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.
Clear Skies Solar, Inc. (CSS), through its wholly owned subsidiary, provides full-service renewable energy solutions to commercial, industrial and agricultural clients across the country. CSS was incorporated in 2003 and launched formal operations in 2005. During that time, the Company developed its proprietary systems, obtained important licenses and certifications, and acquired technologies to maximize the impact of its construction expertise in the renewable energy sector. Clear Skies Solar has become one of the premier solar electric installation companies in the country. For more information about CSS please visit http://www.clearskiessolar.com
The Clear Skies Solar, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7498
Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" that involve risks and uncertainties. These include statements about Clear Skies Solar's expectations, plans, objectives, assumptions or future events. You should not place undue reliance on these forward-looking statements. Information concerning factors that could cause the Company's actual results to differ materially from these forward-looking statements can be found in Clear Skies Solar's periodic reports filed with the Securities and Exchange Commission. Clear Skies Solar undertakes no obligation to publicly release revisions to these forward-looking statements to reflect future events or circumstances or reflect the occurrence of unanticipated events.
CONTACT: Clear Skies Solar, Inc. Investor Relations Department Email: IR@ClearSkiesSolar.com Direct: 1-877-309-CSKH (2754)
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