Nevada Real Estate >> Las Vegas Real Estate Specialist: Are Out of Control Electricity Rates Squeezing Money Out of Las Vegas Valley Economy?

Are Out of Control Electricity Rates Squeezing Money Out of Las Vegas Valley Economy?

Nevada Power raised electricity rates by 11.6% prior to the beginning of summer 2007.

I have had many phone calls for listings because people can no longer afford their home because their interest rate went up and their electrical bill went up too.  I definitely feel their pain!  I think those that may have the luxury of living in a modest 2000+ square foot home with dual air conditioners and pools are experiencing closer to a 25-50% increase.  Which, by the way accounts for a good chunk of middle class homeowners.

While overall gaming revenue is UP, it is mostly for strip (tourist oriented) casinos.  Off strip casinos (local oriented) are feeling a crunch. 

I am sure there is a residual hurt with small businesses and this is also contributing to our already sickly residential real estate market. 

We are still paying dearly for the manipulated energy crisis of 2000/2001 and Nevada Power is striving to make us one of the top innovative green powered cities.  One concept bad, another not so bad.  

People then wonder why Las Vegas has gotten so expensive even though a large business customer electrical rate is only half of a residential customer.  (Not really complaining as large business carries our tax burden, yin and yang if you will.) 

We do enjoy low property taxes, no income tax but there are other things out there that will zap your wallet, even if you are diligent enough to keep your nose clean in Sin City.  Hopefully the green energy initiatives that Nevada Power is implementing will save us in the long run.   

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

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6 comments • Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com • September 16 2007 12:53PM

Comments

Wow Renee, that's a massive increase.  We see those here as well, especially after not having power for weeks after a hurricane hits.  I just don't understand why electric companies are not more efficient.
Posted by Rick & Ines - Miami Beach Real Estate (Majestic Properties) over 4 years ago
We were hit with a huge 50% rate increase this year and it is still stinging..... My August bill hit $490 up from the previous years bill of $322.  September came in at $371 with our consumption down 200 Kwhr's from 2006.  Fortunately the temps are cooling and AC season is about over!
Posted by Dan Cummings - Connecticut's Running Realtor (Raveis Real Estate) over 4 years ago

Renee, better get solar panels. Sell the excess to them.

Bill Roberts

Posted by Bill Roberts - "Baby Boomer" Retirement Planner (Brooks and Dunphy Real Estate) over 4 years ago

My brother-in-law is a detective for the Sheriff's department out here and he's always talking about moving to NV when he retires because of the tax thing.

Bill's solar panel idea is a good one...That would be a good referral partner for you, if you don't have one already. 

Stay cool...but not too cool, or it will cost ya!

Posted by Joey Aszterbaum (Jolynne Photography) over 4 years ago
Wow! That is a huge increase and that can really throw a families budget out of whack real quick. They say they are not going to raise them again for years and as we all know they are asking again for more money in less than a year. I would rather see them raise it 2% every year for 5 years to get the money they need, this way families can adjust over time.
Posted by Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) (Knipe Realty) over 4 years ago

Ines:  ME TOO!!

Dan:  WOW!  About the same for us.  We just turned off our AC for about 12-16 hours a day.  

Bill:  It is definitely in consideration!

Joey:  LOL & Great Idea!

Todd:  Well supposedly it is only 11% but I am not the only one who has seen an upward to 25-50% 

Posted by Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com (BrokerThe Force Realty-REALTOR-Estate-Probate-REO-Short Sale) over 4 years ago

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