Solar power generated by households in the U.S. has grown from sustaining around 633,000 homes in 2014 to an estimated 1.9 million homes in 2019. In an effort to encourage green energy, the U.S. government offers all kinds of solar panel incentives that vary from state to state.
In this blog, we’ll focus on available solar energy credits and incentives in The Silver State: Nevada.
- What are the solar incentives for Nevada in 2023?
- Does Nevada have a solar program?
- What is the new solar law in Nevada?
- Does NV Energy buy back solar power?
What are the Solar Incentives for Nevada in 2023?
The U.S. encourages homeowners to switch to green energy through different incentivized programs. Despite 20% of the energy in Nevada coming from solar sources, the state doesn’t offer many incentive programs. Because of this, there are no sales or property tax exemptions for residential solar installation. The two main state-based incentives in 2023 include the Federal Solar Tax Credit and net metering.
Federal Solar Tax Credit
To combat installation costs, homeowners can receive a credit for 30% on taxes filed in 2023. This financial incentive occurs in the following tax season, removes tax burden, and can save you thousands of dollars.
Net metering allows homeowners to receive credit when they feed excess energy generated through solar energy systems back into the grid. Doing so offsets the electricity costs consumed during periods of low energy consumption, benefitting you as the homeowner.
Does Nevada Have a Solar Program?
The Nevada Energy Storage Incentives Program motivates homeowners to install solar panels paired with a solar battery. Solar batteries allow you to store excess energy from your solar panels that can be saved for future use.
This incentive program allows you to sell excess energy stored in solar batteries to your utility company during peak hours. Time-of-use (TOU) customers will receive 19 cents per watt-hour with a $3,000 payment cap. Non-TOU customers receive 0.95 cents per watt-hour with a $1,500 payment cap.
What is the New Solar Law in Nevada?
Nevada’s upcoming solar law passed this year by the legislature, Senate Bill 293, will take effect in 2024.
The law has three key parts:
- In-House Sales. The law requires solar installation companies and contractors to use their employees for sales rather than hiring freelancers. The law was put in place to put higher liability on solar energy industries to minimize improper sale tactics from occurring.
- Cancellations. It will also allow a customer who is in the process of installing solar to cancel their agreement within three business days or cancel if the solar company has committed any state law violations.
- Identity Security. With this law, solar companies will need to confirm their customer’s identity and keep a recorded conversation covering the introductory provisions of the solar contractor before installation.
Overall, the law was implemented to increase the integrity of solar companies and contractors while giving homeowners more protection and security during the installation process.
Does NV Energy Buy Back Solar Power?
Nevada’s Assembly Bill 405, established in 2017, states the rights of citizens who use renewable energy sources. There are seven laid out rights in the bill, which you can look at more in-depth on the State of Nevada Public Utilities Commission website. Essentially, AB 405 gives residential customers of Nevada greater independence from the electrical grid by producing solar energy in their homes.
Go With the Pros At OWE for Expert Solar Panel Installation
At Our World Energy, we want to ensure that your solar power system is installed by the best so you can be sure you’re receiving the optimal amount of energy returns.
Contact us today to learn more about solar installation and how to start your journey toward energy independence.