Namasté Solar Responds to Suspension of Xcel Energy’s Solar*Rewards Program
On Thursday, March 3, 2011, as a direct result of Xcel Energy’s unilateral decision to suspend the Solar* Rewards incentive program, Namasté Solar made the difficult decision to reduce its Colorado-based workforce by 12 people (or 16%) . This prudent reduction of overhead is part of a broader company restructuring strategy to adapt to the uncertainty of Colorado’s solar market and to maintain the company’s long-standing financial health. Namasté Solar has a very healthy backlog of sold contracts, over 50% of which is from other states or is independent from Xcel’s incentive program, which will keep our company busy though the rest of 2011.
Despite the uncertainty in the Colorado market, Namasté Solar remains committed to corporate social responsibility. As a way to further assist our departing employees and to continue community giving, Namasté Solar included an optional Community Service Program for former employees. Namasté Solar will compensate impacted former employees for up to 80 hours of community service at local nonprofit organizations. “We believe that this program is a win-win-win: the departing employees receive additional financial support; the nonprofits get hands-on support from exceptional individuals; and the company’s 2011 Corporate Responsibility program gets a creative new addition.” said Blake Jones, President & CEO.
Namasté Solar remains committed to Colorado with over 60 local employees and is optimistic that its Colorado operations will begin growing again in the near future. In the meantime, Namasté Solar remains actively involved in advocating for a reinstatement of a long-term Colorado incentive program and looks forward to continuing its expansion throughout the rest of the U.S.