REC Prices as of 05/26/2015
Systems between 0.5 kW and 10.0 kW DC: Fully subscribed, no incentive available
Systems between 10.1 kW and 100.0 kW DC: $0.05 per kWh
Systems between 100.1 kW and 2 MW DC: determined through RFP process
Prices will step down over time as participation targets are met
Note: As of May 2015, the Small Program is fully subscribed. The Medium program has 310 kW of capacity remaining before the incentive amount is reduced.
Through the Solar*Rewards program, Xcel Energy is purchasing renewable energy credits (RECs) from customers in New Mexico who install photovoltaic (PV) systems. The RECs that Xcel purchases will help the utility comply with New Mexico's renewable portfolio standard (RPS) in exchange for a financial incentive to homeowners and businesses who install PV systems.
Participating systems will be net-metered, and a separate production meter will be installed to measure the system's output. The electricity output of participating systems will be measured each month and will be paid in the form of a bill credit. If the total amount of the credit reaches $50, a check will be issued to the customer. To be eligible for the program, PV equipment must appear on the California Energy Commission's lists of eligible modules and inverters. All systems must also carry a five-year warranty from both the manufacturer and the installer, including parts and labor.
The following incentives are available to customers, depending on PV system size.
Small Program – Standard Offer
Xcel has a standard offer for new PV systems (both customer owned and third party developer) between 0.5 kilowatts (kW)-AC and 100 kW-AC. The utility will pay $0.08 per kilowatt-hour (kWh) for RECs from systems between 0.5 kW and 10.0 kW.
Medium Program – Standard Offer
Projects between 10.1 kW-AC and 100 kW-AC can receive a payment of $0.05 per kWh for 10 years.
Large Program – Request for Proposals
Larger systems between 100.1 kW and two megawatts can participate through a request for proposals (RFP) and will receive a per-kWh payment for their RECs at a rate to be determined through the RFP process.