Solar Program Offers Renewable Rewards

As of July 31, more than 90 payments have been distributed totaling $1.2 million in the Solar*Rewards program, begun last March by Xcel Energy. In five months, more than 300 applications have been received, surpassing the original $1 million payout milestone.

“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. These payments represent rebates and upfront 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. 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 systems from 0.5 kilowatts (kW) up to 10 kW. Those solar power systems must be in working order and generating power to be eligible. 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 kW. 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.
Previous articleBiofuel Industry Scrutinized in Two Separate Studies
Next articleDirect Energy to Buy 233 MW from AES’ Wind Project in Texas

No posts to display