UPDATE - Nevada solar net metering bill signed into law

Nevada governor Brian Sandoval on Thursday signed into law the bill that reinstated solar net metering.

The legislation is expected to reignite the state's rooftop solar market and bring back jobs. According to the Solar Energy Industries Association (SEIA), the decision by Nevada regulators to eliminate net metering in late 2015 has led to almost 2,600 job losses.

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.

The legislation restores net metering rates starting at 95% of the full retail rate for excess power produced by consumers. The credit rates will decline as solar penetration increases. The bill also includes consumer protection measures.

"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," Sean Gallagher, SEIA's vice president of state affairs, said in a statement applauding the bill signing.

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