How we’re focusing on affordability in Colorado
Xcel Energy understands the challenges of high bills and is working to help customers find relief
One of Xcel Energy’s key priorities is to keep costs low for its customers while providing safe, reliable electric and natural gas service. From using a diverse energy mix and building an advanced grid to securing competitively priced fuel contracts, the company understands the challenges of high bills and is focused on ways to help customers find relief.
In Colorado, Xcel Energy works with state and local agencies and advocates for income-qualified customers to provide energy assistance to those in need. Energy Outreach Colorado, the Colorado Energy Office and the Colorado Low-income Energy Assistance Program help income-qualified Colorado customers with bill payment assistance, free weatherization and energy efficiency upgrades, and HVAC repair and replacement. To learn more about energy assistance options, customers can visit xcelenergy.com/EnergyAssistance or xcelenergy.com/Colorado or call 1-800-895-4999.
To help lower bills and provide more resources to help customers in Colorado, Xcel Energy is taking many steps, including:
- New online resources: Customers can visit xcelenergy.com/Colorado to find a single source for ways to save energy and money, achieve more stable bills, learn about payment assistance and more.
- Affordability programs expansion: The company received approval from the Colorado Public Utilities Commission to increase funding for financial assistance programs for customers having difficulty paying their bills. The plan expands the Electric Affordability Program (EAP) and the Gas Affordability Program (GAP), providing a boost in funding of more than 375%, or about $47 million in additional support for Colorado customers in the coming year.
- Lowering fuel costs on bills: As wholesale natural gas prices declined in recent months, Xcel Energy took steps to pass those savings on to customers as quickly as possible by quickly getting approval from the Public Utilities Commission to lower fuel costs on customers’ bills four times during the winter months. Fuel costs are normally adjusted quarterly on customers’ bills, but with these more frequent decreases, savings were passed along to customers more quickly. As a result, the cumulative decrease in the Gas Cost Adjustment was 58% over the course of the winter. Fuel costs, including the cost of wholesale natural gas from suppliers, are billed to customers without any markup, and Xcel Energy does not make a profit on any gas supply costs.
- Free Home Energy Squad visits: An important step in controlling energy bills is ensuring your home is energy efficient. Home Energy Squad can help, and visits are now free in Colorado. Use promo code "FREESQUAD" when setting up your Home Energy Squad appointment. The squad will provide quick, affordable, energy-efficient fixes during an in-home visit. They will replace traditional LEDs, install a programmable thermostat, weatherstrip drafty doors and install energy-efficient showerheads and faucet aerators. The installation, labor and materials, valued at $200, are provided at no cost.
- The RED Truck provides direct assistance to customers: This spring, Xcel Energy launched its new Resources Education Delivered (RED) Truck, which will be out in the community in the coming months, staffed with energy experts who will help with bill assistance, program signups, answering customers’ questions and more. The truck expands on existing community outreach, providing immediate energy assistance at a range of community events and locations.
- Wind energy drives customer savings: Wind energy does not have any fuel costs, which means adding more low-cost renewable energy to serve Colorado customers is also helping them save on their bills. Between 2017 and 2022, the company’s wind farms saved Colorado customers $700 million in avoided fuel costs and tax credits.
- New state policies: Working in conjunction with Colorado leaders, we now have new tools that will help Xcel Energy better protect customers from potential price spikes driven by global energy markets and regional energy constraints. Weather events and geopolitical pressures can dramatically affect the cost of natural gas. New legislation in Colorado created an important tool with which, if natural gas markets were to skyrocket in the future, the company could defer that cost spike and spread it out on customers’ bills it over several years, protecting customers from more significant short-term cost increases.