RGS Energy to Deploy 1MW of Solar Power Systems for 930 Garden Apartments in New York City
June 23 2014 - 8:31AM
RGS Energy (Nasdaq:RGSE), a nationwide leader of turnkey solar
energy solutions for residential, commercial, and utility
customers, has been selected by Georgetown Mews Owners Corp. to
design and install 1.0 megawatt of solar power systems in Kew
Garden Hills, New York.
The systems will be installed on the rooftops of a 60 acre
residential cooperative, and is expected to offset 35% of the
electricity costs for 930 garden apartments, nearly $250,000 in the
first year alone. This use of solar is also expected to eliminate
more than 1.8 million pounds of annual carbon dioxide emissions
(per EPA-based data).
"By combining the benefits of NYSERDA rebates, a Federal Tax
Credit, NYC property tax abatement, and Con Ed's buy-back of
solar-generated electricity via net metering, RGS Energy is able to
deliver significant cost savings to our cooperative by going
solar," said James Goldstick, VP of Mark Greenberg Real Estate, the
managing agent for Georgetown Mews. "This is a complex project
that requires a company like RGS Energy, with its strong depth and
breadth of capabilities, to meet its specifications."
The solar power systems will be designed to take advantage of
the remote net-metering tariff, a solar friendly statute in New
York enabling the solar electricity to be monetized and credited to
apartment owners' electric bill.
Jared Haines, VP of Sales for RGS Energy's commercial division,
commented: "Georgetown Mews project is an ideal example of our
team's capability to design and deliver custom solutions for any
type of customer. RGS Energy was the first solar company to install
a commercial net-metered system to the Con Ed Grid, and is paving
the way for greater adoption of remote net-metering. In fact, this
housing cooperative will be among the first to take advantage of
remote net-metering in New York."
RGS Energy plans to begin construction in the third quarter of
2014 and finish before the end of the year.
About RGS Energy RGS Energy (Nasdaq:RGSE) is
one of the nation's pioneering solar energy companies serving
commercial, residential, and utility customers. Beginning with one
of the very first photovoltaic panels sold to the public in the
U.S. in 1978, the company has installed more than 22,500 solar
power systems representing over 235 megawatts of 100% clean
renewable energy. RGS Energy makes it very convenient for customers
to save on their energy bills by providing a comprehensive solar
solution, from design, financing, permitting and installation to
ongoing monitoring, maintenance and support.
As one of the nation's largest and most experienced solar power
players, the company has 20 offices across the U.S. For more
information, visit RGSEnergy.com, on Facebook at
www.facebook.com/rgsenergy and on Twitter at
https://twitter.com/rgsenergy. RGS Energy is a trade name and RGS
Energy makes filings with the Securities and Exchange Commission
under its official name "Real Goods Solar, Inc."
Cautionary Statement Regarding Forward-Looking
Statements This communication includes forward-looking
statements relating to matters that are not historical facts.
Forward-looking statements may be identified by the use of words
such as "expect," "intend," "believe," "will," "should" or
comparable terminology or by discussions of strategy. While RGS
Energy believes its assumptions and expectations underlying
forward-looking statements are reasonable, there can be no
assurance that actual results will not be materially different.
Risks and uncertainties that could cause materially different
results include, among others, RGS Energy's failure to successfully
complete this or other future projects, introduction of new
products and services, completion and integration of acquisitions,
possibility of negative impact from weather conditions, supplier
delivery disruptions, possibility of negative economic conditions
and other risks and uncertainties included in RGS Energy's filings
with the Securities and Exchange Commission. RGS Energy assumes no
duty to update any forward-looking statements.
CONTACT: Media and Investor Relations Contact for RGS Energy:
Ron Both
Liolios Group, Inc.
Tel 1-949-574-3860
RGSE@liolios.com