The New Franchise Territory Will Serve the Greater South Bay and East Bay Areas of Northern California
ROSEVILLE, Calif.--(BUSINESS WIRE)--Yes! Solar, Inc., a wholly owned subsidiary of Solar Power, Inc. (OTCBB:SOPW), announced today that it has executed a franchise agreement with Trade Dimensions, Inc. located in Pleasanton, CA. The newest Yes! Solar SolutionsTM operation will be based in the East Bay Area with a showroom in the Pleasanton/Dublin area. The new franchise territory extends as far north as Martinez and Antioch, east to the Stockton/Modesto line, south of Newark and west to Oakland.
The territory covers approximately 800 square miles and is home to about 560,000 owner-occupied dwellings and many commercial enterprises. Electric rates in the bay area make it a prime market for solar relief. The California Solar Initiative program, coupled with the recently extended federal investment tax credit and its newly added 30% credit for homeowners, further help to make it an attractive market for the company's turnkey Yes! Solar Solutions' offerings. "We are excited about this agreement, as it adds a seasoned group of business leaders to our growing franchise network and provides an important opportunity for us to accelerate customer awareness of the Yes! Solar Solutions brand in an important area within our State," said Todd Lindstrom, President of Yes! Solar, Inc.
In addition to company owned stores in Roseville, California and Denver, Colorado the company is also engaged in selling Yes! Solar Solutions franchises nationally. The franchise operations will make up the majority of the company's national distribution network, serving both homeowners and commercial customers with clean, renewable photovoltaic solar electric systems that also provide a hedge against rising electricity costs.
"The citizens of the greater San Francisco bay area are living with rising electric rates and have a strong environmental consciousness. As a result, they are embracing renewable clean-energy forms," said Todd Lindstrom, President of Yes! Solar, Inc. "Incentive programs in support of photovoltaic solar also make this an attractive market. Electric rates in California and across the nation have been rising. The increasing cost of coal and natural gas, the fossil fuels used to generate most of the electricity for the nation's power grid, are the primary reasons for this rise in electricity rates."
"As long-time bay-area residents, we are very pleased to be able to continue to serve the many communities where we work and live. As entrepreneurs with deep experience in recycling, this move into renewable energy through photovoltaic solar is both a natural one and an exciting one," said James Gitas, Vice President of Marketing for Trade Dimensions, Inc. "The products we will be promoting provide a clean source of renewable energy, and allow home and business owners to enjoy an unprecedented measure of energy independence and protection from rising electricity rates. We are proud to be part of a growing, positive national movement."
Yes! Solar, Inc., DBA Yes! Solar Solutions, is a wholly owned subsidiary of Solar Power, Inc. (OTCBB: SOPW). Founded in 2005, Solar Power, Inc. designs and manufactures its own products, including solar modules and racking and mounting systems. The company also designs and builds both large-scale commercial systems and residential solar systems for the U.S. market. Throughout Europe and Asia, Solar Power, Inc. sells its products direct to distributors and turnkey solutions providers. Yes! Solar Solutions offers the U.S. residential and medium to small-sized business market segments turnkey solutions through a single brand. The Yes! Web site can be visited at www.yessolarsolutions.com. Solar Power, Inc. can be visited at its web site at www.solarpowerinc.net.
This release contains certain "forward-looking statements" relating to the business of Solar Power, Inc., its subsidiaries and the solar industry, which can be identified by the use of forward looking terminology such as "believes, expects" or similar expressions. The forward looking statements contained in this press release include statements regarding the Company's ability to execute its growth plan and meet revenue and sales estimates, enter into formal long-term supply agreements, and market acceptance of products and services. These statements involve known and unknown risks and uncertainties, including, but are not limited to, general business conditions, managing growth, and political and other business risk. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks and other factors detailed in the Company's reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.