UPDATE - Vivint Solar returns to Nevada, sets foot in Colorado

US residential solar company Vivint Solar (NYSE:VSLR) announced its decision to re-enter the Nevada market after the passing of a bill that reinstates net metering in the state.

Vivint’s move back to Nevada will create up to 60 jobs in the coming months and open a total of 100 positions once the company fully resumes operations there, it said on Thursday.

At the end of 2015, the Nevada Public Utilities Commission (PUC) approved a new scheme for net metering, lifting the utility service charge for small solar owners and reducing the credit paid to them for power sent to the grid. This led to a retreat from the local market by a number of sector players including Vivint, SolarCity and Sunrun Inc (NASDAQ:RUN).

Now, the newly-passed AB 405 bill restores net metering rates starting at 95% of the full retail rate for excess power produced by consumers, and gives customers certainty by grandfathering their net metering credit rates for 20 years. Governor Brian Sandoval has committed to sign the bill into law.

"We are very pleased Nevada officials have recognized the broad public support of rooftop solar and reestablished the state's commitment to the future of renewable energy," said CEO David Bywater.

Meanwhile, on Wednesday, Vivint announced it has expanded availability of its solar energy systems into Colorado. It said it will service the Denver and Boulder area, and set up a sales office in Centennial.

With its return to Nevada and the entry into the Colorado market, the company will operate in 18 states.

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