Solar Cells Info

Innovative Model Lights the Way for School Districts and Colleges Nationwide
Lafayette, CA & Irvine, CA, June 2, 2008
Source: Solar Money, press release /BusinessWire
http://www.solarmonkey.net/

By the end of 2008 Lafayette School District will be producing the majority of its own power through rooftop solar energy, and saving money in the process. They have selected Solar Monkey as their partner and entered into a Power Purchase Agreement (PPA) with Solar Monkey who will install, own, and operate solar power systems on 4 of 5 of the district schools: Burton Valley, Springhill, Lafayette Elementary School and Stanley Middle School.

The agreement comes after a year of investigative work on the part of the school district evaluating solar energy integrators and the different programs and financing options available from each. “We chose Solar Monkey because we believe their innovative PPA program provides the best and most flexible model for how school districts can begin generating solar power quickly and cost-effectively,” said Frank Tom, Lafayette School District Superintendent.

The estimated power savings for the school district are 10% to 30% over current energy costs annually. Savings can be recouped over the next 25 years of the contract. But, according to the School Board President, Stephanie Teichman, “Those savings would be even more significant if the district bought the panels from Solar Monkey.” The unique structure of this PPA allows customers an option to buy the system outright at the greater of the buy-out price or fair market value starting in year six of the contract and then every two years thereafter. “That price would be lower than what it would cost to install the system,” added Teichman.

Many customers, both private and public, wishing to find new ways of saving money can enter into a PPA for zero out of pocket with the intent to purchase the system further down the road. This allows an opportunity to not only save money immediately and hedge against increasing electricity prices but to also eventually save substantially more as a solar system owner.

Market trends have heavily favored a PPA with more end users wishing to install solar and many of them hoping to do this with minimal cost out of pocket. “We’ve focused on developing our PPA product which, coupled with our excellent control of installation costs, makes the Solar Monkey PPA a smarter investment for our clients. We feel that with a strong PPA we are able to offer a versatile array of options for clients that wish to become more sustainable and also see substantial savings on operational costs,” said Matthew McCullough CEO and founder of Solar Monkey.

About Solar Monkey™
Solar Monkey is based in Irvine, California and offers solar power solutions to commercial and industrial properties owners and public entities throughout the western United States and has recently opened an office in Washington DC to service the growing east coast market. Further information on Solar Monkey and the ways in which Solar Monkey makes it easy and intelligent to go solar is available at www.solarmonkey.net.