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BOULDER, Colo.—Xcel Energy has slashed the rate it pays customers who install solar panels, to the dismay of companies that supply the equipment.
As of late Friday, Xcel reduced its renewable energy credit to $1.50 per watt, down from $2.50.
Xcel explains the cut by saying the cost of solar systems is falling and that Congress approved a generous solar tax credit that takes effect in January.
The utility says cutting the credit it gives to individuals will make money available to more customers’ renewable energy projects.
JoElyn Newcomb of Independent Power Systems, a Boulder solar-power installer, says it’s not clear the market can absorb the size of cut Xcel made.
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Information from: Daily Camera,
