Xcel Energy ends cash solar subsidy

Excel is ending upfront cash incentives for solar panel installation.

Excel is ending upfront cash incentives for solar panel installation.

Xcel Energy Inc. is ending its upfront cash incentives used to entice homeowners in Colorado to install solar panels after finding the program with a $32 million deficit.

Minneapolis-based Xcel (NYSE: XEL) will now pay a rebate to solar panel customers based on usage.

The Colorado Public Utilities Commission approved the plan on Thursday, the Denver Post reported. The change does not affect any Minnesota programs.

Some commission members are concerned that homeowners won't install solar panels under the new plan.

"We don't know if residential customers are going to want to pay for systems without upfront subsidies," said Ron Davis, a commission staff adviser.

Read more in the Denver Business Journal.

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