Following approval of the PV system and installation, the customer signs the “Solar*Rewards contract” with Xcel Energy. The terms and conditions of the contract allow Xcel Energy to purchase from the customer all Renewable Energy Credits (RECs) generated by the PV system for a term of 20 years.
The price for the RECs includes two components – the “standard rebate” based on installation, and a payment based on Xcel Energy’s receipt of all RECs generated by the PV system.
The total price for the RECs is $2.00 per watt for the installation, and $1.50 per watt for the RECs.
The customer is responsible to maintain the PV system for the term of the contract. If the customer breaches the contract during the 20 year term, the customer is liable for liquidated damages limited to the prorated amount of the rebate.
Archive for October, 2008
Xcel rebate and REC – terms and conditions
Thursday, October 30th, 2008The other shoe drops!
Monday, October 27th, 2008Xcel Energy responded to the Federal ITC renewable energy credit change with a change to their rebate and Renewable Energy Credit (REC). Effective October 24 Xcel reduced the REC from $2.50 to $1.50 per watt. The total rebate and REC is now $3.50.
If your application was completed before October 24, you will still receive the $4.50 rebate.
Hello world!
Thursday, October 23rd, 2008Sunnyside Solar is now in the BLOG world.
We will begin posting new developments in the solar electric industry and provide information about federal tax credits, utility rebate and renewable energy credits!
The latest development is the ITC – the federal investment tax credit for renewable energy additions and energy conservation upgrades. Beginning in 2009, home and small business owners may claim the credit on federal tax returns. The newly passed bill attached to the rescue bill allows for a 30 percent credit without the $2000 cap.
Utility rebates and RECs (renewable energy credits) are currently between $2.00 and $4.50 per watt. The word on the street is utilities may reduce these credits when the federal ITC takes effect.
Now is a great time to invest in renewables and energy saving improvements.
