First $1 Million Order for 500 KW Project Highlights SET-Solar Financing Benefits
MOUNTAIN VIEW, Calif., Nov. 19, 2009 — SET-Solar Corp., a U.S. provider of high-quality, mono-crystalline photovoltaic solar modules, announced today its collaboration with Broadstreet Energy Corp., a Southern California-based solar panel installation company. The multi-year partnership was established to capitalize on SET-Solar's new finance offerings and will enable Broadstreet to purchase a steady source of solar panels quickly, without the capital constraints typically facing solar panel installers. The first order placed by Broadstreet for 500 kilowatts will be installed in the greater Los Angeles area.
Installers and integrators are purchasing solar panels in record numbers to take advantage of the attractive government rebate programs that have been created recently. However, many installers run into roadblocks when it comes to financing their projects, as they typically lack the necessary capital needed to purchase all of the solar panels and components upfront. SET-Solar is easing this constraint by offering multiple financing options, including leasing and taking government rebates for payment. In addition, SET-Solar provides assistance to installers to access compatible components at wholesale discount pricing. Once developers are able to secure the delivery of solar panels and accessories to complete their projects, they can qualify for rebates and other government-backed financial incentives.
"SET-Solar's collaboration with Broadstreet Energy is typical of the kind of strategic partnerships we're creating within the solar energy market," stated Roland Chu, Chief Executive Officer at SET-Solar Corporation. "By providing financing options which require very little up front capital, we're seeing a dramatic increase in long-term sales contracts, and developers can now take advantage of the numerous state and federal grants available to them. The end-user benefits by having a renewable energy source that costs them less and is good for the planet. It's a win-win for everyone involved."
"Our partnership with SET-Solar is extremely beneficial to the growth of Broadstreet by allowing us to extend our capacity in the greater Los Angeles market," said Ahmad Yakub, founder and CEO of Broadstreet Energy Corp. "The financing options enable us to install solar systems with almost no up front costs to us or the end-user. This allows utility customers to realize the benefits and cost-savings of solar power as their primary energy source."
Broadstreet Energy's future projects include a combination of residential, non-profit organizations, and commercial manufacturing facilities throughout the Los Angeles region.
About SET-Solar
SET-Solar Corporation is an American company based in Mountain View, California. The Company's Silicon Valley team innovates in photovoltaic module QA/QC processes and designs. SET-Solar markets and sells its high-quality, mono-crystalline photovoltaic solar modules to integrators, installers and distributors in North America. SET-Solar has partnered with several of the largest manufacturers of high-grade polysilicon and silicon wafers in China, and Solar Enertech, Inc., a U.S.-based company producing advanced solar cell technology. These partners are subject to strict SET-Solar design and QC/QA specifications during manufacturing. For more information on SET-Solar Corp., please visit http://www.set-solar.com.
About Broadstreet Energy
Broadstreet Energy Corporation is a Southern California-based company focusing primarily on residential and small commercial properties. Broadstreet sells and installs solar panels directly to homes and businesses. Through its financing collaborations, Broadstreet makes solar energy affordable to the average consumer. For more information on Broadstreet, please visit http://www.broadstreetdirect.com.
Forward-Looking Statements
Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on current expectations and are subject to a number of known and unknown risks, uncertainties and other factors beyond our control that could cause actual events and results to differ materially from these statements. These statements are not guarantees of future performance, and readers are cautioned not to place undue reliance on these forward-looking statements, which are relevant as of the date of the given press release and should not be relied upon as of any subsequent date. SET-Solar undertakes no obligation to update publicly any forward-looking statements.
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