News Releases

Xcel Energy’s Solar*Rewards program issues more than $100,000 in rebates

All customers in Colorado soon will be able to sell Renewable Energy Credits to Xcel Energy

DENVER - Xcel Energy’s Solar*Rewards program’s first rebate check, worth nearly $31,000, is being presented to a participating customer. The check represents rebates and Renewable Energy Credit (REC) payments for installing a 6.8-kilowatt solar panel system on that customer’s home. The solar panels are part of a zero-energy home that Eric Doub built in Boulder, Colo.

The company will issue checks in the next couple of weeks to customers who have installed solar panels on their homes, which are connected to the Xcel Energy grid in Colorado and passed inspection. In total, more than $100,000 in rebates will be distributed, with more checks to come.

“We hope that this is just the beginning of a very successful program in Colorado that will help propel solar power industry to develop more efficient technologies and make it more affordable for all customers,” said Pat Vincent, president and CEO, Public Service Co. of Colorado, an Xcel Energy company. “The Solar*Rewards program is off to a fast start and when combined with our development of a new solar power plant in the San Luis Valley, shows our commitment to this type of renewable energy.”

Customers can still apply for the rebates and REC payments by logging on to: xcelenergy.com/solar. Xcel Energy will rebate customers $2 per watt of solar panels installed on qualified customer premises, for systems with a generating capacity up to 10,000 watts (or 10 kilowatts). The company will also purchase RECs generated by customer systems for up to $2.50 per watt. These credits then will be counted toward the company’s Renewable Energy Standard requirements. The combination of the rebates and the credits will generate a total return to customers of up to $4.50 per watt.

A common size for residential photovoltaic systems in Colorado is 2-3 kilowatts, and total payments to customers for this size would be in the $9,000 to $13,500 range. This would cover approximately half the installation cost, since typical photovoltaic systems are priced at $8,000 to $10,000 per kilowatt.

Starting in June, residents outside of Xcel Energy’s service territory in Colorado can sell the company the RECs from their solar power systems. As part of the Renewable Energy Standard, customers not connected to the company’s power grid can receive a one-time payment of up to $2.50 per RECs relating to the wattage of their solar power units up to 10-kilowatts. These systems must be located in Colorado and the RECs must not have been sold to another entity.