LOUISVILLE, Colo., June 23, 2014 (GLOBE NEWSWIRE) -- RGS Energy (Nasdaq:RGSE), a nationwide leader of turnkey solar energy solutions for residential, commercial, and utility customers, has been selected by Georgetown Mews Owners Corp. to design and install 1.0 megawatt of solar power systems in Kew Garden Hills, New York.
The systems will be installed on the rooftops of a 60 acre residential cooperative, and is expected to offset 35% of the electricity costs for 930 garden apartments, nearly $250,000 in the first year alone. This use of solar is also expected to eliminate more than 1.8 million pounds of annual carbon dioxide emissions (per EPA-based data).
"By combining the benefits of NYSERDA rebates, a Federal Tax Credit, NYC property tax abatement, and Con Ed's buy-back of solar-generated electricity via net metering, RGS Energy is able to deliver significant cost savings to our cooperative by going solar," said James Goldstick, VP of Mark Greenberg Real Estate, the managing agent for Georgetown Mews. "This is a complex project that requires a company like RGS Energy, with its strong depth and breadth of capabilities, to meet its specifications."
The solar power systems will be designed to take advantage of the remote net-metering tariff, a solar friendly statute in New York enabling the solar electricity to be monetized and credited to apartment owners' electric bill.
Jared Haines, VP of Sales for RGS Energy's commercial division, commented: "Georgetown Mews project is an ideal example of our team's capability to design and deliver custom solutions for any type of customer. RGS Energy was the first solar company to install a commercial net-metered system to the Con Ed Grid, and is paving the way for greater adoption of remote net-metering. In fact, this housing cooperative will be among the first to take advantage of remote net-metering in New York."
RGS Energy plans to begin construction in the third quarter of 2014 and finish before the end of the year.
About RGS Energy
RGS Energy (Nasdaq:RGSE) 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 to the public in the U.S. in 1978, the company has installed more than 22,500 solar power systems representing over 235 megawatts of 100% clean renewable energy. RGS Energy makes it very convenient for customers to save on their energy bills 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 players, the company has 20 offices across the U.S. For more information, visit RGSEnergy.com, on Facebook at www.facebook.com/rgsenergy and on Twitter at https://twitter.com/rgsenergy. RGS Energy is a trade name and RGS Energy makes filings with the Securities and Exchange Commission under its official name "Real Goods Solar, Inc."
Cautionary Statement Regarding Forward-Looking Statements
This communication 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 RGS Energy 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, RGS Energy's failure to successfully complete this or other future projects, introduction of new products and services, completion and integration of acquisitions, possibility of negative impact from weather conditions, supplier delivery disruptions, possibility of negative economic conditions and other risks and uncertainties included in RGS Energy's filings with the Securities and Exchange Commission. RGS Energy assumes no duty to update any forward-looking statements.