Minnesota’s largest utility provider, Xcel Energy, continues to run their Solar*Rewards rebate in 2024. There are key changes that you should be aware of to apply for this rebate.
Xcel Energy’s Solar*Rewards program is one of the most notable in the state of Minnesota. After being around for over a decade, changes often come each year. Luckily, thanks to the work of solar advocates in the state, the Solar*Rewards program is increasing its incentive offerings in 2024. More than ever before, thanks to the program, solar energy will become more accessible for income-qualified properties.
The program has different incentive offerings depending on what the property qualifies for. Residential solar systems can receive a performance-based rebate of $0.03/kWh for their solar array. Income-qualified residential projects can receive the same performance-based incentive of $0.03/kWh plus an additional upfront incentive of $2.75/W to help with the initial cost barriers of solar. In addition to Xcel Energy’s offerings, the 30 percent federal tax incentive can also be applied to maximize savings on a solar installation.
Income-qualified nonprofits and government entities can receive a performance-based $0.02/kWh plus a $1.00/W upfront incentive. For-profit income-qualified properties can receive the same performance-based $0.02/kWh with a $0.50/W upfront incentive.
Businesses have additional incentives available to them, too. The 30 percent federal tax credit applies, with additional add-ons that can come by meeting specific requirements. The Property Assessed Clean Energy Program (PACE) offers financing options for qualifying applicants. Rural businesses can also apply for a Rural Energy for America Program (REAP) grant to help offset the total cost of their solar installation.
The total budget for the 2024 Solar*Rewards is $11,250,000, with half of the funds allocated to income-qualified properties. This is an overall increase from previous years, but due to the number of properties that Xcel Energy services, it is important to be ready to apply, as funds are often exhausted by April or May.
The Solar*Rewards 2024 program will begin accepting applications on January 29, 2024. However, to be ready, you should talk with a solar installer NOW for the best chance of getting accepted and not being waitlisted. The program is first come, first served, so the sooner you act, the better chance you have of being accepted for this rebate. Unfortunately, due to pushback on the program, there is never a guarantee that solar incentives will continue to return in the following years, which makes applying early even more important. A trusted solar installer can help to ensure you get the best chance of being accepted for this program.
Are you interested to see if you qualify for Xcel Energy Solar*Rewards? Contact All Energy Solar for a free consultation. From there, a solar expert can help you discover what incentives you could qualify for.
All Energy Solar is a turn-key solar installation company that wants to help you save money on your solar investment. We have been installing solar since 2009 and know the ins and outs of the entire process. To learn more about Minnesota solar incentives, view our website to access helpful resources such as blog posts, infographics, videos and more.
