Xcel Energy has up to $23 million available to invest in new ways to produce electricity from renewable sources, and the company is currently accepting proposals for grants from its Renewable Development Fund.

Funding for renewable energy projects will be available for various-sized projects in two categories: Energy Production, and Research & Development. Xcel Energy released the fund's third request for proposals (RFP). Those seeking grant funding has until July 12, 2007, to apply (use the link below for the RFP). A renewable development fund advisory board will evaluate and select proposals to support with resources from the fund. Selected proposals will be announced in October 2007; all projects chosen are subject to approval by the Minnesota Public Utilities Commission (MPUC). The Renewable Development Fund money comes from Xcel Energy customers after expenditures from the fund are approved by the MPUC. Each year the company must set aside $16 million for the fund in accordance with state statute. Owners of energy production projects sell the energy to Xcel Energy or use the energy themselves within Xcel Energy's Minnesota service territory.