CSKH | Clear Skies Solar, Inc. to Install $800,000 Solar Energy System

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610 Panels to Deliver 122,000 Kilowatt Hours of Electricity Each Year

Jul 30, 2008 8:00:00 AM
Copyright Business Wire 2008

Clear Skies Solar, Inc. (OTCBB:CSKH), a leading developer of solar energy products and a full-service integration company specializing in the turnkey installation of commercial photovoltaic (PV) solar systems, today announced a contract with Mc Gowan Builders, Inc. (MBG) to install a solar energy system at the company's new headquarters in East Rutherford, NJ.

Under the contract, Clear Skies Solar (CSS) will install a 122 kw solar photovoltaic system, composed of 610 Suntech 200 watt solar panels, designed to offset the majority of buildings' current energy usage charges.

Ezra Green, Chief Executive Officer and Chairman of Clear Skies Solar said, "The renewable energy credits (RECs) offered in the state of New Jersey for this type of project created an outstanding investment opportunity for Mc Gowan Builders. The RECs, combined with deprecation, the federal tax credit and the finance package they chose, will produce a positive cash flow for the company within the first year, and drive the effective cost of the system down significantly."

"We selected CSS's $800,000 solar energy system for Mc Gowan Builders' new headquarters building as an investment in the future - the future of our firm and the future of our planet. CSS provided a solution that satisfied both our cost and performance requirements. The photovoltaic panels will reduce energy production-related carbon dioxide emissions by approximately 144,000 pounds annually. This investment is a part of MGB's environmental initiatives that incorporate green construction practices as well as design and building systems solutions that will result in LEED points for the company's new headquarters," said Martin Mc Gowan, MGB Vice President.

Once completed, this New Jersey-based installation will offset the electricity of 39 average-sized American homes. The project is slated to take approximately five weeks to complete and will begin August 2008.