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Nevada Solar Leads the Charge with Renewable Portfolio Standards and Incentives

by | Apr 11, 2023 | Solar Leads

NV Solar Leads

Nevada has become a solar powerhouse in recent years, with impressive statistics to support its claim as a leading state for solar energy. According to the Solar Energy Industries Association (SEIA), as of 2022, NV solar leads as 6th in the nation (up from 5th in 2021) in terms of solar capacity installed.

Currently, 910,572 homes in Nevada are powered by solar energy, and the state generates 23.32% of its electricity from solar. This is a significant increase from just a decade ago when solar energy was barely a blip on the state’s energy radar.

There are now 112 solar companies operating in Nevada, including 15 manufacturers, 52 installers/developers, and 45 other related businesses. The total solar investment in the state has reached an impressive $9.6 billion, and prices for solar installations have fallen by 53% over the last decade.

Looking to the future, SEIA projects that Nevada will add 5,813 MW of solar energy over the next five years, ranking the state 8th in the country for growth potential. With these impressive statistics, it’s no wonder that Nevada is at the forefront of the renewable energy revolution.

Renewable Portfolio Standard

One of the key factors driving the growth of solar energy in Nevada is the state’s Nevada Renewable Portfolio Standard (RPS). This policy requires that at least 50% of the state’s electricity comes from renewable sources by 2030, with a long-term goal of 100% clean energy by 2050.

The RPS has been instrumental in encouraging utilities to invest in renewable energy, including solar power. In fact, Nevada’s largest utility, NV Energy, has pledged to achieve 50% renewable energy by 2030 and has already surpassed that goal.

Residential Solar Incentives

Nevada also offers a range of incentives for homeowners who want to install solar panels in their homes. These incentives include a rebate program that provides homeowners with up to $3,000 for a solar installation, as well as net metering, which allows homeowners to earn credits for excess energy generated by their solar panels.

Additionally, Nevada has solar access laws that prevent homeowners’ associations from banning solar panels or limiting their placement, making it easier for homeowners to go solar.

Fast Permitting and Installation Timelines

Another reason Nevada is a top state for solar energy is the fast permitting and installation timelines. Nevada’s streamlined permitting process allows solar installations to be completed in as little as one day, which is a significant advantage for homeowners and businesses alike. It is no coincidence that many residential solar companies are growing by leaps and bounds, in order to compete in the market place many companies are working with Invention Solar to buy solar leads and empower solar lead generation with new strategies and demand generation tactics.

Federal Incentives

Federal incentives have also played a role in driving solar growth in Nevada. The Investment Tax Credit (ITC) provides a 30% tax credit for solar installations, which has helped make solar more affordable for homeowners and businesses across the state.

Looking to the Future

With its abundant sunshine, favorable policies, and fast-growing solar industry, the future of solar energy in Nevada looks bright. As the state continues to prioritize renewable energy, we can expect to see even more impressive growth in the years to come.

Contact Invention for an NV Solar Leads strategy conversation.

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