1. Participant must be a Black Hills Energy commercial or industrial electric customer located in Colorado.

2. Compressed Air Studies must be pre-approved before a study is performed.

3. For Prescriptive Rebates, customer must purchase and install the new equipment prior to submitting a rebate application. Equipment cut sheets must be submitted along with the completed application.

4. A final itemized invoice for all equipment, materials and labor related to the installation must be attached to this rebate application. Applications must be completed in full. Incomplete or incorrect applications will delay processing and may be returned.

5. Projects and studies must be completed between January 1, 2025, and December 31, 2025. Applications for work done must be received by January 15, 2026.

6. All rebate applications are reviewed for cost-effectiveness and must pass the Black Hills Energy cost-effectiveness test.

7. Multiple rebate applications may be submitted. Each individual measure will be evaluated on its own merits.

8. Black Hills Energy reserves the right to adjust the rebate amounts based on final project costs as indicated on customer provided invoices.

9. Rebates calculated to exceed $50,000 will be evaluated to determine whether the high rebate cost is beneficial to the program. Incentives are capped at one-third of the total program incentives per facility for a given program year, or as program budget allows.

10. New equipment must be installed on the premises and must not be purchased for resale. Used/refurbished/repaired/rebuilt equipment does not qualify for this rebate.

11. This program is subject to regulatory rules and orders. Black Hills Energy reserves the right to change or to end any portion of this program without notice.

12. Black Hills Energy reserves the right to inspect and verify any equipment before or after the proposed project installation.