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Nevada solar net metering bill signed into law

Nevada solar net metering bill signed into law

Under the law, utility customers with rooftop solar will be compensated at 95 percent of the retail electricity rate for solar energy they put back into the grid.

Today, the Solar Energy Industries Association (SEIA), representing the industry nationally, applauded Nevada Governor Brian Sandoval for signing into law a bill that effectively returns the state to the pro-growth solar policy it had before a 2015 regulatory decision all but froze the residential solar market.

After the bill was passed last week by the Nevada State Legislature a number of sector players such as Sunrun and Tesla (NASDAQ:TSLA), which owns SolarCity, said they would re-enter the Nevada market.

It's part of Sandoval's bill-signing tour in Las Vegas, and one of several to do with clean energy. Gov. Sandoval must also decide whether to sign Assembly Bill 206 and Senate Bill 392, which respectively would boost the state's renewable portfolio standard and develop a community solar program.




The move, which led to a 32 percent decline in solar installation jobs in the state previous year, was broadly unpopular with Nevada residents.

Tesla, Sunrun, and others promote net metering to encourage the switch from fossil fuels to renewable energy. The Public Utilities Commission of Nevada subsequently softened its stance, approving a grandfathering clause and partially restoring retail rate net metering to customers in northern Nevada, but Sandoval signing AB 405 brings more policy certainty to the industry.

Assembly Bill 474 -The Controlled Substance Abuse Prevention Act, which Sandoval introduced during his State of the State address in January.

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Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Dean Popplewell has almost two decades of experience trading currencies and fixed income instruments.