North Coast Solar Stocks

December 22, 2008

XsunX Provides Overview on Positive Developments for the Renewable Energy Industry

Filed under: XSNX — Tags: , , , — Jason @ 6:30 am

Monday December 22, 6:30 am ET

ALISO VIEJO, Calif., Dec. 22 /PRNewswire-FirstCall/ — XsunX, Inc. (XSNX), a solar technology Company engaged in the build-out of its multi-megawatt amorphous thin film photovoltaic (TFPV) solar manufacturing facilities in Oregon, provides a look into 2008’s initiatives, legislation, and events set to positively impact the Renewable Energy Industry and reduce dependence on carbon based fuels.

— In October, the 30-percent Federal Investment Tax Credit (ITC) was extended for 8 years. Important to this extension was the removal of the low monetary caps for residential installations. Also, for the first time, publicly regulated utilities, an XsunX target market, can now monetize the ITC making direct investment by utilities into solar project assets less costly.

— In November, the Environmental Protection Agency (EPA) appeal’s panel rejected a permit for a new coal-fired power plant in Utah. Similarly, in 2007 the Kansas Department of Health and Environment denied permits for two large coal-fired units. Each of these decisions relates to curbing greenhouse gas pollution, putting in question the future of new coal plants throughout the country that do not curb CO2 emissions. This raises an issue of national scope, as coal fired plants account for over one half of domestic electrical power production while emitting over 1/3 of CO2 emissions.

— In December, California announced its goal requiring that new residential developments achieve net-zero-energy status by 2020 with new commercial developments requiring net-zero-energy status by 2030. Governor Schwarzenegger also issues an Executive Order requiring that California utilities reach 33% electrical energy production from renewables by 2020.

— The Obama administration’s Renewable Energy Plan includes calls for ensuring 10% of USA electrical production coming from renewable sources by 2012, 25% by 2025, and creating 5 million new jobs by strategically investing $150 billion over the next 10 years in efforts to build a new energy economy and clean energy future.

“As the costs for pollution emitting sources of electrical production continue to rise for utilities, and consumers alike, solar energy continues to become a significant part of America’s energy future, attracting investment, expanding manufacturing capacities, and lowering the cost of solar produced electrical energy to consumers,” stated Tom Djokovich, CEO for XsunX. “The trend toward building a new energy economy and clean energy future is clearly building momentum. At XsunX we remain focused on working to complete the assembly of our initial manufacturing facilities in Portland, Oregon USA and to begin filling the orders we have received for our solar modules in 2009 and 2010,” he concluded.

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