Clear Skies Sign 162 KW Contract
2011-05-11 06:00 ET - News Release
MINEOLA, N.Y., May 11, 2011 (GLOBE NEWSWIRE) -- Clear Skies Solar, Inc (CSS) (OTCBB:CSKH), a full-service renewable energy provider to commercial, industrial and agricultural clients, today announced it has signed a contract with a New Jersey car dealership and the approved funding will be using our Power Purchase Agreement program, or PPA.
The PPA allows a customer to pay a discounted price for electricity without expending any cash or accruing debt on the books. A third party or financer would own and operate the system while receiving the benefits generated by the renewable energy system. Those advantages are tax credits, Renewable Energy Credits (REC's) accelerated depreciation as well as in some areas, feed-in tariffs.
CSS has expanded their target market into the high-volume arena which has proven to be very successful. We started 2011 with a new focus and altered our internal structure to help meet our new goals. The focus on smaller projects has brought our 2011 sales to approximately $6 million to date and we expect this growth to continue in the future.
From contract signature to execution, these projects take anywhere from 2-5 months to develop depending on the complexities of the engineering and interconnection requirements. The pipeline of sales we have generated starting in January 2011 are now being permitted and installations are expected to begin with the first shipment of modules being delivered in 10-14 days.
CSS has quickly and successfully changed the direction of the company. We look forward to the continued delivery of good news and growing revenue for the future.
About Clear Skies Solar, Inc.
