Electric customers of Xcel Energy in New Mexico can now apply for Solar*Rewards incentives on small and medium solar photovoltaic (PV) generating systems installed on their homes and businesses.
For small and medium systems, Xcel Energy will purchase the Renewable Energy Credits (REC) generated by a customer’s PV system. Credits are purchased at a rate of 20 cents per kilowatt-hour (kWh) of alternating current energy generated on systems installed after February 9, 2009, and 10 cents per kWh on existing systems. Xcel Energy also will pay credits on larger systems at a price determined through a request for proposal process.
Small systems generate 0.5 kW to 10.0 kW in direct current, and medium systems produce 10.1 kW to 100.0 kW. Eligible large systems generate 100.1 kW direct current and above. Inverters on PV systems convert the energy from direct current to alternating current before the electricity is used by the consumer or placed on Xcel Energy’s distribution grid.
Actual production will be measured each month using a production meter and REC purchases are made based on readings from the meter. Purchases are in the form of a credit toward the customer’s bill. Refund checks are issued any time the credit balance on the account exceeds $50.
Participants must be an Xcel Energy electric customer with an unshaded south, east or west-facing roof in good condition, and they must agree to have the system interconnected to the grid. This program applies to photovoltaic generating systems only.
"At Xcel Energy, we work to deliver the power you need while conserving our natural resources," said Pam Newell, product portfolio manager at Xcel Energy. "Solar photovoltaic electricity generation is a clean and sustainable source of renewable energy for New Mexico, and we’re pleased to include our customers as partners in building a sustainable energy future."