How Does Solar*Rewards Work?

Posted on: September 11th, 2015 by admin

Xcel Energy’s Solar*Rewards incentive pays annually at 8 cents per kWh produced by your solar photovoltaic system for 10 years. In addition to the annual incentive payments, you lower your electricity bill as your array produces power. If you produce more than you consume in any given month, excess kilo-watt hours are credited on your bill.

Qualifications Needed:

  • You must be an electric residential or business customer of Xcel energy.
  • Your system must be connected to the electrical grid (sorry no batteries).
  • Your system must be less than 20 kW.
  • Your system must produce less than 120 percent of the customer’s annual energy use, based on the past 12 months of energy use.
  • As part of the Solar*Rewards contract, customer agrees to convey all of the Renewable Energy Certificate (REC) credits produced by the system to Xcel for the 10 year term.
  • Solar thermal systems are not allowed.
  • You’re not allowed to participate in both the Made in Minnesota incentive program and the Solar*Rewards program.

 

How to get approval for funding:

  • Contact TruNorth Solar today to get your application started!System must meet all Xcel requirements.
  • Our team will handle all of the paperwork to complete the Solar*Rewards application, including a valid line diagram and site plan for the proposed site.
  • Once approved, we construct the array, handle all of the proper inspections and order your Solar Rewards meter from Xcel.
  • Next thing you know, your have your own clean energy power production facility on site!

And there you have it! An easy guide to how Solar*Rewards works.