Switching to solar has many benefits and incentives, and with the growing rate of solar, these incentives are changing. A prime example is the Xcel Energy Solar Rewards Program. This program offers solar home and business owners the opportunity to create cash flow by selling back excess energy to the grid, but the yearly budget is going fast. There is an unprecedented number of rebates already allocated this year and 73% of this year’s MN Solar Rewards program budget has already been allocated. That means now is the time to act. There truly is no better time than now to switch to solar and take advantage of these incentives while they last!
What is Xcel Solar Rewards?
The Xcel Solar Rewards is an incentivized program for solar home or business owners.
Monthly or annual payments are made to the owner of the solar system in exchange for Renewable Energy Credits (RECs) for the energy produced by the solar system. When the system produces more solar energy than is needed, the extra energy is added to Xcel Energy’s grid, and you will receive a credit. That’s right Xcel will pay YOU through RECs!
How Much Money is Offered per REC?
Each REC certifies the generation of one megawatt-hour (MWh) of renewable energy. It’s paid annually for ten years with payments made by check in the beginning of the year.
For residential solar owners:
- Performance Incentive per kWh: $0.07
For commercial solar owners:
- Performance Incentive per kWh: $0.06
How Much Money is Available?
The total budget for 2021 is $9,727,236.
How Much Money is Left?
Since the beginning of 2021, from the total budget, $7,055,707 (73%) has been allocated. The available budget is $2,671,530 (27%).
- Total Budget: $9,727,236
- Budget Allocated: $7,055,7087 (73%)
- Budget Available: $2,261,530 (27%)
How Does it Fill Up?
Due to differing incentive levels for residential and commercial customers, Xcel tracks and allocates costs for the Solar Rewards program using their available budget. The budget is then updated on a monthly basis for the dollars allocated and available for allocation.
How Does it Work?
All solar customers receive net energy metering benefits (NEM). Net energy metering is a service element that can offset your electric consumption by selling back the excess electricity generated from your solar array using a single net meter. A net meter is a bi-directional meter that measures the flow of electric energy in both directions. All solar customers and other qualified systems receive net energy metering benefits. When the system produces more solar energy than is needed, the extra energy is added to Xcel’s grid and you may receive a REC on your monthly bill.
How is CCE Involved?
At Cedar Creek Energy, we will work directly with Xcel Energy to complete the necessary forms and paperwork to create a Solar Rewards Account for your solar array and submit your application for you. We’ve got you covered.
We want our clients to receive the maximum funding and savings possible, which is why we stay updated on all rebates, programs and financing opportunities. You can count on our expertise, innovation and ability to develop the ideal solar solution that fits your needs, protects your investment and maximizes your savings.
We have successfully completed thousands of solar projects in Minnesota and look forward to working with you. Contact us today to learn how you could benefit from Xcel’s Solar Rewards Program.