Multifamily Property Owners

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Page updated 12/5/2025

Welcome to the Multifamily Property Owners Resources page of Xcel Energy’s Partners in Energy’s Inflation Reduction Act (IRA) Resource Guide. This resource is intended to guide you to available IRA resources and share how you can combine these resources with Xcel Energy or other incentives.  

This IRA Resource Guide was developed to provide information on programs and funding opportunities available under the Inflation Reduction Act (IRA) as originally enacted in 2022. However, please be aware that in July 2025, President Trump signed a tax and spending bill into law that had several implications for the Inflation Reduction Act. The most significant changes are: 

  • Federal tax credits for electric vehicles ended September 30, 2025.

  • EV charging infrastructure under the Alternative Fuel vehicle Refueling Property Tax Credit (30C)needs to be put into service by June 30, 2026.

  • Home solar tax credits, heat pumps, heat pump hot water heaters, weatherization, and insulation will expire December 31, 2025.

  • Utility-scale solar and wind facilities must either be placed in service by December 31, 2027 or beginning of construction must be established by July 4, 2026.

We appreciate your understanding as we navigate these changes and strive to provide the most accurate and up-to-date information possible. 

Resources for Multifamily Property Owners

Building Efficiency & Renewable Energy

  • The IRA offers tax credits, tax deductions, and rebate opportunities that help offset the cost of building retrofits.
    • The Energy Efficient Multifamily Homes Tax Credit applies to new construction as well as substantial reconstruction and rehabilitation for multifamily properties.
      • Base credit: $500 per unit for meeting ENERGY STAR® standards and $1,000 per unit for DOE zero-energy ready homes.
      • Bonus credit: 5 times the base amount if prevailing wage requirements are met.
    • The Energy Efficient Commercial/Multifamily Buildings Deduction provides new or retrofit multifamily properties a tax deduction between $2.50 and $5 per square foot if they meet certain energy efficiency requirements.
    • Department of Housing and Urban Development (HUD) provides grants and loans for upgrades that improve energy and water efficiency, improve air quality, implement building electrification, climate resilience and other sustainability measures such as water efficiency improvements. 
  • State-specific programs
    • Colorado
    • Minnesota
      • The Xcel Energy Multifamily Building Efficiency Program offers a free building assessment and direct installs of energy-saving measures along with a report of energy-saving recommendations. After the assessment, implementation support and 30% bonus rebates help make building upgrades possible.
      • The Xcel Energy Income-Qualified Multifamily Building Efficiency Program offers a free building assessment and direct installs of energy-saving measures for buildings that have 66% or more of units that are income-qualified. These properties also qualify for 200% bonus rebates for mini split heat pumps, weatherization, efficient heating system upgrades, and more.
    • Wisconsin

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