Here’s the scoop on net metering with NV Energy
Recently, Nevada has restored the public’s net metering incentives, reinstating financial benefits for thousands of solar energy users. Though the state has had a turbulent relationship with net metering in the past, this decision clears the way for more homes to adopt solar power and take control of their energy needs. If you are considering switching to solar, now is the time to take a closer look at how it all really works.
“Net metering” refers to the practice of selling unused energy produced by alternative power systems—like wind turbines and, of course, solar panels—back to energy providers, in this case NV Energy. The whole process, from solar panel to reimbursement, takes only a few steps:
- Your home’s solar panels convert energy from the Sun into electricity
- This electricity is converted into its usable AC current form by an inverter
- As you use this energy, a bi-directional meter tracks both how much energy you use and how much left-over, unused energy your solar system has produced
- This unused energy goes back into the electrical grid and is purchased by NV Energy at 95% of the retail rate of electricity.
Solar energy systems send surplus energy back into the electrical grid whenever you are producing more energy than you are actually using, meaning that you can derive financial benefits from net metering at any time of the year. When you are away from home or on vacation, for example, your solar system continues to generate energy, helping to store-up energy that can later be sold. Under the Nevada Public Utilities Commission’s 2017 rulings, Nevada residents can sell back an unlimited amount of energy starting at near-retail rates, in addition to receiving other solar-related benefits like federal tax credits. Solar energy is projected to be an $88 billion market by 2020, with over 890,000 residential installations across the U.S. by 2021. This makes 2018 an ideal time to take advantage of net metering and sell back excess energy at the highest possible rate of compensation. You can also take advantage of the federal tax rebate while it lasts. Be independent and take control of your utility bills. For more information on solar installation and an estimate, call us today at (702) 688-7940 or fill out our form on our website.
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