Solar panels are a great way to reduce your power bill and make your home more sustainable. In Nevada, homes get plenty of sun and the net metering mandates are favorable, making it a great place for solar installations. Of course, it’s also important to calculate the overall profitability of any major investment or home installation.
Is solar worth it in Nevada? Overall, this state is a good place for solar. Still, the exact profitability of a solar panel installation is something you will have to calculate based on your power usage patterns and your home’s position.
Third Best State for Sun
Nevada is the third-best state in the U.S. when it comes to solar power from the sun. We have many sunny days, and the sun is fairly powerful throughout Nevada. This means that solar installations are more efficient than in other states, and you will get more electricity over time from your panels.
Electricity Offset: Low Power Cost, High Power Need
Homes that pay more for electricity can gain more potential savings from solar panels. The higher your energy prices and the more energy you use, the more you save when using solar-generated electricity instead.
In Nevada, power costs are relatively low per kWh, but the need for electricity is quite high. With hot summers and a long warm weather season, AC is needed most of the year and sometimes must counteract very high outdoor temperatures. This can lead to high overall electricity bills and therefore, more savings to gain from the installation of solar.
Net Metering vs. Battery Storage
The profitability of solar power also depends on net metering, or selling your unused solar-generated electricity back to the power company. In Nevada, power companies must pay at least 75% of the value of a kWh, but that number will drop over time. It is not the most favorable rate in the U.S. and may become even less favorable during your solar panel lifetime. However, you can also get battery storage and enjoy your initially unused electricity at night for further savings.
Solar Payback in 13 Years
Solar panels will pay for themselves in energy savings over time. The average solar payback period in the U.S. is 10 years, and the average solar payback period in Nevada is 13 years. This number assumes that you purchase your solar panel system in full and claim the 30% federal rebate. The ROI (return on investment) for leased solar depends on your lease contract.
Resale Value
Homes with solar panels tend to have a higher resale value in Nevada. Most homebuyers are happy with the idea of generating their electricity without the hassle and expense of installation. Attractive roofs with solar panels can increase the overall property value of your home.
Harness Solar Power in Nevada
To learn more about installing solar for your Nevada home or business, contact us today. Solar Optimum can answer your questions and help you make the right solar plan for your Clark County or Greater Las Vegas area property.
