LOUISVILLE, Colo., April 26, 2013 (GLOBE NEWSWIRE) -- RGS Energy, the commercial and utility division of Real Goods Solar, Inc (Nasdaq:RSOL), and Smart Energy Capital (SEC), are helping Church Farm School in Exton, Pennsylvania save hundreds of thousands of dollars in utility costs, while significantly reducing their greenhouse gas emissions, with the installation of a 1.1 megawatts (MW) solar array to power its campus.
The $3.2 million project was paid for in part by a grant of $1.19 million from the Pennsylvania Department of Environmental Protection. The remaining balance of the system is being financed with a power purchase agreement (PPA) through SEC. RGS Energy will maintain and monitor the array.
The photovoltaic solar system, comprised of over 3,500 solar panels, is expected to produce nearly 1.5 million kWh of electricity per year. The clean power generated from the ground mount system, installed on five acres of school land, will supply approximately 75% of the school's electrical needs and provide Church Farm students and faculty an on-site source of renewable energy and exposure to best practices in sustainability.
"Our students have a real life laboratory to explore and learn more about their energy future," said Head of School, The Reverend Edmund K. Sherrill. "That we reduce our energy costs along the way is an added bonus since it will redirect dollars spent on energy to our school's mission that provides such a great education at little to no cost."
According to RGS Energy General Manager Tim Seamans: "Church Farm School's solar installation sets a standard for other schools and businesses to follow. Solar energy is a truly cost effective way to reduce operating costs while reducing environmental impact."
Over the system's lifetime, the school will reduce its greenhouse gas emissions by over 46 million pounds of CO2, which is the approximate equivalent of planting half a million trees or taking 52 million miles of automobile traffic off the road (according to the EPA calculator).
RGS Energy has designed and installed over 50 MW of solar power on schools, universities and colleges across the nation.
About Church Farm School
The Church Farm School is a private secondary school in Exton, Pennsylvania and is a designated historic district on the National Register of Historic Places. The Church Farm School prepares a diverse group of boys with academic ability and good character to lead productive and fulfilling lives by making a college preparatory education financially accessible.
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.