Health Care

Governor Sandoval signs bill to revive solar industry

Governor Sandoval signs bill to revive solar industry”

The policy reinstatement will "bring in thousands of jobs and millions of dollars in positive economic benefit" to Nevada, Tesla executive JB Straubel said at the bill's signing.

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. Utilities will also be required to provide customers with an option to have time-of-use rates created to encourage adoption of battery storage and solar systems. The bill incorporates a discounted rate for energy that is sent to the grid, allowing all Nevada homeowners with rooftop solar to get credit when they export electricity back to their utility.

State legislators passed the bill, known as net metering, a policy many activists say is critical to keeping Nevada's solar industry afloat. Tesla would resume selling systems immediately, he added. The Palo Alto, California-based company will also expand its sales workforce and seek to expand into new facilities in Reno and Las Vegas. Year-to-date, TSLA has gained 74.19%, versus a 9.58% rise in the benchmark S&P 500 index during the same period.

Tesla Inc shares were trading at $372.23 per share on Thursday afternoon, down $8.43 (-2.21%).

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