Program Provides Utility Customers Credits for Surplus Electricity Generated by Their Residential or Commercial Solar Installations
DENVER and KAILUA, Hawaii, April 17, 2017 (GLOBE NEWSWIRE) — Sunetric, a wholly-owned subsidiary of RGS Energy (NASDAQ:RGSE), is preparing to address the growth opportunities created by the decision made last week by the Hawaii Public Utilities Commission (PUC) to add 20 megawatts of capacity (or an estimated 2,800 rooftop solar systems) to its customer grid-supply (CGS) solar program.
The CGS program provides utility customers a PUC-approved credit for any surplus electricity their solar installations export to the grid. The Hawaii PUC decision to expand capacity of its CGS program will help the state achieve its goal of 100% renewable energy by 2045.
“As an established local brand and pioneer of the solar industry in the Hawaiian Islands, we applaud the recent decision of the PUC,” said Darren Jennings, vice president of Sunetric. “This move greatly enhances our opportunities for growth in this market, including our plans to expand our product offerings to include solar hot water, solar air conditioning, and storage solutions for residential and commercial customers.”
Over the past year, several solar companies exited Hawaii primarily due to the capping of net metering. However, Sunetric has expanded its sales, marketing and construction teams in the state. During 2016 and 2017, RGS Energy raised net proceeds of $32.6 million in the capital markets positioning the company to pursue opportunities in the state.
Sunetric (a wholly-owned subsidiary of RGS Energy) is a full-service renewable energy firm operating throughout Hawaii. It designs and installs photovoltaic systems for homes, businesses, and federal and military organizations. Sunetric provides turnkey solar solutions, from design, construction planning, and customer financing assistance to installation, utility interconnection and warranty. For more information, visit www.sunetric.com.
About RGS Energy
RGS Energy (NASDAQ:RGSE) is America’s original solar company, installing more than 25,000 residential and commercial solar power systems since 1978. RGS Energy makes it convenient for customers to save on their energy bill by providing turnkey solar solutions, from system design, construction planning, and customer financing assistance to installation, utility interconnection and warranty.
For more information, go to RGSEnergy.com, or connect with the company at www.facebook.com/rgsenergy or www.twitter.com/rgsenergy. Information on such websites is not incorporated by reference into this press release.
RGS Energy is the company’s registered trade name. The company files periodic and other reports with the Securities and Exchange Commission under its corporate name, Real Goods Solar, Inc.
Forward-Looking Statements and Cautionary Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including statements regarding the RGS Energy’s results of operations and financial positions, and RGS Energy’s business and financial strategies. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they provide our current beliefs, expectations, assumptions, forecasts, and hypothetical constructs about future events, and include statements regarding our future results of operations and financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations. The words “hypothetical,” “expect,” “plan,” “estimate,” “future,” “may,” “will” and similar expressions as they relate to us are intended to identify such forward-looking statements.
Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Therefore, RGS Energy cautions you against relying on any of these forward-looking statements.
Key risks and uncertainties that may cause a change in any forward-looking statement or that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include: the effect of electric power generation industry regulations in the states where RGS Energy operates, net electric power metering and related policies; the level of demand for RGS Energy’s solar energy systems; RGS Energy’s ability to implement its growth strategy, achieve its target level of sales, and to generate cash flow from operations; and RGS Energy’s ability to expand its product offerings.
You should read the section entitled “Risk Factors” in our 2016 Annual Report on Form 10-K, as amended, which has been filed with the Securities and Exchange Commission, which identify certain of these and additional risks and uncertainties. Any forward-looking statements made by us in this press release speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.