LOUISVILLE, Colo., April 24, 2013 (GLOBE NEWSWIRE) -- RGS Energy, the commercial and utility division of Real Goods Solar, Inc (Nasdaq:RSOL), and Smart Energy Capital (SEC), will provide Stockton Unified School District (SUSD) with 5.1 megawatts (MW) of solar power that will bring clean energy to 18 SUSD schools and facilities in California. The solar installations are expected to save the district $600,000 in the first year, which will directly benefit school programs and services district wide.
The systems will allow the district to pay less for solar electricity over the course of the 25-year power purchase agreement (PPA), provided by SEC, a leading solar development and finance company. Moreover, the photovoltaic solar systems will deliver environmental benefits to the region, eliminating over 290 million pounds of annual carbon dioxide emissions, which is the equivalent of taking roughly 1,000 cars off California's roads each year (according to the EPA calculator).
"Going solar provides an exceptional real-world learning opportunity by reducing energy costs to free up funds that can be used to improve educational facilities and launch new learning programs for students," said SUSD Superintendent Dr. Steve Lowder. "We are proud to invest in renewable energy and set an example of environmental leadership."
SUSD, by working with RGS Energy and SEC, is now able to go solar with no upfront cost and pay less for solar electricity than they currently pay for utility power. RGS Energy, which has operations centers in numerous states, including California, will be responsible for construction, maintenance and monitoring of the systems.
Stockton Unified will join school districts across the state in benefiting from California's Net Metering policy, which credits solar customers for the surplus clean energy their systems send to the grid. The SUSD solar project will provide clean electricity for use by the schools during the day, and reduce the need for expensive peak power utility production.
"We have successfully deployed solar energy systems at many schools and academic institutions and are always impressed by the great value proposition that solar brings to the educational sector in particular," said Real Goods Solar CEO, Kam Mofid. "RGS Energy is delighted to help the Stockton Unified School District achieve its goals of fiscal responsibility, educational excellence and environmental stewardship."
The project is comprised of more than 17,000 solar panels that will sit atop parking lot carports on the campuses, including the district's four comprehensive high schools. Providing both shade and solar power, these installations will also afford students with firsthand demonstrations of how solar technology works, and of solar energy's benefits to the classroom, where students can view the school's real-time energy production through online monitoring.
RGS Energy, who has designed and installed nearly 50 MW of solar power on schools, universities and colleges across the nation, expects to complete the project - valued at approximately $20 million - in 2013 and 2014.
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 Smart Energy Capital
Smart Energy Capital, LLC ( www.smartenergycapital.com ) is a leader in the financing and development of solar energy projects for commercial, government and utility customers. The Company manages the development, financing, installation and operations of distributed power plants throughout the United States. The Company maintains extensive relationships with a wide range of lenders and investors.
About Real Goods Solar and RGS Energy
Real Goods Solar, Inc. (RSOL) 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 in the U.S. in 1978, the company has installed more than 14,500 solar power systems representing over 100 megawatts of 100% clean renewable energy. Real Goods Solar 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 15 offices across the West and the Northeast. It services the commercial and utility markets through its RGS Energy division. For more information, visit RealGoodsSolar.com or RGSEnergy.com, on Facebook at http://facebook.com/realgoodssolar and on Twitter at http://twitter.com/realgoodssolar.
This press release 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 Real Goods Solar 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, the possibility of negative economic conditions, and other risks and uncertainties included in Real Goods Solar's filings with the Securities and Exchange Commission. Real Goods Solar assumes no duty to update any forward-looking statements.
CONTACT: Media and Investor Relations Contact: Ron Both Liolios Group, Inc. Tel (949) 574-3860 RSOL@liolios.com
Source:Real Goods Solar, Inc.