LAS VEGAS (KLAS) — Nevada is showing itself as a leader in generating electricity from solar energy. But what’s that mean for residential homeowners, especially those in Clark County?
Good news, really, for folks who are considering installing rooftop panels to generate household electricity.
The Inflation Reduction Act increases the tax credit — the residential clean energy credit — for residential installations to 30%, up from 26 percent. The credit applies to solar panels or other equipment designed to harness renewable energy like wind, geothermal and biomass fuel. The tax credit runs from 2023 to 2032.
There is no maximum amount that can be claimed, according to the energy.gov website, but experts are saying the 30% tax credit for solar will start for projects completed in 2023 and beyond.
In addition, the Infrastructure Investment and Jobs Act, signed into law a year ago November, also has provisions for solar energy, including extensions or increases in energy tax credits. Those tax credits include power sources for wind, geothermal, waste and fuel cells, plus storage technologies, according to several sources.
The issue, however, is when those funds will get the state level, including Nevada. The state is ranked sixth in the U.S. for total electricity generation from solar energy, and extra funds available to homeowners could improve that ranking.
Rebecca Allured of the Nevada Governor’s Office of Energy anticipates more information on the incentives generated by the federal legislation to roll out in the spring.
“Nothing yet is the short answer,” she said on definite incentives and how to get them. “I don’t know if we (the state) are going to have to apply for those funds and then do a state rollout process.”
Homeowners interested in rooftop solar can be patient. Remember, the 30% tax credit — with no maximum — runs through 2033.
In the meantime, here’s where to go online to help keep track of incentives for residential installations:
- Energy.gov: Homeowner’s Guide to the Federal Tax Credit for Solar Photovoltaics, Office of Energy Efficiency & Renewable Energy
- NV Energy: The utility offers a rooftop solar calculator and advice on how homeowners can benefit from solar energy.
- State of Nevada Public Utilities Commission: How the state’s incentive program is administered. Page also includes a fact sheet on choosing a solar contractor.
Part of a series of stories examining solar energy in Nevada. 8 News Now is looking at different aspects of the growth in solar farms — including ones that are already operating, plants that are in development, and some that have been canceled.
Copper Rays Solar Project would be nation’s 6th-highest for energy production capacity
Surge in solar energy production on Nevada’s horizon
Federal legislation to increase renewable energy incentives for Nevada homeowners, including solar