Commercial and Home Builder Solar Incentives in Nevada: 2023
Solar energy is an abundant, clean and renewable source of energy which presents an excellent opportunity for businesses and home builders who choose to invest in their growth.
Taking full advantage if available incentives increases the profitability of your investment in solar energy. In today’s blog, we will detail all of the incentives for solar installation in Nevada that you can use to reduce your payback period and increase your return on investment.
Commercial Solar Incentives
The Federal Solar Tax Credit
The most widely available and highly beneficial solar incentive available to businesses in Nevada is the Federal Solar Investment Tax Credit (ITC). By applying for this tax credit, businesses can immediately recover 30% of their total investment in solar installation. This significantly reduces the payback period of the solar installation and maximizes your savings over your installation’s lifespan.
Net Metering Program
Like most other states, Nevada offers its electric customers the opportunity to further lower their electricity bills by participating in net metering. Businesses with solar installations of up to 25kW in size can apply. The excess solar energy solar panels generate that is not used by your business is sent back into the grid and purchased by the utility company, lowering the cost of your electricity bill.
Energy Storage Incentive
While Nevada does not provide a state-wide program for solar batteries, the NV Energy utility company does provide incentives of between 50% and 70% of total installation cost depending on the size of the solar installation and time-of-use rates (TOUs). This incentive is particularly unique due to its generous payoff and applies to a wide range of system sizes. If you are still on the fence about the right time to go solar, consider the benefits that a solar installation with battery backup can provide your business and take into account that this incentive can increase your savings over the long term even more while it is still available. Don’t miss out!
Home Builder Solar Incentives
Energy-Efficient New Homes Tax Credit
While the solar-ready home industry is growing more with each year that passes, many states haven’t incentivized energy-efficient construction. However, Nevada is not one of those states. With the Energy-Efficient New Homes tax credit, home builders can receive up to $5000 in incentives for their solar home projects depending on the energy efficiency and type of the home.
Go Solar in Nevada with Infinity Energy Construction
Whether you are a business looking to cut overhead costs with solar energy and adopt a green brand image, or you are a home builder looking for new opportunities in the construction industry, IE Construction can provide you with the turn-key solutions you need to make your sustainability goals a reality. From in-house certified professional installers who work with your schedule to financing options tailored to your needs, we can help you make the switch to solar and maximize your returns. Need more information on going solar in Nevada? Speak to an IE Construction representative today and get a no-obligation solar quote.