Xcel Energy Customer Refunds

Xcel Energy customers will soon see some relief on their energy bills.

The utility says it’s issuing more than $130 million in refunds, thanks to federal tax credits generated at its nuclear power plants in Monticello and Prairie Island.

In Minnesota, customers can expect an average refund of about $2.46 per month over the next nine months. The total refund for Minnesota customers comes to $83.1 million.

The federal nuclear energy production tax credit was created in 2022 and expired last year. In 2025, Xcel’s two nuclear plants supplied 27 percent of the electricity used by customers across the company’s five-state Upper Midwest system.

Xcel Energy has received federal approval to extend the operating life of its Monticello nuclear plant well into the future, and the company plans to seek a similar extension for its Prairie Island plant.