The Xcel Energy Solar Rewards program has returned for 2022, but with changes to the program compared to 2021. The Minnesota Legislature renewed funding through 2024.
Starting in 2022, residential rebates are reduced from 7 cents to 4 cents per kilowatt-hour. Commercial rebates would be halved from 6 cents to 3 cents.
The share of money set aside for low-income customers has increased from 20% to 30% of available funding. Residential customers who qualify receive an upfront $2 per watt incentive, enough to pay as much as two-thirds of the cost of a solar system. Non-profit income-qualified customers receive an upfront $1 per watt incentive, while commercial and community solar garden income-qualified customers would see a 50-cent-per-watt incentive.
If you’re an Xcel Energy customer interested in switching to solar in 2022, start the process as soon as you can. Though these changes may mean more people should qualify for Solar Rewards incentives, it would be disappointing to miss out if the program funding is depleted.
Xcel Energy’s Solar Rewards program has typically been available all year-round, but in early 2021 a flood of applicants drained its annual $10 million budget by the end of April.
Don’t forget about that Federal Solar Investment Tax Credit, as 2022 is the final year to qualify for the 26 percent credit before it decreases to 22 percent for 2023. Depending on where your Minnesota property is located, there may be even more solar incentives available to help you pay to install solar panels.
With a solar free evaluation from All Energy Solar, you can find out what rebates you qualify for and get prepared for maximum solar incentives. You’ll also have priority scheduling for solar installation in our calendar for Spring of 2022.
Want to know more about the Xcel Energy Solar Rewards rebate program and find out if you could qualify? Contact All Energy Solar for a free consultation.
All Energy Solar is a full-service and licensed Minnesota solar panel installer that can help to ensure you take advantage of as many programs for which you may qualify. Contact us for a free quote that can show what solar power can do for you.
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