U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-24-2020, 01:33 PM
 
289 posts, read 145,828 times
Reputation: 147

Advertisements

Quote:
Originally Posted by Mariza160 View Post
I would expect the Biden administration to push for more tax credits for solar
continuing past next year. However, I'm not sure they have the votes to get it
approved in the Senate. I think the current tax credits for roof solar panels run
out at the end of 2021.
Weird question but what exactly are tax credits, how do they work, and how do you qualify? Are they worth having for solar panels?
Rate this post positively Reply With Quote Quick reply to this message

 
Old 11-24-2020, 04:39 PM
 
Location: Lone Mountain
274 posts, read 105,030 times
Reputation: 342
Quote:
Originally Posted by compwiz02 View Post
Weird question but what exactly are tax credits, how do they work, and how do you qualify? Are they worth having for solar panels?
For 2020:
The investment tax credit (ITC), also known
as the federal solar tax credit, allows you to
deduct 26 percent of the cost of installing a solar
energy system from your federal taxes. The ITC
applies to both residential and commercial systems,
and there is no cap on its value.

For 2021:
The tax credit rate is 22%.

You pay for the work done upfront at full cost...let's say my system costs $30,000
and I install it this year. For my 2020 tax return, I file a separate
form with it and carry that line over to the tax credits section.
So my 30K would generate a $7800 tax credit making the actual
cost of the solar system $22,200. There is no income limits and
I don't know the carryover rules if my income tax owed is less than
$7800.

There are existing credits that operate similarly for installing stuff
like high efficiency windows and other house improvements. I used
the window one on my last house.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-24-2020, 05:55 PM
 
8,509 posts, read 2,702,683 times
Reputation: 14785
Quote:
Originally Posted by compwiz02 View Post
I'm a supporter of renewable energy but it seems like my monthly bill for solar panels (cost of the energy plus cost of maintenance and other things) is gonna be higher than my NV Energy bill if I move forward with solar panels.
OF COURSE it will be higher. Why in the world would it be lower???

The biggest reason to buy solar panels is as a hedge against future NV Energy price increases.

For example, in the most recent national election, Nevada State Question 6 - directing public utilities to purchase more higher priced "renewable" energy -- will increase the retail price of electricity to us end customers.

When you purchase/install your own solar panels, you lock in your costs at a point higher-than-market today but - you hope - lower-than-market tomorrow.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-24-2020, 05:58 PM
 
8,509 posts, read 2,702,683 times
Reputation: 14785
Quote:
Originally Posted by compwiz02 View Post
My goal is to support renewable energy but pay less on my bills.
You can do one or the other. As of now, you cannot do both.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-24-2020, 06:09 PM
 
Location: Lone Mountain Las Vegas NV
16,958 posts, read 7,008,813 times
Reputation: 7926
Quote:
Originally Posted by RationalExpectations View Post
OF COURSE it will be higher. Why in the world would it be lower???

The biggest reason to buy solar panels is as a hedge against future NV Energy price increases.

For example, in the most recent national election, Nevada State Question 6 - directing public utilities to purchase more higher priced "renewable" energy -- will increase the retail price of electricity to us end customers.

When you purchase/install your own solar panels, you lock in your costs at a point higher-than-market today but - you hope - lower-than-market tomorrow.
It is unlikely that the implementation of PV solar by NVEnergy will do anything but lower power bills.

The fully loaded cost of solar PV at the utility scale is well less than the variable cost of fossil fuel. So it is clear that, at least in the sun belt, the utilities will duplicate their energy production capability with PV and run it whenever they can.

Over the next decade it appears very likely that cost effective storage will become available where upon we will shut down the fossil plants.

Anyone who buys solar today to lock in their cost is simply wrong. Utility solar cost less than half as much as roof top.

Correct strategy today is to duck and wait a few more years. A very different environment is coming.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-24-2020, 06:11 PM
 
Location: Lone Mountain Las Vegas NV
16,958 posts, read 7,008,813 times
Reputation: 7926
Quote:
Originally Posted by RationalExpectations View Post
You can do one or the other. As of now, you cannot do both.
Of course the consumer can. Just wait.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-24-2020, 07:21 PM
 
5,556 posts, read 2,416,544 times
Reputation: 3440
Quote:
Originally Posted by RationalExpectations View Post
OF COURSE it will be higher. Why in the world would it be lower???
Maybe it is different in Nevada with lower utility prices but in California most solar + utility bills are lower than than the original utility bill by itself. So that means you see an immediate increase in monthly cash flow. Our utility bill was $385 on average pre solar. After solar it was $350 with a $10 monthly utility service charge. After we put the 30% tax credit back into the loan it dropped to $230 per month loan with $10 utility service charge. Our system is oversized about 18% so we have not had any actual bill from the utility other than the $10 service charge.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-24-2020, 07:23 PM
 
5,556 posts, read 2,416,544 times
Reputation: 3440
Quote:
Originally Posted by RationalExpectations View Post
You can do one or the other. As of now, you cannot do both.
Depends on location and usage but we are currently doing both. We pay less per month (loan + utility bill) then we did with just our utility bill prior to solar.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-24-2020, 08:27 PM
 
289 posts, read 145,828 times
Reputation: 147
Quote:
Originally Posted by lvmensch View Post
It is unlikely that the implementation of PV solar by NVEnergy will do anything but lower power bills.

The fully loaded cost of solar PV at the utility scale is well less than the variable cost of fossil fuel. So it is clear that, at least in the sun belt, the utilities will duplicate their energy production capability with PV and run it whenever they can.

Over the next decade it appears very likely that cost effective storage will become available where upon we will shut down the fossil plants.

Anyone who buys solar today to lock in their cost is simply wrong. Utility solar cost less than half as much as roof top.

Correct strategy today is to duck and wait a few more years. A very different environment is coming.
What is PV solar?

Quote:
Originally Posted by Bill the Butcher View Post
Maybe it is different in Nevada with lower utility prices but in California most solar + utility bills are lower than than the original utility bill by itself. So that means you see an immediate increase in monthly cash flow. Our utility bill was $385 on average pre solar. After solar it was $350 with a $10 monthly utility service charge. After we put the 30% tax credit back into the loan it dropped to $230 per month loan with $10 utility service charge. Our system is oversized about 18% so we have not had any actual bill from the utility other than the $10 service charge.
haha the Kinetico water technician who came to my house the other day was saying he didn't have solar panels here but he did when he lived in CA because the cost of electricity was much higher in CA so it wa worth having solar.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-24-2020, 09:01 PM
 
Location: Lone Mountain Las Vegas NV
16,958 posts, read 7,008,813 times
Reputation: 7926
Quote:
Originally Posted by compwiz02 View Post
What is PV solar?



haha the Kinetico water technician who came to my house the other day was saying he didn't have solar panels here but he did when he lived in CA because the cost of electricity was much higher in CA so it wa worth having solar.
PhotoVoltaics Solar. Or the standard solar panels used in most of the world.

I actually know enough to do my own solar panels offering a significant discount to the standard contractors...and if I ever do it that will be how.

But let it unfold for a couple of years. It is going to get better and better.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top