LOS GATOS, Calif., Oct. 3, 2008 (GLOBE NEWSWIRE) -- With today's passage of the Economic Stabilization Act of 2008 -- which includes the best incentives for solar power in a generation -- Akeena Solar, Inc. (NASDAQ:AKNS), one of the nation's leading designers and installers of solar power systems, believes the key elements are now in place for unprecedented growth in residential solar adoption.
"Finally, the federal government has implemented a set of policies that will spur the long term growth of the solar industry," said Barry Cinnamon, CEO of Akeena Solar. "Our customers can now achieve a payback on their solar investment in five years instead of ten, with a 20 percent return on investment (ROI). In today's uncertain economy, rooftop solar power may be the very best investment a homeowner can make."
An eight-year extension of the federal investment tax credit and the removal of the $2,000 limitation for residential installations will drastically decrease the cost of solar for homeowners. The solar tax credits, first introduced in 2005, have been instrumental in encouraging the expansion of the industry.
Akeena has been installing solar systems since 2001 and began with one office in Northern California. In the past two years Akeena has seen the number of offices it operates grow from one to 10, including offices serving California, Connecticut, Colorado, New York, New Jersey and Hawaii.
"We've been in this industry since the beginning -- we've seen where it's been, and now we are excited to guide its future as more and more people make the switch to clean, renewable, and now more affordable solar power," Cinnamon said.
About Akeena Solar, Inc.
Founded in 2001, Akeena Solar's philosophy is simple: We believe producing clean electricity directly from the sun is the right thing to do for our environment and economy. Akeena Solar has grown to become one of the largest national installers of residential and commercial solar power systems in the United States. The company's new integrated solar panel system, Andalay, is the only solar panel system with integrated racking, wiring and grounding. Andalay panels offer unprecedented reliability, performance and beautiful design. For more information, visit Akeena Solar's website at www.akeena.com.