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Xcel Energy - Solar*Rewards Program

Savings Category 
Program Info
New Mexico
Program Type 
Performance-Based Incentive
Rebate Amount 

REC Prices as of 4/9/2013
Systems between 0.5 kW and 10.0 kW DC: $0.10 per kWh
Systems between 10.1 kW and 100.0 kW DC: $0.05 per kWh
Systems between 100.1 kW and 2 MW DC: determined through RFP process

Prices will step down over time as participation targets are met

Xcel Energy

Through the Solar*Rewards program, Xcel Energy is purchasing renewable energy credits (RECs) from customers in New Mexico who install photovoltaic (PV) systems. The RECs that Xcel purchases will help the utility comply with New Mexico's [ renewable portfolio standard] (RPS), and provide a financial incentive for homeowners and businesses to install PV systems.

Xcel has a standard offer for new PV systems between 0.5 kilowatts (kW) and 100 kW AC. The utility will pay $0.10 per kilowatt-hour (kWh) for RECs from systems between 0.5 kW and 10.0 kW. Contracts for systems in this size range last 12 years. Projects between 10.1 and 100 kW can receive a payment of $0.05 per kWh for 10 years. Larger systems between 100.1 kW and two megawatts can participate through a request for proposals (RFP) and will receive a per-kWh payment for their RECs at a rate to be determined through the RFP process.

The incentive levels mentioned above are current as of April 2013. Incentives will step down over time as certain participation targets are met.
Participating systems will be net-metered, and a separate production meter will be installed to measure the system's output. The electricity output of participating systems will be measured each month and will be paid in the form of a bill credit. If the total amount of the credit reaches $50, a check will be issued to the customer. To be eligible for the program, PV equipment must appear on the [ California Energy Commission's] lists of eligible modules and inverters. All systems must also carry a five-year warranty from both the manufacturer and the installer, including parts and labor.