Jun 17, 2011 4:18 PM by Matt Stafford
DENVER (AP) - Colorado solar industry executives say a decision by Xcel Energy to cut rebates have cost the industry at least 400 jobs.
Namaste Solar Electric president Blake Jones says the cuts were unexpected. The Denver Post says the objective of the rebate program was to have customers pay half the installation price of a solar system, with the other half covered by Solar Reward incentives and tax credits.
Xcel spokeswoman Michelle Aguayo says the program was cut because the company was paying about 75 percent of the installation expense due to rising installation costs and a fall in system prices.
The company decided to cut solar subsidies and implement a new sliding scale that would trim incentives as more megawatts of solar installations are built.