LOUISVILLE, Colo., April 10, 2014 (GLOBE NEWSWIRE) -- RGS Energy (Nasdaq:RSGE) and SEC SUSD Solar One, LLC, have executed agreements to begin construction on solar energy projects at up to 22 sites within the Stockton Unified School District (SUSD).
When completed later this year, the solar photovoltaic (PV) sites will generate a total of up to 6.7 megawatts (MW) of clean solar power for schools and facilities in the district. The systems are expected to allow the district to pay less for electricity over the course of a 25-year power purchase agreement executed with SEC SUSD Solar One. The first year savings alone are expected to be approximately $900,000.
The anticipated energy savings will benefit the district's school programs and services, with the solar PV systems delivering substantial environmental benefits. Collectively, the systems are expected to eliminate more than 290 million pounds of annual carbon dioxide emission or the equivalent of taking roughly 1,000 cars off the road.
Through this transaction, the district is able to install solar PV systems with no upfront cost and while experiencing lower energy costs. RGS Energy, a nationwide solar provider with five operations centers in California, will be responsible for construction of the projects.
The SUSD deployment will involve more than 22,000 solar panels installed on top of parking lot carports at the school campuses, including four high schools. The installations will also demonstrate how solar technology works and reveal its benefits, as students monitor online in real-time the school's energy production.
"We have successfully deployed solar energy systems at many schools and academic institutions, and are always impressed by the great value proposition solar brings to the educational sector in particular," said RGS Energy CEO Kam Mofid. "RGS Energy is delighted to help the Stockton Unified School District achieve its goals of fiscal responsibility, educational excellence and effective environmental stewardship."
RGS Energy, which has designed and installed nearly 75 MWs of solar power on schools, universities and colleges across the nation, expects to complete the projects, valued at up to approximately $22 million, by the end of 2014.
SEC SUSD Solar One is a wholly owned subsidiary of NextEra Energy Resources, LLC.
About Stockton Unified School District
Stockton Unified School District, headquartered in Stockton, California, is made up of elementary, high and specialty schools that service the majority of Stockton students.
About RGS Energy
RGS Energy (Nasdaq:RSGE) is one of the nation's pioneering solar energy companies serving commercial, residential, and utility customers. Beginning with one of the very first photovoltaic panels sold to the public in the U.S. in 1978, the company has installed more than 19,000 solar power systems representing well over 170 megawatts of 100% clean renewable energy. RGS Energy makes it very convenient for customers to save on their energy bill by providing a comprehensive solar solution, from design, financing, permitting and installation to ongoing monitoring, maintenance and support.
As one of the nation's largest and most experienced solar power players, the company has 17 offices across the West and the Northeast. For more information, visit RGSEnergy.com, on Facebook at www.facebook.com/rgsenergy and on Twitter at www.twitter.com/rgsenergy. RGS Energy is a trade name and RGS Energy makes filings with the Securities and Exchange Commission under its official name "Real Goods Solar, Inc."
Cautionary Statement Regarding Forward-Looking Statements
This communication includes forward-looking statements relating to matters that are not historical facts. Forward-looking statements may be identified by the use of words such as "expect," "intend," "believe," "will," "should" or comparable terminology or by discussions of strategy. While RGS Energy believes its assumptions and expectations underlying forward-looking statements are reasonable, there can be no assurance that actual results will not be materially different. Risks and uncertainties that could cause materially different results include, among others, introduction of new products and services, completion and integration of acquisitions, possibility of negative economic conditions and other risks and uncertainties included in RGS Energy's filings with the Securities and Exchange Commission. RGS Energy assumes no duty to update any forward-looking statements.
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Source: RGS Energy