Solar is a complicated decision and OhmHome has compiled this guide to Nevada solar with the cost of solar panels in Nevada and advice on how to estimate cost and savings, navigate state and federal incentives, and find the best solar companies in Nevada.
Solar Trends in Nevada
Nevada solar permits increased 200% to 33 in June from 11 in June 2016 and decreased 3% from May 2017 (YTD increase of 70%)
Cost of Solar Panels in Nevada
The cost of solar has dropped significantly in recent years due to the increase in module supplies and other supply chain efficiency improvements. According to the U.S. Department of Energy’s Q4-16 Sunshot report, the median price of residential solar in major markets was $4.20 per watt with the lowest 20% at approximately $3.50 per watt.
Solar Incentives in Nevada
Homeowners in NV Energy’s territory will receive $0.15 per installed watt or for $900 for a 6 kW system. The program is on a decreasing tiers, so be sure to check the current status.
Net metering in Nevada is also available, but varies by utility:
- NV Energy will pay 95% of the retail rate and this will decrease over time as more solar is installed in the state.
- Valley Electric Association will pay retail rates for excess generation.
Federal Solar Tax Incentives
The IRS offers a 30% tax credit for solar systems based on the cost after state rebates and credits (discussed above). It is important to note that that federal tax credit only applies to purchased systems and you need sufficient tax liability to claim the credit. The federal solar tax credit was set to expire in 2016, but was recently extended through 2019, at which point it will start to decrease to 10% by 2022. The IRS form 5695, Residential Energy Credits can be found here.
Solar Financing in Nevada
The number of solar financing options has expanded significantly in recent years to includes a number of low-interest rate loans, as well as power purchase agreements or solar leases. To learn more, refer to our lease or buy solar guide.