Nevada lost nearly 2,600 jobs after the Public Utilities Commission of Nevada eliminated net metering in late 2015.
Tesla and Sunrun announced last week they plan to begin selling solar energy equipment in Nevada. 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.
Sandoval's decision to sign the bill comes after voters passed the Energy Choice Initiative in 2016 calling on lawmakers to split up the state's electrical market and end the utility company's legal monopoly.
Nevada's solar industry entered a tailspin in 2015 when state utility regulators began decreasing those credits.
Under the revised rules, rooftop solar customers will be compensated at 95% of the retail electricity rate for energy sent back to the grid.
While this is not full retail-rate net metering, it's clearly a better deal than PV systems owners were getting before. CEO Elon Musk boycotted the state until Nevada reinstated the policy, which requires public utilities to purchase excess power from rooftop solar panels. The bill also includes consumer protection measures. The credit declines overtime in 7 percent increments for every 80 megawatts of rooftop solar energy deployed, until it reaches a floor rate at 75 percent of the retail rate. This law will give homeowners and businesses who may have wanted to go solar the assurances they sought, and we expect strong solar growth and jobs to follow.