2024 Solar Incentives Guide for Reno, NV - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Reno.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Reno?
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
NV Energy - Solar Thermal Heating Program
Federal Residential Renewable Energy Tax Credit
Solar incentives are designed to make renewable energy usage more affordable through financial incentives for those who install solar panels on their homes. These incentives could include upfront discounts, cash back or monthly credits towards your utility bill. Some incentives are handled by the federal government, some by the state of Nevada and some by your specific utility company, county or municipality. Categories of solar incentives include:
- Tax Exemptions: Your solar panels may qualify for both sales tax and property tax exemptions. Sales tax exemptions are applied at the time of purchase. Property tax exemptions allow you to exclude the value that solar panels add when calculating property taxes on your house.
- Net Metering: You can sign a net metering contract with your Reno utility company. This agreement may apply to all or a percentage of the excess electricity your solar panels generate. They will then deduct this value from your utility bill each month.
- Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the government. (This is different from a tax deduction.)
- Rebates: A rebate is a partial refund credited to your account after you've paid for your solar system. Rebates could be offered by your local utility company, your county or your state. The rebates are usually applied before calculating tax credits.
Federal Solar Incentives
When you think about solar incentives, you probably think of federal incentives first. A federal incentive that most people are likely to be familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a specific percentage of the cost of your solar system.
The ITC applies to the total cost of solar panel installation, including the panels themselves as well as labor, equipment and accessories. This credit can be claimed for panels installed after January 1, 2006, on a primary or secondary residence located in the United States that you own. The tax credit ranges from 26-30% of total costs depending on when your project was completed. There is no maximum amount you can claim.
Your local Reno solar panel installer can provide you with more information about the ITC and how it may apply 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. The Clean Energy Credit re-raises the credit up to 30% for solar installation projects started after January 1, 2022, and completed by the end of 2032. After 2032, the percentage will see a slight decrease annually until the end of the program in 2035. Starting in 2023, the expansion will also make claiming credit for energy storage systems easier than ever before.
More information about the new Inflation Reduction Act can be found here. Your local Reno solar panel installers are the best people to answer your questions about the new Clean Energy Credit and how it will apply to you.
State & Local Solar Incentives
In addition to federal solar incentives, there are often also state ones. Rebates, tax credits and more can be offered at a more local level. Some incentives are ongoing, while others are available for a limited time. Solar incentives may be offered by the Nevada government, or by your county or municipality.
Next Steps for Installing Solar in Reno
Solar incentives may be provided by the federal government, the Nevada government or your local utility company. The large number of available incentives has facilitated the nationwide growth of solar energy use in the last 15 years. Your local Reno solar panel installer can help you learn more about which incentives you should apply for, and get you on track to switch to renewable energy today.
EcoWatch's Reno, NV Solar Incentives FAQs
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.