Xcel Energy announced it will launch Solar*Rewards Community in Minnesota on Friday. The program will significantly boost the use of solar in the state by allowing Xcel Energy customers to subscribe to solar gardens - solar panel arrays constructed by third-party developers at centralized locations - and receive credits on their electricity bills for their portion of energy produced.
"Solar*Rewards Community will make solar power available to a broad group of customers who did not have access to this popular clean energy source previously," said Chris Clark, Xcel Energy regional vice president of rates and regulatory affairs.
Solar*Rewards Community is designed for customers who cannot take advantage of other solar programs because they rent, live in multi-family dwellings, their homes or businesses are not suitable for solar installations, or rooftop solar installations aren't right for them for other reasons. Developer interest is high, and the first solar gardens are expected to be operating by mid-2015.
"Solar*Rewards Community offers a new approach to renewable energy in Minnesota," Clark said. "Larger solar developments - as compared to putting solar panels on individual roof-tops - usually cost less to install, which can make solar power more affordable and convenient. This program will help the Minnesota solar industry grow in size and vitality."
Xcel Energy offers a similar Solar*Rewards Community program in Colorado. The company is among the top ten U.S. utilities for the amount of solar power on its system and has been the nation's largest provider of wind energy for 10 consecutive years.
Approximately 14 megawatts of solar power currently is on Xcel Energy's system in Minnesota. One megawatt of solar power provides enough energy to serve about 250 homes.
Xcel Energy (NYSE: XEL) is a major U.S. electricity and natural gas company that provides a comprehensive portfolio of energy-related products and services to 3.5 million electricity customers and 1.9 million natural gas customers through its regulated operating companies in eight Western and Midwestern states. Company headquarters are located in Minneapolis. More information is available at www.xcelenergy.com.
