Real Goods Solar Offers New Solar Service Options for Residential Customers in CA, CO, MA, and NY
Partnership with Sunrun Makes Solar Power a More Attractive Energy Alternative to Millions of Homeowners
Louisville, CO, February 7, 2013 – Real Goods Solar, Inc. (NASDAQ: RSOL), a nationwide leader of turnkey solar energy solutions, has a new partnership with Sunrun, the nation’s leading home solar company, to offer flexible and attractive solar service options to homeowners in the key solar markets of California, Colorado, Massachusetts, and New York.
The partners have established an expanded variety of service options designed to make solar an easier choice for homeowners by eliminating the high upfront cost and the worries of ongoing maintenance. Homeowners looking to reduce their energy costs with solar power can pay as little as zero down, lock in low electricity rates for the next 20 years, and have peace of mind with monitoring, maintenance and repairs fully covered.
Through the Sunrun partnership, Real Goods Solar will design, engineer and manage the installation of residential solar systems, while Sunrun will own, insure, monitor and maintain the equipment.
“The expansion of our solar service offerings through Sunrun strengthens our comprehensive solar solution, making solar a more attractive energy alternative for more homeowners in several key states where we already have a substantial footprint,” said Kam Mofid, Real Goods Solar CEO. “This is especially timely for New York, with its expanded NY-Sun Initiative providing financing support and incentives for residential solar installations.”
The NY-Sun Initiative is a dynamic public-private partnership that was formed in 2012 to make solar technology more affordable for all New Yorkers, with the state initially committing $800 million in financial support and incentives through 2015. New York Governor Andrew Cuomo recently expanded the initiative, with plans for an additional $150 million per year over the next 10 years and the creation of a $1 billion Green Bank. The initiative seeks to quadruple New York’s solar capacity by the end of 2013.
Lynn Jurich, co-Founder of Sunrun, commented: “This partnership with Real Goods Solar allows us to provide affordable solar to even more homeowners. We’ve coupled affordable solar with reliable service to make the switch an easy choice for more Americans.”
Sunrun is the nation’s leading home solar company and invented solar power service, a way for homeowners to go solar without the high upfront costs. Sunrun owns, insures, monitors and maintains the solar panels on a homeowner’s roof, while families pay a low rate for clean energy and fix their electric costs for 20 years. Since Sunrun introduced solar power service in 2007, it has become the preferred way for consumers to go solar in the nation’s leading solar markets. More than 30,000 homeowners in 10 states have chosen Sunrun, and the company partners with over 25 leading local solar companies who together employ more than 3,000 workers. Sunrun has attracted enough capital to support the purchase of $1 billion in solar systems from investors including U.S. Bancorp and raised $145 million in venture capital from Accel Partners, Sequoia Capital, Foundation Capital, and Madrone Capital Partners. For more information visit: www.sunrunhome.com.
About Real Goods Solar and RGS Energy
Real Goods Solar, Inc. (NASDAQ: 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 installers, 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, or call (888) 507-2561.
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.
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