RGS Energy’s Sunetric Sees New Growth Opportunities with Hawaii PUC Decision to Add 20 Megawatts of Capacity to Customer Gr...
April 17 2017 - 8:31AM
Sunetric, a wholly-owned subsidiary of RGS Energy (NASDAQ:RGSE), is
preparing to address the growth opportunities created by the
decision made last week by the Hawaii Public Utilities Commission
(PUC) to add 20 megawatts of capacity (or an estimated 2,800
rooftop solar systems) to its customer grid-supply (CGS) solar
program.
The CGS program provides utility customers a PUC-approved
credit for any surplus electricity their solar installations export
to the grid. The Hawaii PUC decision to expand capacity of its CGS
program will help the state achieve its goal of 100% renewable
energy by 2045.
“As an established local brand and pioneer of the solar industry
in the Hawaiian Islands, we applaud the recent decision of the
PUC,” said Darren Jennings, vice president of Sunetric. “This move
greatly enhances our opportunities for growth in this market,
including our plans to expand our product offerings to include
solar hot water, solar air conditioning, and storage solutions for
residential and commercial customers.”
Over the past year, several solar companies exited Hawaii
primarily due to the capping of net metering. However, Sunetric has
expanded its sales, marketing and construction teams in the state.
During 2016 and 2017, RGS Energy raised net proceeds of $32.6
million in the capital markets positioning the company to pursue
opportunities in the state.
About SunetricSunetric (a wholly-owned
subsidiary of RGS Energy) is a full-service renewable energy firm
operating throughout Hawaii. It designs and installs photovoltaic
systems for homes, businesses, and federal and military
organizations. Sunetric provides turnkey solar solutions, from
design, construction planning, and customer financing assistance to
installation, utility interconnection and warranty. For more
information, visit www.sunetric.com.
About RGS EnergyRGS Energy (NASDAQ:RGSE) is
America’s original solar company, installing more than 25,000
residential and commercial solar power systems since 1978. RGS
Energy makes it convenient for customers to save on their energy
bill by providing turnkey solar solutions, from system design,
construction planning, and customer financing assistance to
installation, utility interconnection and warranty.
For more information, go to RGSEnergy.com, or connect with the
company at www.facebook.com/rgsenergy or www.twitter.com/rgsenergy.
Information on such websites is not incorporated by reference into
this press release.
RGS Energy is the company’s registered trade name. The company
files periodic and other reports with the Securities and Exchange
Commission under its corporate name, Real Goods Solar, Inc.
Forward-Looking Statements and Cautionary
Statements This press release contains forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 that involve risks and uncertainties,
including statements regarding the RGS Energy’s results of
operations and financial positions, and RGS Energy’s business and
financial strategies. Forward-looking statements are neither
historical facts nor assurances of future performance. Instead,
they provide our current beliefs, expectations, assumptions,
forecasts, and hypothetical constructs about future events, and
include statements regarding our future results of operations and
financial position, business strategy, budgets, projected costs,
plans and objectives of management for future operations. The words
“hypothetical,” “expect,” “plan,” “estimate,” “future,” “may,”
“will” and similar expressions as they relate to us are intended to
identify such forward-looking statements.
Forward-looking statements should not be read as a guarantee of
future performance or results, and will not necessarily be accurate
indications of the times at, or by, which such performance or
results will be achieved, if at all. Forward looking
statements are subject to risks and uncertainties that could cause
actual performance or results to differ materially from those
expressed in or suggested by the forward-looking statements.
Therefore, RGS Energy cautions you against relying on any of these
forward-looking statements.
Key risks and uncertainties that may cause a change in any
forward-looking statement or that could cause our actual results
and financial condition to differ materially from those indicated
in the forward-looking statements include: the effect of electric
power generation industry regulations in the states where RGS
Energy operates, net electric power metering and related policies;
the level of demand for RGS Energy’s solar energy systems; RGS
Energy’s ability to implement its growth strategy, achieve its
target level of sales, and to generate cash flow from operations;
and RGS Energy’s ability to expand its product offerings.
You should read the section entitled “Risk Factors” in our 2016
Annual Report on Form 10-K, as amended, which has been filed with
the Securities and Exchange Commission, which identify certain of
these and additional risks and uncertainties. Any forward-looking
statements made by us in this press release speak only as of the
date of this press release. Factors or events that could cause our
actual results to differ may emerge from time to time, and it is
not possible for us to predict all of them. We do not undertake any
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by law.
Investor Relations Contact
Ron Both
Managing Partner, CMA
Tel 1-949-432-7566
RGSE@cma.team