Xcel Energy launches Solar Rewards in New Mexico

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.