Nevada is known for its sunny weather. There’s no better place for going solar. Not to mention the benefits of pricing and savings if you decide to switch to solar in Las Vegas. It is the best option out there for homes and businesses. You will cut down on costs as well as make use of the weather.
Solar panel prices have fallen by more than 80% in the last 10 years. There’s also the Nevada tax credits in 2021 as well as the Net metering program, all of this makes the point for itself that having home solar is a good option.
The state has set a goal to get 50% of its energy from renewable sources. This may lead utility companies in Las Vegas to create new incentives to get people to switch to solar.
Electricity Bills: Can Going Solar Help You to Save?
The average electric bills for Nevada residents are around $135. The average solar panel cost is around $9.000 to $11.000. It would have an average payback period of 7.4- 9.1 years and would provide around $24.000 to $31.000 in savings during 25 years.
Decided to Switch to Solar? Net Metering Program is the Solution
Net metering allows you to get credit for generated solar energy that you can’t use by sending it back to the grid. Your utility company credits you near retail rates for the energy that you send. As of 2020, a kilowatt-hour of solar electricity that you send back is credit at 75% of the retail rate.
Federal Solar Tax Credit in Nevada
The biggest incentive that shows the pricing and savings of solar is the federal tax credit provided to homes and businesses in Nevada. At the end of 2020, the amount of credit decreased from 26% to 22% of the total cost of the solar installation. Thus, the sooner you go solar the better.
Energy Storage Incentive in Nevada
NV Energy offers two different rates for this incentive based on the time of day that you tend to use electricity. For example, if you have a Tesla Powerwall installed alongside Tesla solar panels, your Tesla Powerwall due to the TOU plan will receive around a $2.500 rebate. If you aren’t on a TOU plan you may still receive a rebate but it’ll most likely be around $1.200 on the same Powerwall. This shows how much the pricing and savings on solar are great in Nevada.
Due to these incentives, you can see that the advantages of going solar are huge! Not to mention the fact that if you partake in these incentives your solar modules end up paying for themselves. For example, the net metering programs and the federal tax scores end up saving a lot for you but they’re better the sooner you switch to solar. Considering the above mentioned, it’s easy to say that this is truly the best time to invest in solar.