North Coast Solar Stocks

December 2, 2009

Real Goods Solar to Install Low Cost Solar Energy at Bay Area Affordable Housing Communities

Filed under: RSOL — Tags: , , — Jason @ 8:00 am

Cost Savings and Clean Energy for Hundreds of Underserved Families

SAN RAFAEL, Calif.–(BUSINESS WIRE)–Real Goods Solar (RSOL) announced today it has signed a large multi-site contract to design and install 790 kW DC of solar electricity across four separate affordable housing communities: three in San Francisco and one in Richmond, CA.

The PV systems will be financed through a Power Purchase Agreement (PPA), enabling these properties to use solar-generated power without the upfront capital costs or operational expenses. Upfront installation costs have been significantly reduced by San Francisco Mayor Gavin Newsom’s GoSolarSF solar energy incentive program, and the California Solar Initiative Multi-Family Affordable Solar Housing (MASH) Rebate Program.

This multi-million dollar investment is expected to generate 1,090,311 kWhrs (1.1 MWhrs) of electricity for the residents of these communities, ensuring lower electricity rates for years to come. California’s new Virtual Net Metering tariff will allow the electricity and cost savings to be shared among the resident families as well as the common areas, a first for California.

“This project provides us the opportunity to showcase our strengths at Real Goods Solar, from expert installation to education to renewable energy living,” said John Schaeffer, Founder and President of Real Goods Solar. “Richmond and San Francisco will have beautiful systems that will produce low-cost power for decades to come, and allow them to be an example for sustainability and green collar jobs in the community.”

Through the San Francisco City Build and Solar Richmond workforce training programs, approximately 36 workers who were previously unemployed now have jobs installing the systems.

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