’t happen. There are, however, Federal Tax credits available that will cover 30 percent of your system. This is a 1-to-1 dollar amount taken off your taxes that would normally be owed.
Solar performance payments
Nevada has the 11th best performance payments in the nation. Considering that most of the United States either don’t have performance payments or have limited programs, this is estimable. It’s projected that with a 5 kilowatt system, you will earn about $187 each year until 2025. If you choose to opt-in to this program, you will not be eligible for NV Energy’s Renewable rebate program.
Property tax exemptions
Nevada grants property tax exemptions to commercial and industrial solar installations. Solar farms have a 100% property tax exemption. Homeowners have to take into account how much extra they will have to pay in property taxes when they go to get their solar array installed.
Sale tax incentives
Nevada also grants sales tax incentives to solar installations that are over 10MW. This allows for large projects to be completed at just a fraction of the cost.
Reno Solar Panels: Residential Tidbits
When it comes down to it, getting residential solar is a great energy option for homeowners. Getting a residential set of solar panels installed not only saves you from rate inflation, but also saves you money.
People who opt-in to getting solar for their home see a pretty good return on investment. This home improvement also increases the value of your home.
With 73 Installers/developers in Nevada that have completed the National Solar Database Survey, there are plenty of options to choose from. This makes solar a buyers market, which is, of course, extremely good for the buyer.
Solar Commercial Projects in Reno
Most solar installations completed in Reno, Nevada up to this point have been utility-based. This is largely due to the incentives that are available to these larger projects.
The Solar Energy Industries Association lists several large-scale projects that have been completed in the past. These include: Copper Mountain 3, several large retailers and the Crescent Dunes Solar Energy Project.
Solar Helps Protect Your Future
Getting solar has always been one of the best ways to clean the air of further pollution, but now it solves other issues as well. With solar, you are able to feel good about you and your posterity’s health while saving money and helping the environment.
Whether you are looking to decrease your carbon footprint or just save some cash for a rainy day, solar will help you out. Getting it now rather than later will help you even more because of how the state incentives are set up, and it will compound the savings you can earn from residential solar over the span of your lifetime.
Current incentives that are in place will be gone within the next 20 years or less, and most are decreasing every year. Protect your future and get the most out of your investment by getting several residential Reno solar quotes.
Once you have looked at your top options, it is time to make a decision. Making the decision to get solar now will ensure that these solar incentives are still available for you.