Xcel Energy to Drop Solar IncentivesMINNEAPOLIS (AP) — Minneapolis-based Xcel Energy Inc. says it plans to phase out incentives for solar-electric projects.
By: Associated Press,
MINNEAPOLIS (AP) — Minneapolis-based Xcel Energy Inc. says it plans to phase out incentives for solar-electric projects.
Over the past three years, the Solar Rewards program has awarded $15 million in incentives to 560 solar-electric projects in Minnesota.
Xcel says it will fund the program at $2.5 million in 2013 — half its current rate — and then eliminate it. The subsidy, now at $2.25 per installed watt, also will be reduced to $1.50 per watt next year.
The Star Tribune reports Solar Rewards has helped homeowners and small businesses install solar panels to supply some of their own electricity — and in some cases selling excess power back to Xcel. The program also has boosted solar installation businesses in Minnesota.
Judy Poferl, president and CEO of Xcel's Minnesota operations, says it was time for the company to refocus its conservation initiatives on energy efficiencies.
Copyright 2012 The Associated Press.