Solar power is the future. And, as more people become aware of the benefits of clean energy and how to effectively reduce their carbon footprint, more and more people are choosing to go solar.
When it comes to generating your own power through solar, Nevada is a great place to start. It’s one of the only states that provides solar rebates for homeowners who commit to going solar. So if you’re looking to get the best possible price on a new or existing solar project, this is the state for you.
Here’s how to get the best solar rebate possible in Nevada.
The Two Types of Solar Rebates
Nevada offers two types of solar rebates: cash and power. To be able to claim either one of these rebates, you’ll need to have installed an eligible solar product (more on what this means below) on your property.
Let’s discuss the two types of rebates that are available in Nevada.
The cash rebate is what most people are familiar with. It’s usually available in the form of a check or credit card charge. You’ll need to install a solar-powered system that generates at least 3.3 kilowatt hours of electricity per day to be eligible for cash back through a credit card. You’ll also need to complete on-site construction and be willing to pay all the bills related to the solar system for the next 20 years.
But, if you’re looking for a no-nonsense way of getting cash back on your investment, the cash rebate may not be for you. The application and approval process for this type of rebate can be rather time-consuming. Once you’re approved, it typically takes about four weeks to get the rebate check in the mail. This is generally longer than most people want to wait to get their money back after making the investment.
The power rebate is less common but can be a better deal for some people. It’s designed for people who want to use solar energy to power something other than their own homes. For example, if you have an office building and it gets dark at 5 p.m., power rebates can help with the cost of lighting.
If you fit this description, you’ll need to have at least three residences or other buildings on your property to be able to claim this rebate. This is because you’ll need to show that you’re using solar energy to power at least two of the buildings on your property. Plus, you’ll need to have an annual output of at least 8.8 kilowatt-hours of electricity to get the full 40% discount on your electric bill.
Just like with the cash rebate, you’ll need to take out a loan to finance your solar project. You’ll also need to sign a power purchase agreement, which binds you to buy power from the grid for the next 20 years. Once again, this is a very time-consuming process and can be rather expensive. But, in return, you get a power discount that can help with your budget.
Eligible Solar Products
Now that you know what kind of rebates you can claim in Nevada, let’s discuss the required equipment to generate the electricity needed to qualify for these rebates. Most importantly, make sure that the equipment is made for residential use. This means that it won’t put too much strain on your local electrical grid. Also, be sure to get a system that is certified to generate at least 3.3 kilowatt hours of electricity per day. This threshold varies by region and is generally between 2.5 and 3.3 kWh. Anything less than this and you won’t be able to claim the rebate.
The Best Time to Buy
The best time to buy a solar system is when electrical rates are low. This is because at this time, power companies in Nevada are required by law to buy electricity from smaller producers at a cheaper cost. So if you’re looking to take advantage of this situation, you may want to consider purchasing a solar system now rather than waiting until electrical rates increase because of peak season.
To be able to claim a cash rebate, you’ll need to have installed a solar system by December 31, 2021. For the power rebate, you’ll need to be ready to begin generating power by November 1, 2022. Both of these dates are subject to change. But, if you’re looking for the best price now, these are some pretty good deadlines to have in mind.