In a rare interview this week, Billionaire CEO of Berkshire Hathaway Warren Buffett discussed his reason for successfully lobbying for a change in net metering in Nevada, where Buffett owns the state’s largest electric utility, that effectively stopped the growth of residential solar installations in the state.
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Two homeowners with rooftop-solar systems initiated a class action lawsuit in Clark County District Court against Nevada Power, a utility part of Warren Buffet’s NV Energy, over the recent net metering rate changes approved by the Public Utilities Commission.
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SolarCity announced yesterday that it will cease sales and installations in Nevada after the state’s Public Utilities Commission approved a 75% reduction of the price electric utilities pay for electricity generated from rooftop solar. The new rule makes net-metering uneconomical and “effectively shut down” the homeowner and 3rd party-owned rooftop solar industry in Nevada, giving a monopoly to utility-owned systems.
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