2024 Solar Incentives Guide for Paradise, NV - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Paradise.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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What Solar Tax Credits, Incentives, and Rebates are Available in Paradise?
Southwest Gas Corporation - Residential Energy Efficiency Rebate Program
Solar Water Heating: $13/therm
Southwest Gas Corporation - Smarter Greener Better Solar Water Heating Program
NV Energy - Clean Energy Incentive Program
Residential/Commercial/Industrial (25 kW or smaller): $0.20 / watt-AC
Low Income/Nonprofit/Public Entity (25 kW or smaller): $0.45 / watt-AC
Residential/Commercial/Industrial (greater than 25 kW): $0.0250 / kWh
Low Income/Nonprofit/Public Entity (greater than 25 kW): $0.0550 / kWh
Wind (As of 9/24/18):
Residential/Commercial/Industrial: $0.40 / watt-AC
Low Income/Nonprofit/Public Entity: $0.80 / watt-AC
Portfolio Energy Credits
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives help mitigate the cost of installing a solar panel system on your home. Financial incentives like these are in place to encourage more people to make the switch to renewable energy. You may be eligible for different kinds of incentives, including discounts, cash back or monthly utility bill credits, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the state of Nevada and others from the federal government. Some broad categories of solar incentives include:
- Tax Exemptions: These could come in the form of property tax exemptions, which allow you to exclude the value added by your solar panels when calculating the taxes you pay on your house. You could also look for exemptions on sales tax at the time of purchase.
- Net Metering: Net metering factors in once your solar system is up and running. If you have a net metering agreement with your Paradise utility company, it will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some places, this credit is dollar-for-dollar, while in others you may get refunded a percentage of the value.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the government.
- Rebates: Solar rebates may be offered by your state or county, or by your local utility company. These rebates are essentially partial refunds that are applied after your purchase of solar panels and before tax credits are calculated.
Best National Provider
SunPower
- Most efficient panels on the market
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- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Federal Solar Incentives
When people think of solar incentives, federal incentives might be the first thing that comes to mind. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit that reduces your taxes by a predetermined percentage of the money you spend on your solar system.
The ITC applies to solar panels installed on your primary or secondary residence in the United States. The solar panels have to have been installed after January 1, 2006, on a property owned by you for you to claim the credit. Initially, the ITC applied to 30% of all system costs (panels, accessories, labor and equipment), although the amount has fluctuated over the years between 26-30%. The amount you qualify for will depend on when your solar system was installed. There is no cap on the claim amount.
Your local Paradise solar panel installation expert can offer more information about the ITC and how it applies to your situation.
The ITC was both renewed and expanded by the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. Homeowners can now qualify for a credit equal to 30% of the total costs of solar system installation for projects started after January 1, 2022, and completed before the end of 2032. This percentage will then decrease on a yearly basis until the Clean Energy Credit expires in 2035. Starting in 2023, it will also be easier to qualify for credits for energy storage systems with the new act.
More information about the new Inflation Reduction Act can be found here. To best understand how the new Clean Energy Credit might apply to you, speak with your local Paradise solar installation company.
State & Local Solar Incentives
Some solar incentives are often also offered at the local or state level. Like with federal incentives, these could include rebates, tax credits and more. Incentives may be provided by your county or municipality, or by the state of Nevada. Some incentives are available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Paradise
You can apply for and receive solar incentives from the federal government and the Nevada government, as well as from your local utility company. Growing availability of solar initiatives in the past 15 years has helped greatly increase nationwide adoption of solar energy. Your local Paradise solar panel installation expert can help you learn more about which incentives you can apply for, and get you on track to switch to renewable energy today.
EcoWatch's Paradise, NV Solar Incentives FAQs
How much will solar panels save me annually on my electric bill in Paradise?
Generally, homeowners in Paradise who install solar panels save approximately $1,228.03 per year, or about $23,332.48 over 20 years after they make the switch.
What are the highest-rated solar panel installation companies near me?
To find the right solar panel installer for you, check out our guide to the best solar companies in Paradise.
What are some environmental benefits of adding solar panels to my home?
You can lower your carbon footprint by 500 pounds of CO2 a year when you switch to solar panels. This adds up to approximately 10,000 pounds over 20 years. Solar is also a renewable energy source, which means that switching your home over lessens the drain on our planet's resources.
What if I add a solar system to a rental property, vacation home or commercial property? Will I still qualify for incentives?
Many solar incentives apply to a property located within the United States that you own; most secondary residences fall into this category. There may be other solar incentives available for commercial properties, depending on the specifics. We recommend talking to your local solar installer and/or tax professional to best understand what incentives apply to your specific situation.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.