Multifamily Property Owners

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Page updated 3/27/2025

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.  

Disclaimer: Important Notice Regarding Recent Policy Changes  

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to provide information on programs and funding opportunities available under the Inflation Reduction Act (IRA) as originally enacted in 2022.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 recent executive actions have impacted the implementation of the IRA. On January 20, 2025, the executive order titled "Unleashing American Energy" was signed, pausing the disbursement of funds appropriated through the IRA, including those allocated to the Greenhouse Gas Reduction Fund. This pause affects the availability of certain grants and financing programs intended for climate and clean energy projects. As a result, some of the federal resource information in this guide—such as funding availability, program timelines, or eligibility criteria—may be changing. While this guide remains a valuable resource for understanding the original scope and intent of the IRA, we strongly encourage you to seek the most current information due to these policy shifts.  

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. New in 2024, 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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