Las Vegas, NV: Check Your Savings, Costs, Incentives, Rebates, and Tax Breaks
Las Vegas, with its plethora of neon lights and casinos, is a city that’s constantly abuzz with the hum of electricity.
And since Las Vegas and the rest of Nevada receive constant sunlight all year round, it’s only natural that Nevada is currently a leader in renewable solar energy production.
With amazing rebates, homeowners in Las Vegas have a lot of reasons to consider adopting solar energy.
It’s green, it’s clean and it’s a great way to become more independent from the general electric grid. Add in net metering and solar electricity has the potential to be a very, very profitable endeavor for you.
Solar electricity, as you’ll soon discover, is a win-win situation.
Return on Investment for Residential Solar Energy in Las Vegas
On average, homeowners can expect to shell out about $20,000 for a 5kW solar panel system, not considering any potential rebates or tax credits that can potentially be applied to the system.
When you consider rebates from NV Energy, you can help cut the cost of your 5kW system to around $19,000 and your 30% Federal solar tax credit can help return 30% of the system’s initial cost to you.
With all of this applied, your first year cost will really be about $12,800- a far cry from that initial hefty investment of $20,000.
- Your 5kW system will initially cost you $20,000.
- Apply your NV Energy Rebate and you can deduct over $1,200.
- Apply the 30% Federal solar tax credit and you can deduct an additional $6,000.
- The new cost of your 5kW solar panel system in Las Vegas? Around $12,800.
- Your system should pay for itself within 12 years, if not sooner.
- Along with that, you’ve just increased your home’s value by $20,000 but you won’t have to pay additional property taxes.
This breakdown is just an estimate
as every individual situation is different.
We recommend talking to local solar experts near you to find out exactly what you can expect to gain depending on your unique situation with a customized quote.
After all, what you’ll expect to pay depends on both the cost of the system and whether you’re considering any financing options.
Las Vegas Solar Panel Installation Process
Installing a PV system is an easy process and one you can begin today. You can start by filling out our Las Vegas solar panel installation form.
Schedule a home visit and you can provide your installation team with more specific information, allowing the team to draft up more accurate quotes about both the cost of the system and any potential savings you can expect. You’ll also have a better idea of how they can help you.
And with a more detailed PV quote, you’ll have better information about how rebates, tax credits, and incentives can affect you.
Once you’ve signed an agreement, your team can commence with installing the panels. This process typically takes around three to four days on average.
Once your systems have been installed, that’s it.
Just sit back, relax, and enjoy the potential energy savings.
Let’s sum it up:
2. Talk to a trusted solar panel team and receive accurate installation quotes.
3. Select your preferred solar installation team and commence with the installation process.
4. Enjoy your energy savings and help the planet.
Las Vegas Solar Power Incentives, Tax Breaks and Rebates
As a resident of Las Vegas, you can enjoy plenty of incentives, tax credits, and rebates just for the installation. Along with net metering, which we’ll discuss in a moment, you can benefit from Nevada’s NV Energy solar rebate program, where you’ll be able to earn up to $245 per kilowatt, if not more.
Applications are still open and there are no caps on the program.
Las Vegas RPS
As you’ll be happy to know, Nevada has one of the best RPS plans in the country.
Because Nevada’s RPS is so aggressive, this is very good news for you since utility companies will be fined if they don’t meet their RPS standards, giving them plenty of motivation to buy solar electricity from you and produce their own.
Nevada may be known for their massive commercial solar installations but that doesn’t mean that that’s the only avenue solar electricity can be produced from. Residential installations matter too.
Las Vegas Tax Credits
Nevada doesn’t have a statewide income tax. However, you can benefit from the 30% Federal solar tax credit, which will cover 30% of the system’s cost. This tax credit is available to solar panel systems installed before or during 2016. If you would like to take advantage of this, act quickly because the rebate will disappear after 2016 and will not be available any longer.
Tax Exemptions in Las Vegas
Las Vegas seems to have a property tax exemption, although this isn’t true for all parts of Nevada.
The exemption is especially handy since solar array add an incredible amount of value to your property or home. Up to $20,000 in additional value as a matter of fact, so you better believe that property tax exemptions matter a lot.
Unfortunately, there is no residential sales tax exemption, which should be kept in mind when you’re deciding to make the initial investment.
Electricity Rates in Las Vegas
Electricity rates in Nevada often average about $.13/kwh. Which this is very close to the national average, it could be a lot better.
And solar energy can help you save a lot of money on your electricity bills. On average, residents can save up to $80 or more on their utility bills with a solar panel system.
But individual savings do vary based on your solar PV quotes and unique situation.
Las Vegas Net Metering
Net metering is an avenue to consider when considering solar electricity. Net metering is a process that requires you to connect your panel system to the general electric grid.
In Las Vegas, surplus energy is added to your next utility bill as credits you can use to offset the cost of any energy you’re still drawing from the general electric grid, making it a great way to save money every month.
Las Vegas Solar with Zero Money Down: Financing Options
But even when you consider the long-term benefits, and the reduction of cost over the past several years, $20,000 is a very hefty investment for most people.
But just because you may not be able to afford $20,000 out of pocket doesn’t mean you have to miss out on all the benefits of solar energy.
There are plenty of financing options you can consider. These include leases, loans, and PPAs. They can help you obtain a solar power for zero money down.
Leases are an increasingly popular option among residents all over the country. In Las Vegas, you can obtain solar panels for zero money down through a solar lease.
With a solar lease, all you’ll have to worry about are your monthly lease payments and whatever you may still be drawing off of your utilities.
Depending on the terms of your lease, you can later purchase the system for yourself.
With a lease, you will need to keep in mind that you will not technically own the system and so cannot personally benefit from rebates or tax credits/exemptions.
Another great option you can consider are solar loans. Solar loans, which are being offered by an increasing number of lenders, can help you invest in a solar Energy for your home.
You’ll need to consider interest rates and your financial situation before applying for a solar loan, however.
A solar PPA is only applicable in certain situations (for example, if you’re a renter). With a solar PPA, or Power Purchase Agreement, you allow a developer to install panel system on your home.
You will not technically own the system. The true owners of the system will be the ones benefitting from potential rebates or tax credits.
However, you won’t have to pay a dime. And you’ll be able to purchase your electricity directly from the owner of system, which translates to steep savings without a hefty initial investment.
For a lot of people, this can be easier since they won’t need to worry about maintaining the system or the actual installation process.
Nevada is naturally a leader when it comes to adopting solar panel energy. This means that as a resident, you have a lot to gain if you live in Las Vegas.
The ample sunlight that the Las Vegas area receives means that solar energy is a viable renewable energy source.
Solar is a great cheap and clean source of energy that can help residents offset their electric bills. Plus, it’s a green way to go.
You can reduce your household’s dependence on dirty and limited resource fossil fuels.
You can help Nevada meet its impressive RPS goal of 25% renewable energy by 2025. This is a great incentive for both you and your utility company to get in on the solar action.
By going solar, you can save on your utility bills. Within as little at 12 years, your system can pay for itself by energy production alone and over time you’ll be able to turn a handsome profit.
On average, many residents find they can save over $80 a month on their utility bills alone.
But $20,000, or the average cost of a 5kW residential installation, can be a hefty investment for most people.
Luckily, there are plenty of financing options one can consider. Among them, you can lease a solar panel system, obtain a solar loan, or (if applicable) sign up for a solar PPA.
It’s easier than ever to obtain a solar panel system. And if you are willing to make that investment on your own, you can access rebate programs (Nevada’s NV Solar Rebate program is particularly fantastic), tax credits (the 30% Federal solar tax credit) and tax exemptions.
By taking your unique situation into account, you can find out if solar energy is right for you. It’s easier than ever to take advantage of the power of the sun.
Solar panel systems can not only lower your utility bills but it’s a great way to become more self sufficient and green.