North Coast Solar Stocks

February 23, 2009

XsunX Highlights Key Provisions Benefiting the Solar Industry in the American Recovery and Reinvestment Act

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

Monday February 23, 6:00 am ET

ALISO VIEJO, Calif., Feb. 23 /PRNewswire-FirstCall/ — XsunX, Inc. (XSNX), a solar technology company engaged in the build-out of its multi-megawatt thin film photovoltaic (TFPV) solar manufacturing facilities in Oregon, highlighted today key provisions of the $70 billion USD investment in renewable energy signed into law by President Barack Obama as part of the American Recovery and Reinvestment Act of 2009 which is designed to increase the use of renewable sources of energy, promote energy efficiency and transmission, improve financing options, and removes market barriers all of which are significant regulatory actions that may prove to be beneficial for XsunX and the renewable energy industry.

The bill provides $2.3 billion worth of energy related manufacturing investment tax credits (ITC) at a 30% rate to address current renewable energy credit market concerns. The bill also provides provisions in which developers can apply for grants of up to 30% of the total cost of eligible projects in lieu of the ITC. These credits and grants apply to projects creating or retooling manufacturing facilities to make components used to generate renewable energy. These are areas in which XsunX is already carrying out activities.

“Solar energy plays a significant aspect of the energy future president Barack Obama has cited in his commitment to generating millions of new green collar jobs while building a new energy economy built on clean energy manufactured and produced in America,” commented Tom Djokovich, CEO of XsunX. “Similar to how the burst of the Internet bubble in 2000 did little to prevent the continued rapid adoption of pervasive and efficient new communication technologies, I believe that today’s economic difficulties offset by the new administrations energy policies may allow for the continued rapid adoption of solar as a pervasive and efficient new energy source. At XsunX we remain focused on bringing about the completion of our initial manufacturing facilities in Portland, Oregon, so we may begin filling the orders we have received for our solar modules in 2009 and 2010,” he concluded.

The following are highlights of legislation from the bill for renewable energy growth and in particular solar energy:

* Subsidized Renewable Energy Financing means businesses and individuals can qualify for the full amount of the solar tax credit.
* The Renewable Energy Loan Guarantee Program creates a temporary loan guarantee program for renewable energy projects, renewable energy manufacturing facilities and electric power transmission projects.
* The Renewable Energy Manufacturing Investment Credit provides up to $2.3 billion to fund a 30 percent investment tax credit for manufacturing assets used to manufacture alternative energy.
* New Clean Renewable Energy Bonds provides an additional $1.6 billion for bonds to finance facilities that generate electricity from renewable energy sources including solar.
* Solar on Federal Property appropriates $5.5 billion for expenditures on federal buildings to increase energy efficiency, including installing solar energy equipment.
* The legislation provides $30 billion in energy efficiency measures including the Smart Grid Investment Program to modernize the electricity grid for added reliability and efficiency.
* Qualified Energy Conservation Bonds authorizes $2.4 billion in bonds to finance programs to reduce energy consumption by at least 20% and develop electricity from renewable energy sources.
* Green Collar Jobs appropriates $500 million to fund job training programs in energy efficiency and renewable energy.

A complete copy of the American Recovery and Reinvestment Act of 2009 can be found at the following link, http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h1enr.pdf .

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