Get Ready To Save On Your Xcel Power Bill
Could you use a few extra dollars this month? Good news if you are an Xcel Energy customer, because this is the month you will see a credit back on your bill! All Xcel customers will receive the refunds. Residential customers using 1,000 kilowatt-hours a month will receive a credit of $14.53. Depending on billing cycles, the refunds could be prorated over a two-month period.
Announced back in June, Xcel is issuing a one-time $16 million dollar fuel refund. The refund is due to months of lower costs for natural gas which are used to fuel local power plants. The savings are also projected to continue with the new Hale Wind Project site outside Plainview, that started operations back in June.
You may have already noticed a slight drop in your Xcel bill recently. They reduced the fuel cost factor across bills back on July 1, lowering the typical residential bill by around 5%. Xcel does not profit from fuel costs since they are passed through to customers dollar for dollar. If actual fuel costs exceed the pre-set amount, the company can surcharge customer bills to make up the difference. Earlier this year, the set factor was collecting too much revenue as natural gas prices dropped, resulting in the current refund.