Xcel Energy - Solar*Rewards Program

March 24, 2023


Note: The Solar*Rewards Program has capacity limits that are allocated on a monthly basis for the Small Program and quarterly for the Medium Program. These allocations typically fill quickly when the application windows open. Check the program website for the latest information on available capacity remaining and other program updates.

Xcel Energy's Solar*Rewards Program provides incentives for customers who install grid-connected photovoltaic (PV) systems sized up to 120% of the average annual load of their homes and facilities. Xcel purchases the renewable energy credits (RECs) produced by the systems for a period of 20 years (unless other legal provision supersedes). The size of the REC payment depends on the size of the system and the owner of the system, as shown below. The follow REC payments are in effect as of November 2015. Check the website above for changes to REC pricing.

For more information, visit the program website or view Xcel Energy's approved 2014 Renewable Energy Standard Plan

Income Qualified On-Site Solar Program (0 – 7 kW) – Standard Offer

The IQ Program offers $1/W for eligible systems. The performance payment is set at $0.00/kWh. The annual capacity limit is 0.5 MW.

Commercial & Industrial Program (8 kW - 1 MW) – Standard Offer

The C&I Program offers a performance payment based on the size of the system. Systems between 8 - 250 kW receive $0.04/kWh. Systems between 250.1 - 500 kW receive 0.0375/kWh for eligible systems. Systems between 500.1 kW - 1 MW receive $0.035/kWh. Up to 15 MW of capacity will be approved for each year. There is also an upfront adder for projects that serve income qualified customers or disproportionately impacted communities of $0.15/W; the adder has an annual budget of $700,000.

Large Program (1 MW - 200% of a customer's annual consumption) – Competitive Bid

Under the Large Program, Xcel is offering up to $1 million in estimated annual REC incentives for 2023, or up to $4 million across the timeline of its 2022-2924 Renewable Energy Plan.

Net Metering

Net metering is available for Xcel Energy's customers, with net excess generation (NEG) at the end of a monthly billing period credited to the next month’s bill. If a customer has NEG at the end of a calendar year, the customer will be paid for the credit at a rate comparable to the utility's avoided-cost rate, or the customer may make a one-time election to have the NEG carried forward from month to month indefinitely as a kilowatt-hour credit.


Program Overview

Implementing Sector: Utility
Category: Financial Incentive
State: Colorado
Incentive Type: Performance-Based Incentive
Web Site: https://co.my.xcelenergy.com/s/renewable/solar-rewards
Administrator: Xcel Energy
Start Date: 3/1/2006
Eligible Renewable/Other Technologies:
  • Solar Photovoltaics
Incentive Amount: Income-Qualified: $1/W
C&I: 8-250 kW: $0.04/kWh
250.1-500 kW: $0.0375/kWh
500.1 kW - 1 MW: $0.035/kWh
Large: Determined through competitive bid
Eligible System Size: Limited to 200% of average annual consumption of the site (>500 kW program only)
Equipment Requirements: See program website.
Ownership of Renewable Energy Credits: Xcel Energy


This program has 4 incentives
Technologies: Solar Photovoltaics
Sectors: Residential, Low Income Residential
Parameters: The system has a minimum of 7.00 kW, The incentive is 1.00 $/W
Technologies: Solar Photovoltaics
Sectors: Commercial, Industrial
Parameters: The system has a maximum of 8.00 kW, The system has a minimum of 250.00 kW, The incentive is 0.04 $/kWh
Technologies: Solar Photovoltaics
Sectors: Commercial, Industrial
Parameters: The system has a maximum of 250.10 kW, The system has a minimum of 500.00 kW, The incentive is 0.04 $/kW
Technologies: Solar Photovoltaics
Sectors: Commercial, Industrial
Parameters: The system has a maximum of 500.10 kW, The system has a minimum of 1.00 MW, The incentive is 0.04 $/kWh


Name: Program Information
Email: solarprogram@xcelenergy.com

This information is sourced from DSIRE; the most comprehensive source of information on incentives and policies that support renewables and energy efficiency in the United States. Established in 1995, DSIRE is operated by the N.C. Clean Energy Technology Center at N.C. State University.