Nuclear energy plays a crucial role in delivering round-the-clock power—even when the wind isn’t blowing and the sun isn’t shining. That reliability is one of the many ways nuclear brings value to our customers.
Another way is through a first-of-its-kind federal nuclear energy tax credit. New this year, Minnesota customers will see a total of $318 million returned to them — more than half of it coming directly from our nuclear plants. Pending approval from the Minnesota Public Utilities Commission, the average residential customer will receive $81, applied as a rebate on bills through March 2026.
“We’re committed to supporting our state’s economic growth, investing in our communities, delivering reliable and resilient electricity, all while keeping customers’ bills as low as possible,” said Ryan Long, president of Xcel Energy—Minnesota, North Dakota and South Dakota. “Tax credits on nuclear energy generation produce savings for our customers, providing another way for our carbon-free, always-available nuclear fleet to create value for our customers and state.”
Why nuclear energy matters
Xcel Energy’s nuclear power plants at Monticello and Prairie Island have been delivering reliable energy since the 1970s, generating nearly a quarter of the electricity used by customers across our five-state Upper Midwest system—without producing any carbon emissions. They help us avoid millions of tons of greenhouse gas emissions and are key to meeting our clean energy goals.
With rising demand for electricity—driven by AI, data centers and economic growth—there’s a renewed global interest in nuclear power. It’s a critical part of ensuring we can meet those energy needs while keeping costs low.
Xcel Energy is investing in nuclear for the long haul. We recently received federal approval to extend the Monticello Nuclear Plant’s operating license, ensuring it will continue delivering clean, affordable power for years to come. We’re also working on a similar extension for Prairie Island Nuclear Plant.
For these communities, nuclear facilities also provide significant tax contributions and well-paying jobs. Our operations lead to $40 million in local taxes each year, and $322 million in goods and services purchased. Our plants employ nearly 1,100 people full-time as well as hundreds of specialized contractors, of which many are highly skilled and trained engineers and operators.
Learn more about the new tax credit on our Newsroom, and discover the future of nuclear energy and how Xcel Energy is investing in this clean, affordable and reliable technology at XcelEnergy.com.