Energy Industry Update: April 27, 2010 on California Solar Initiative (CSI)
XsunX, Inc. (OTCBB:XSNX), the developer of advanced, thin-film photovoltaic (TFPV) solar cell technologies and manufacturing processes, updates its shareholders on the Californias Solar Initiative (CSI).
For more than 10 years now, the Golden State has offered solar rebates through a campaign called Go Solar California that includes programs like the California Solar Initiative (CSI); with this policy, customers in California’s investor-owned utility territories (i.e. Pacific Gas & Electric , Southern California Edison , and San Diego Gas & Electric ) can request a rebate from the state of between $1.10 and $1.90 per watt of installed capacity, depending on location.
Because of this program and Californias aggressive Renewable Portfolio Standard, the state has become the nations most progressive market for the adoption of solar power. By 2017, California hopes to reach a goal of nearly 2 gigawatts (GW) of solar installed under the CSI.
The CSI is an excellent policy measure for other states to model, said Tom Djokovich, CEO, XsunX, Inc. Reports are saying applications for the CSI are running 91% ahead of the pace set in 2009, which not only shows the progress and success of the program but an economic recovery as well. In terms of MW, total applications in 2010 are said to have reached 166 MW compared to 87MW in the same period in 2009.
In March, Californians set a monthly record for the states solar program by applying to put more than 50 megawatts (MW) of panels on their homes and businesses. The spike was caused partially by two of the three utilities involved in the program lessening their incentives, prompting a total of 2,355 customers to reserve the CSI incentive.
Even with the utilities decreasing their incentive offerings, California offers an attractive package for those looking to go green, added Tom. Here at XsunX we see this industry as still in the early stages of a very long term growth cycle that will see continued variations to incentive plans. As demand continues to grow what consumers will need is better technology to service their needs. Thats why we are working hard to complete our development and go to market with what we believe will be very relevant new CIGS thin film solar technology.
Tom Djokovich, CEO
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