North Coast Solar Stocks

November 24, 2008

Yes! Solar, Inc. Sells First East Coast Franchise Territory to North Carolina Investment Group

Filed under: SOPW — Tags: , , — Jason @ 6:00 am

Monday November 24, 6:00 am ET

ROSEVILLE, Calif.–(BUSINESS WIRE)–Yes! Solar, Inc., a wholly owned subsidiary of Solar Power, Inc. (SOPW), announced today that it has executed a franchise agreement with a group of private investors to open and operate the newest Yes! Solar SolutionsTM retail operation in Cary, North Carolina. The Yes! Solar Solutions energy outlet will be centrally located to serve the state’s north central Research Triangle Park Economic Region which is home to 1.9 million people. Site selection for the new retail energy outlet is underway. The investment group includes Stew Miller, Kathy Miller, and their general partner Jeff Fike, all of whom are residents of Cary, North Carolina. The group brings extensive and successful entrepreneurial, corporate business management, and construction experience to the venture.

The territory covers approximately 8,993 square miles and is home to more than 525,000 owner-occupied dwellings and many commercial enterprises. Electric rates in the area make it a prime market for solar relief. Additionally, the state of North Carolina currently offers a loan program featuring a 1% interest rate for 10 years on residential and commercial renewable energy systems up to $500,000. Combined with the 8-year extension of the federal investment tax credit of 30% and removal of the $2,000 cap on residential systems, North Carolina has become one of the region’s most solar friendly states and an attractive market for the company’s turnkey Yes! Solar Solutions’ offerings. “We are excited about this most recent agreement, as it adds to our growing national presence and provides our first location on the east coast. We are very happy to be adding a seasoned group of business leaders to our growing franchise network. We look forward to working with them as we build awareness for the Yes! Solar Solutions brand and the energy independence we can provide home and business owners across the nation,” said Todd Lindstrom, President of Yes! Solar, Inc.

Yes! Solar, Inc. operates a company-owned store in Roseville, California and has franchisee operations in the San Francisco bay area and Orange County, California. Demand for its franchise business opportunity is growing as witnessed at the recent Solar Power International `08 Conference in San Diego, California where the company hosted private seminars for groups of entrepreneurs and received numerous additional inquiries from prospects, all of whom are interested in gaining rapid entry into the renewable energy industry via Yes! Solar Solutions franchises. The Yes! Solar Solutions franchise operations is expected to make up the majority of the company’s national distribution network, serving both homeowners and small to medium-size commercial customers with clean, renewable photovoltaic solar electric systems that also provide a hedge against rising electricity costs.

“The citizens of North Carolina’s Research Triangle Park Economic Region are living with rising electric rates and share growing environmental concerns. As a result, the state is making it easier for citizens to engage with renewable clean-energy forms,” said Todd Lindstrom, President of Yes! Solar, Inc. “We look forward to working with the Yes! Solar Solutions team of the Triangle area and introducing our turnkey solutions to home and business owners throughout the area.”

“As long-time North Carolina residents, we are very pleased to be able to introduce the economic and environmental benefits that photovoltaic solar solutions provide to the communities where we work and live. As entrepreneurs with business experience rooted in this area, our venture into renewable energy through photovoltaic solar is very exciting,” said Stew Miller, who will serve as President of the new operation. “We are proud to be part of a growing, positive national movement. The turnkey solutions and products we will be providing offer an unprecedented clean source of renewable energy, and allow home and business owners to enjoy a new-found measure of energy independence and protection from rising electricity rates.”

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