Of the 757,354 registered automobiles on Nevada roads, 17,380 (2.3%) are powered by electricity.
While the absolute numbers may be smaller than larger states such as Florida and California, the percentage take-up is among the highest in America.
At A Glance:
1️⃣ The year-on-year growth in EV take-up currently stands at +57.43%.
2️⃣ When the Nevada EV incentive is added to the Federal Government scheme, $10,000 of financial assistance is available to qualifying individuals.
3️⃣ Nevada and the Fed also offer a rebate to install a level 2 EV charging station of up to $1,500.
4️⃣ The two entities have schemes that could subsidize over 55% of the solar system installation.
In this article, we look at the incentives & rebates available to Nevada’s residents to convert to EVs.
Overview Of EV Incentives in Nevada
Qualifying Nevada residents have access to several rebates and subsidies intended to incentivize switching to alternative energy vehicles – in this instance, electric.
State Electric Vehicle (EV) Rebate
A $2,500 rebate is available for customers who purchase a new or used EV and whose household income is under 200% of the national (federal) poverty line.
Time Of Use (TOU) Rebate
NV Energy provides a Time Of Use (TOU) discount if the electric vehicle is charged during off-peak hours.
This benefit is available for all Nevada EV owners.
Exemption From Emissions Inspection
Nevada exempts all alternative fuel vehicles (electric included) from emissions inspection. This lasts for the first five years of the model car.
This benefit is available to all EV owners.
Nevada Energy (NV Energy)
The Nevada Energy utility offers several incentives to qualifying Nevada residents.
Residential Charging Station Rebate
NV Energy offers residential customers a rebate of $500 for the installation of level 2 EV charging infrastructure on their property. This benefit is available for all Nevada EV owners.
Solar System Installation Rebate
Nevada offers financial solar installation incentives for the following categories of properties.
- Public and Other
- Private Residential
- Small Business.
The subsidy scheme is active over three times phases, where the benefits reduce after each phase (step).
|School||The lesser of 50 percent of the cost, or $30,000|
|Public and Other||The lesser of 50 percent of the cost or $30,000|
|Private Residential||The lesser of 30 percent of the cost or $3,000|
|Small Business||The lesser of 30 percent of the cost or $7,500|
Net Metering Schemes
NV Energy has a net metering scheme where it is agreed that the utility will buy back all excess electricity generated by the solar system.
The Federal Government Tax Credit
The Federal government offers various vehicle rebates to help ramp up EV adoption.
📖 Read Next: How Does The Federal EV Tax Credit Work?
Federal EV Subsidy Scheme
The federal government provides taxpayers with a $7,500 tax rebate on new EV purchases ($4,000 on used EVs). The qualification criteria are as follows.
- The battery capacity must be at least 7 kWh.
- The vehicle must weigh less than 14,000 pounds.
- A qualifying company must manufacture the vehicle (see list).
- The final assembly is done in North America.
- To qualify for the highest benefit level, the vehicle must be new.
- The vehicle must cost less than $80,000 (this includes vans, SUVs, and pickups) and $55,000 for other vehicles.
- The joint household income must be less than $300,000 ($150,000 for single filers).
- The earning limits on used EVs are $150,000 ($75,000 for single filers).
This scheme is revised periodically. Currently, there is no end date published.
Federal Charger Station Subsidy
The Federal government has reinstated the federal tax credit for charger installation. Taxpayers may qualify for a rebate of 30% of the cost of installing a charger (up to $1,000),
This EV charging station installation benefit expires on 12/31/2032.
📖 Read Next: The EV Charger Tax Credit Explained
The Federal Solar Installation Benefit
Installing a solar system capable of powering a level 2 recharger is part of the possible financial benefits of converting to an electric vehicle.
In addition to the 30% ($1,000 max) rebate to install an EV charger, the Federal government will also rebate 30% of the cost of a complete solar system installation.
The benefit is available for all US residents who pay taxes.
This benefit expires in 2035.
How To Take Advantage Of Nevada’s EV Incentives
The Federal incentives are granted when the taxpayer declares the purchase and installation of the EV, EV charger, or solar system in that year’s IRS tax form and by completing Form 8936.
The Electric Vehicle (EV) Rebate is only available for residents whose household income exceeds the federal poverty line.
Details of how to apply for each of the Nevada EVs and solar incentives are available at the following link.
The Benefits Of Nevada’s EV Incentives
Residents who qualify for the federal and Nevada EV subsidies will enjoy financial benefits. Based on a vehicle value of $60,000
- Federal EV (New car) – $7,500.00
- Nevada EV Rebate – $2,500.00
- Federal EV Level 2 charger – $1,000.00
- Nevada EV Level 2 charger – $500.00
Total rebate $11,500.00 (19% rebate)
Added to these savings would be the zero fuel cost if the EV owner installed a solar system with the capacity to run a level 2 EV recharger. The costs of a typical system and the rebates available are listed below.
The following solar installation benefits are available to Nevada residents (figures based on a system costing $30,000.)
- Federal Solar installation (30%) – $10,000.00
- Nevada Solar Installation – $7,500.00
Total rebate on $30,000 system- $17,500.00 (58% rebate)
The Economic Benefits Of A Growing Electric Vehicle Market
The economic benefits of supporting the growth of EVs in Nevada are easy to see. As one of the sunniest states in America, Nevada benefits from a developing EV and solar market.
While all states will have to replace lost revenue from the gas tax, the following benefits will become apparent:
- Reducing carbon emissions will result in a healthier, more productive population (fewer sick days absent).
- The average age (longevity) of the population will increase.
- Medical costs from emissions-related illnesses will reduce.
- The new technologies bring employment opportunities to the state.
- The new technologies bring a need for upskilling the existing workforce.
Does Nevada Have Incentives For Electric Cars?
Nevada offers direct incentives for purchasing electric cars to residents whose household income is less than 200% of the federal poverty line.
The value of the benefit is $2,500. The state also offers a $500 rebate for residents who install a level 2 charger.
What Is The Insurance Cost Of A Tesla In Nevada?
Tesla Insurance is now available in Nevada and twelve other states. The cost of Tesla insurance is based on the model Tesla and the driving behavior.
Based on an average, a typical model 3 (the model year 2023) premium is $3,947 per year ($329 per month). This will be reduced or increased based on the actual driver’s behavior.
CIG Insurance has been known to charge as little as $1,400 per year for a 2023 Tesla Model 3.
Rebates are awarded when the paperwork is correctly filed. Consult a tax advisor or professional before making the purchase of a new EV.
The key points to remember about Nevada’s EV incentives:
1️⃣ The potential rebate available to qualifying Nevada residents who purchase an EV equals $10,000.
2️⃣ The rebate for installing residential electric vehicle charging stations may equal $1,500.
3️⃣ The rebates for installing a solar system could equal as much as $20,000 on a system costing $30,000.
Incentive Schemes By State:
Arizona’s EV Incentives
California’s EV Incentives & Rebates
Colorado’s EV Incentives
Florida’s EV Incentives & Rebates
Illinois EV Incentives
Indiana’s EV Incentives
Michigan’s EV Incentives
New York’s EV Incentives
North Carolina’s EV Incentives & Rebates
Ohio’s EV Incentives & Rebates
Texas’ EV Incentives
Utah’s EV Incentives
Virginia EV incentives
Washington State’s EV Incentives