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News Releases
8/24/2006
Xcel Energy’s Solar*Rewards payouts eclipse $1 million
DENVER - Xcel Energy’s Solar*Rewards program has eclipsed the $1 million payout milestone in only five months. The program began on March 1, 2006, and since that time, more than 300 applications have been submitted. As of July 31, more than 90 payments have gone out totaling $1.2 million.
These payments represent rebates and up front payments for Renewable Energy Credits (REC) paid to customers for installing solar panel systems on their homes and small businesses. These credits then are counted toward the company’s Renewable Energy Standard requirements.
“We knew that customers were looking forward to the new Solar*Rewards program in Colorado, but the response has been more than we could have hoped for to this point,” said Pat Vincent, president and CEO, Public Service Co. of Colorado, an Xcel Energy company. “Coloradans are taking full advantage of this program and our more than 300 days of sunshine each year. It is important to note that according to the Environmental Protection Agency, by using just 2-kilowatts of photovoltaic capacity a year, you can reduce carbon-dioxide emissions equal to those of driving approximately 6,200 miles in a car. To date, our customers have reduced CO2 emissions equal to nearly 1 million miles driving in a car.”
Customers who are not in Xcel Energy’s service territory in Colorado can still sell the company RECs for a one-time payment of up to $2.50 per REC for systems installed with paperwork submitted by October 1, 2006. This payment relates to solar power units from 0.5-kilowatts up to 10-kilowatts. Those solar power systems must be in working order and generating power to be eligible.
Customers on the Xcel Energy grid can apply for 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. The combination of the rebates and the credits will generate a total return to customers of up to $4.50 per watt.
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