According to the Solar Energy Industries Association (SEIA), not only has Nevada ranked as the 6th best state in the nation to go solar, but its projected growth over the next five years keeps it in the top ten for solar potential. In other words, the fantastic investment that is solar power is only sweetened for Silver State residents.
In this article, we’re going to show you what you can expect to pay for a solar power system, what federal and state incentives you might be eligible for, and the rate of return you can expect from your panels down the line.
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How Much Do Solar Panels Cost in Nevada?
Most recent industry data reports that solar panel costs in Nevada now fall within a range of $9,873 to $12,067. If we look at the average cost per watt, that’s about $2.35 to $2.87. That means Nevada residents can expect to pay around $2.61 per watt, making a common 6000-watt (6 kW) solar power system around $10,970 after the 30% federal solar tax credit is taken into account.
So, not only is Nevada a national-leading state for solar value and growth, but it’s also considerably cheaper to install solar panel systems than the national average price, which currently sits around $3.00 per watt.
As a rule of thumb, the more square footage you need to power, the larger the solar power system you’ll need. But as systems grow in size, they produce more energy at a lower cost per watt. Most Nevada homes only need a system capable of powering around 1,500 square feet. A 5 kW system is a great fit for homes of this size. But a medium-sized home, one closer to 3,000 square feet, will require at least a 10 kW system to reliably power it.
Here’s a breakdown of the cost of solar panels in Nevada by system size:
Return on Investment
There’s a reason going solar has become one of the greatest investments homeowners can make. It isn’t just about powering your own home; it’s about bettering the earth, saving on utility costs, and enjoying massive savings over the following decades.
Think about it this way. If you pay basic Nevada utility bills for the next 25 years, you’ll be charged an average of 19.9 cents per kWh, assuming 3.5% compound inflation. With a solar panel system, you’d pay an average of 4.4 cents per kWh. No matter how much these costs fluctuate, it’s clear that nothing will overturn a 78% discount. Going solar is always the right choice.
According to SolarReviews’ figures, a 9.44 kW system could pay itself off in nine years and help you avoid $41,459 in utility costs. Meanwhile, your $22,469 system would only cost $16,629 after you claim the federal tax credit. That means you’re getting a great investment — at a discounted price. Moreover, many utility companies will pay you for the excess electricity that you send back to the grid, meaning your solar panels can become profit generators too.
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Spend Less on Solar Panels
The value proposition for solar has always been strong, but Nevada residents are in a unique position to spend less for a solar power system that will generate more power than it would in most other states. While solar will always provide a great rate of return, circumstances this advantageous won’t last forever.
If you’re ready to get started, we’re here to help. The EcoGen America team has saved Nevada residents thousands with their solar energy solutions. Contact one of our solar experts for a free savings quote!