PENNINGTON, N.J., May 11, 2006 (PRIMEZONE) -- WorldWater & Power Corp. (OTCBB:WWAT), developer and marketer of proprietary high-power solar systems, today announced the signing of a contract with the Gerrard Berman Day School, Solomon Schechter of North Jersey (GBDS-SSNJ) located in the Bergen County community of Oakland. Under the terms of the agreement, GBDS-SSNJ will purchase solar generated electricity from a system provided by WorldWater & Power that will be installed on the school's roof. GBDS-SSNJ will not pay for the system or installation but rather commits to buying solar electricity from a third party financing entity for the next ten years at a discounted rate, 10% below their electric utility rate.
By accepting WorldWater's Alternative Clean Energy Services (ACES) plan, the school is guaranteed to save money over a 10-year period, as the solar electricity will provide approximately 50% of the school's power needs. At the end of the contract term, the school can buy the system at a discounted rate and save additional money. The school will remain connected to the electric grid and will receive power from the solar rooftop unit along with the electric utility. WorldWater & Power's technology will ensure automatic and seamless integration between both power sources. The construction value of this project is $850,000.
"We have received numerous inquiries about our ACES plan, and this contract represents the second award in just two weeks - following on the footsteps of St. Joseph's High School of the Palisades in West New York, N.J.," said Quentin T. Kelly, Chairman of WorldWater & Power Corp. "Our ACES plan is definitely a 'win-win' for any New Jersey organization, particularly municipalities, schools or businesses with high power bills. The ACES plan allows organizations to benefit from solar savings over a long period of time, demonstrating that solar energy is a practical, cost-effective solution to today's high energy costs - costs which are expected to escalate."
WorldWater & Power Corp. will design and maintain the solar energy system at the Gerrard Berman Day School. The installation partner for the project will be Clear Skies Group of West Hempstead, New York.
Ezra Green, CEO of Clear Skies Group, commented, "We're proud to be working with WorldWater. We know they are a quality driven team because we have collaborated with them in the past to bring other successful renewable energy projects to New Jersey."
In New Jersey, customers of electrical utilities can generate their own on-site solar power and receive kilowatt-hour for kilowatt-hour "net metering" credits for the power they return to the utility company. Many buildings in New Jersey are well suited for solar installations because they usually have large, flat roofs where solar panels can be installed to optimize solar energy collection - turning an empty area into a revenue-producing asset. With WorldWater & Power's ACES plan, the customer assumes no risks, no start-up costs and no membership fees. The ACES plan guarantees the customer savings from the first day of service and every day thereafter for a minimum of 10 years. At the end of that term, the customer has the option of continuing to buy solar power at a discounted rate or buying the solar system at a reduced price to reap even more savings on electric cost.
About WorldWater & Power Corp.:
WorldWater & Power Corporation is a full-service, international solar electric engineering and water management company with unique, high-powered and patented solar technology that provides solutions to a broad spectrum of the world's electricity and water supply problems. For more information about WorldWater & Power Corp., visit the website at www.worldwater.com.
The WorldWater & Power Corporation logo is available at http://www.primezone.com/newsroom/prs/?pkgid=1629
About Clear Skies Group:
Clear Skies Group is one of the few solar energy integrators in the United States that has an in-house R&D department. It was started in order to develop the technologies needed for Clear Skies Group to offer a wide range of innovative products to ensure a comprehensive energy support system. Integration design, data processing, computer programming and data retrieval are just a few of the products and services that are available.