Energy costs continue to rise all over the world. The rise in demand for fossil fuels and traditional sources of energy are straining the environment and compounding climate change. If more people don’t make the switch to alternative, green energy sources, the consequences for future generations can be devastating.
Solar energy is still a relatively new concept. The initial upfront starting costs can seem cost prohibitive for most homeowners. But fortunately, there are lots of rebates and other tax incentives people can access to lower their investment in solar energy. Also, as solar power becomes more sophisticated and commonplace, the costs decrease. Year over year, solar panel installation costs continue to decrease.
For homeowners who live in the sunbelt, solar energy can save them a ton of money in lifetime energy costs, and improve the resale value of their property. We’ll explore if it’s worth it to invest in solar energy for Las Vegas homeowners.
What are the most significant benefits of investing in solar energy?
For homeowners who invest in solar panels, they will see their energy costs decrease year over year. The opposite will happen for homeowners who do not invest in alternative energy sources. For homeowners in Las Vegas, they are ideal candidates for solar invest because of the sunny climate. The most significant benefits that Las Vegas property owners will see are the following:
Decreased energy costs
Solar panels will reduce your energy consumption and lower, and in some cases even reduce your monthly energy bills. For people in sunny Las Vegas, they will get an average of 5.5 hours of sunlight, which is enough to power their home. Solar panels can also generate power on cloudy days, at 10% to 20% the levels of a cloudless day.
Higher resale value
If you live in a sunny location like Las Vegas, putting a home on the market with solar panels already installed can be a considerable incentive for potential buyers to place a bid on the property.
Long-term savings potential
The average person spends over 3000 dollars per year on energy costs alone. If you were to install solar panels, you could significantly reduce your expenditure. Instead of spending money on electric bills, you can instead save or invest that money elsewhere.
Reduces carbon footprint
Instead of consuming fossil fuels and traditional energy sources, homeowners with solar panels will reduce their carbon footprint. In many cases, they will generate enough energy to put it back into the grid.
Generate an ROI
Solar panels, even on cloudy days, still generate a significant amount of energy. Energy that the homeowner doesn’t use gets put back into the grid, and the power company will pay for those energy units.
Who is an ideal candidate for solar panel installation?
Not everyone is a good candidate for solar panel installation. To get the best ROI for your solar panel installation, you’ll want to fit the following categories:
- Your roof doesn’t need replacing anytime soon.
- Your roof is made of a durable material. Cedar shake, cedar shingle, and slate roofs aren’t durable enough to install solar panels.
- Your monthly electric bill is at least 75 dollars.
- Most of your energy is consumed during daylight hours.
- Your roof isn’t shaded.
How much do solar panels cost in Las Vegas?
In Nevada, the cost of a solar panel is $3.80 per watt in 2018. The average home needs a 6-kilowatt sized solar system. So, most Las Vegas homeowners will pay 17,000 dollars to have a solar panel system installed before claiming any rebates or tax reductions.
Regarding the upfront costs to install a solar panel, it can take several years to see a return on the investment. In the solar industry, this is referred to as the payback period. For Las Vegas homeowners, the average payback period is 8.78 years. That’s why it is important that you plan on staying in your home for several years so you can see a return on the investment.
What are the tax rebates and incentives for installing solar panels in Las Vegas?
Federal, state, and local governments want to encourage homeowners to invest in alternative energy fuel sources. For homeowners who want to lower their carbon footprint, there are numerous tax incentives and other rebates available. Every state and most localities have incentives specific to their homeowners. For Las Vegas residents, they can take advantage of the following discounts and incentives:
This is a personal tax credit available from the federal government.
Portfolio Energy Credits
This credit is available from the state of Nevada and is a performance-based credit.
Nevada Energy: RenewableGenerations Rebate Program
This rebate program is available from the utility company that services the greater Las Vegas area.
Homeowners who take advantage of these tax rebates and incentives will see their average solar panel installation costs reduced by up to 30%. Over a 25-year period, the average Las Vegas homeowner will save 35,000 dollars in lifetime energy costs when they install a solar panel system.
Bottom Line? Solar panel installation is worth it in Las Vegas.
Homeowners are guaranteed to see a significant decrease in their energy bills. For Las Vegas residents with an average monthly bill of 117 dollars, solar panels will reduce that bill up to 100%. If you want to shrink your carbon footprint and the decreased money you spend on monthly energy bills, it’s worth it to invest in solar panels today. Encōr Solar has been helping thousands of homeowners across the sunbelt install top-of-the-line solar panels for many years. Contact Encōr Solar today and get started today investing in solar energy for your home.