Solar Panels in Nevada: Cost and Savings

Residential solar is a financial investment. Tax credits and rebates can reduce your total costs. Solar systems come with a price tag of between $3 and $5 per watt, with total costs ranging from $15,000 to $25,000. 

Solar panel setup

The cost of your residential solar system depends on the configuration and components of your system. Adding or removing certain components can affect the cost of your total bill. A few pieces you can expect your system to include are:

• Solar panels: These are the very core of your solar system. You can choose between monocrystalline, polycrystalline, and thin-film.
• Inverter: An inverter takes the power your solar panels generate and convert it into the type of electricity required to power your home.
• Battery: When the sun is shining, your solar panels can power your home. If you generate more power than required to power your home, you can store that excess power in batteries. Then, use the stored power when the sun isn’t shining or even sell it back to the electricity grid.
• Racking and mounting: When you choose to house your solar panels on the ground or your roof, you’ll need racking and mounting equipment to keep them in place.

Get your free solar savings estimate

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Home solar systems can be costly, but there are plenty of ways to help you save money. First, the federal government offers a 26% federal tax credit to homeowners who invest in green energy infrastructure such as home solar systems. The solar panel tax credit expires at the start of 2022. And while the government may renew it as they have in the past, it may be worth making your purchase in 2021, so you don’t miss your chance to take advantage of this credit.

In addition to the federal tax credit available to Nevada homeowners, the state has a net metering program where homeowners can effectively re-sell the electricity they generate back to the grid. 

Solar energy in Nevada may help lower your electric bills 

One of the biggest advantages of installing solar panels on your home is the money you can save on your monthly electricity bill. 

As of February 2021, the average electricity rate for Nevada homeowners was 11.84 cents per kilowatt-hour. The average Nevada electricity bill is about $100 per month. As a result, the average homeowner in Nevada has the potential for $1,200 in yearly savings on electricity.

When you invest in a home solar system, it’s important to consider the length of time it takes to recover your upfront investment. Let’s say you spend $15,000 on your solar panel setup. With $100 per month in savings, you could recover your initial investment in less than 13 years.

However, that figure is only accounting for your monthly electricity bill savings. That calculation doesn’t factor in your savings available from the federal tax credit, money made from net metering, or the increase in the value of your home. These benefits will speed up your financial bounce-back.

When you install solar panels on your home, you have the potential to reach energy independence. Energy independence means you aren’t reliant on the traditional electricity grid to power your home.

Several benefits that come with energy independence. First, you can save a significant amount of money on your monthly electricity bill. Plus, you aren’t vulnerable to price hikes during times of high energy demand.

Another benefit of energy independence is that you don’t have to worry about losing your power when the electricity in your area goes out. Instead, you can power your own home with your stored solar energy.

Are you ready to invest in solar panels in Nevada? Here are a few things to consider before making your solar purchase.

First, consider whether solar panels are appropriate for your home. The Department of Energy states that solar panels are best for south-facing roofs with a slope of 15 to 40 degrees. Rooftop solar panels are the best investment for homes with lots of sunshine.

Also consider the age of your roof and how long you plan to live in your home. It may not be worth buying solar panels for roofs that will need to be replaced soon or for a home you don’t plan to stay in for long.

Check with your HOA or other neighborhood associations before building. Some HOAs may require approval ahead of time.

Nevada has a bright future when it comes to solar power. The state is ranked 6th in the nation for solar energy generation and gets nearly 15% of its electricity from solar power.

One of the reasons Nevada has been so successful in generating solar power is its net metering program, which provides an incentive to homeowners making a solar investment.

Nevada’s economy has also improved due to many local companies joining the solar industry. The state has 84 solar companies, including manufacturers, installers, and developers.

Do solar panels save you money in Nevada?

Solar panels can save you money in the long run. Cost-saving opportunities include available tax credits, the savings on your monthly electricity bill, and money saved by the state’s net metering program.

How does solar power help the environment?

Traditional electricity generation emits greenhouse gasses into the air, which contributes to climate change. Solar power generation doesn’t emit those same gasses, making it better for the environment.

Is it better to buy or lease solar panels?

Many people opt to lease their solar panels because of the upfront cost savings. However, many industry experts will tell you that buying is more cost-effective. This is because when you lease, you can’t take advantage of the federal tax credit. 

What percent of Nevada energy production is solar?

As of the end of 2020, 14.72% of Nevada’s electricity came from solar power.

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