North Coast Solar Stocks

July 13, 2009

Aerojet’s Sacramento Employees Will Receive Generous Discounts on Yes! Solar SolutionsTM Solar Home Energy Systems

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

Solar Power, Inc. and Aerojet Launch Employee Solar Discount Program, Extending GenCorp’s Sustainability Initiative

Monday July 13, 2009, 6:00 am EDT

ROSEVILLE, Calif.–(BUSINESS WIRE)–Solar Power, Inc. (“SPI”) (SOPW) and Aerojet, a GenCorp (GY) company, announced jointly today that they have launched a discount program on photovoltaic (“PV”) solar home energy systems for employees of Aerojet’s operations in Sacramento. The Aerojet Solar Advantage Program will be serviced by Yes! Solar SolutionsTM, a wholly owned subsidiary of Solar Power, Inc. and will provide Aerojet employees with a special discount on SPI’s proprietary line of Yes! Solar Solutions integrated home energy systems. When coupled with the current Federal Investment Tax Credit and California Solar Initiative rebate, the discount reduces the total system cost by up to 60%, providing the 1,600 Sacramento Aerojet employees with cost-effective opportunities for reducing or eliminating home electricity costs.

In addition to helping employees mitigate rising electricity costs, the program also provides a way for Aerojet to indirectly extend the environmental benefits produced by its 3.5 megawatt solar system, currently under construction. During its first year of use, the Aerojet system is expected to offset approximately 4,200 tons of carbon dioxide, 16.7 tons of sulfur dioxide and approximately 6.5 tons of nitrogen oxide that would have otherwise been produced using fossil fuel power production. The first-year net clean energy benefits equate to offsetting approximately 8,270,000 car miles driven or the clean air benefits realized from planting 976,520 trees. With a system life expectancy of 25 years, the scope of this project will yield major cumulative life-cycle environmental offsets.

“The Aerojet Solar Advantage Program is a significant addition to both our sustainability initiative and our employee benefits offering,” said Scott Neish, President of Aerojet. “By providing our Sacramento employees with access to discounted solar systems for their homes, we are extending to them our Company’s commitment to solar energy solutions, while also providing them with a deeply discounted hedge against rising electricity costs. This program is a win-win for all involved.” Under the sustainability initiative, Aerojet has decreased the Company’s carbon footprint by instituting initiatives to track and improve energy usage and transportation practices, and is implementing conservation measures and recycling programs at many of their facilities across the country. Aerojet has also established a sustainability council comprised of employees from all Aerojet locations to evolve the sustainability program.

“We are not aware of another employee program like this in the U.S.,” said Steve Kircher, CEO of Solar Power, Inc. “It is a pleasure to work with a forward thinking company like Aerojet to develop and launch this innovative program. As more businesses around the world follow their example and adopt sustainability initiatives, providing employees access to discounted renewable energy to power their homes will no doubt become a more widely implemented form of employee benefit.”

Installation of Aerojet’s 3.5 megawatt system is now underway and on track for completion in November of this year.

About Aerojet:

Aerojet is a world-recognized aerospace and defense leader principally serving the missile and space propulsion, defense and armaments markets. GenCorp is a leading technology-based manufacturer of aerospace and defense products and systems with a real estate segment that includes activities related to the entitlement, sale, and leasing of the company’s excess real estate assets. Additional information about Aerojet and GenCorp can be obtained by visiting the companies’ Web sites at http://www.Aerojet.com and http://www.GenCorp.com.

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