NET METERING TIER 1 IS ALMOST FULL
Are you thinking about solar or have friends and family who are on the fence?
Two very important things came to our attention in yesterday’s contractor’s call with NV Energy. The Solar Generation rebate is being reduced and the current Net Metering Tier is almost full.
#1 The upfront NV Energy rebate for solar is changing on July 1st from a maximum of 24.5 cents a watt to a maximum of 20 cents a watt. Any applications submitted after June 30th get the lower rate, so the rebate amount will be about 20% less. This is not a huge difference. You can expect to see rebates reduced by a few hundred dollars.
#2 We are getting close to capacity on Net Metering Tier 1, which guarantees a 95% reimbursement for the power you send back to the grid. We are currently at 65 MW of the 80 MW available. Application volume has been very high. NV Energy projects the Tier will be full by the end of July. If you or your friends/family wait until we hit Tier 2, you will only receive 88% buyback credit for the power you send back go the grid.
See the live tracker here: http://puc.nv.gov/Renewable_Energy/Net_Metering/
What does this mean for the payback on solar?
A lower rebate amounts adds time to the payback.
A lower net metering rate adds time to your payback because it makes your system cost more. Once we hit Tier 2, systems will need to be about 20% bigger to hit 100% offset. This will increase the cost by about 20%;
Waiting to go solar is not a good idea if you are concerned about getting the best deal you can.
If you have a quote with us and would like to move forward, please reach out to your Solar Consultant.
If you’d like a quote or would like to refer a friend, CLICK HERE.
The Federal tax credit for going solar is not changing.