Sunworks 1.06 MW Solar Project to be Completed for Demas Farms in 2017
- July 23, 2017
ROSEVILLE, CA–(Marketwired – July 23, 2017) – Sunworks, Inc. (NASDAQ: SUNW), a leading provider of solar power solutions for agriculture, commercial, industrial (ACI), and residential markets, announced today a new project for a 1.06 megawatt (MW) solar system that will be constructed at Demas Farms in Winnemucca, Nevada. The installation is expected to generate energy savings in excess of $3.6 million over the next 25 years. Demas Farms, a prominent grower of alfalfa and hay, is seeking to lower energy costs as it expands its business operations.
Since 2015, a series of policy changes and net metering reductions led to economic uncertainty for both consumers and solar installers throughout Nevada. While many companies ceased doing business in the state, Sunworks stayed and continued its expansion efforts, working at a grassroots level to affect changes in local solar regulations. This year, The Nevada state legislature passed a number of new laws re-establishing the momentum that had made Nevada a key provider of solar power in the United States. The new policy changes include a “Solar Bill of Rights”, expansion of the renewable portfolio standards for solar job growth, and a revised net metering rate structure that restores electricity production credits to 95% of the original rate.
The 1.06 megawatt (MW) project will offset the energy consumption required by the farm’s processing and irrigation equipment and will be built with fixed-tilt solar arrays, spread across eight farm sites. Sunworks established a 7-year tax lease that included financing and utility incentives that are expected to produce energy savings of more than $100,000 during the first full year of operation.
Sunworks Chief Executive Officer, Chuck Cargile, said, “Our new partnership with Demas Farms highlights our ability to help Nevada’s agricultural base reduce their electricity costs. Sunworks is supporting Nevada customers on all fronts, from residential to commercial, to help establish a financially stable, long term energy outlook that benefits the state’s economy as a whole.”
Demas Farms Co-owner, Josh Demas, stated, “With our recent farm expansion, we knew energy bills would be a challenge. Sunworks was able to find a solution through low construction cost and creative financing that enables us to save money on day one and stabilize our overhead costs.”
Founded in 1983, Sunworks, Inc. is a premier provider of solar power solutions. We’re committed to quality business practices that exceed industry standards and uphold our ideals of ethics and safety.
Today, Sunworks continues to grow its presence, expanding nationally with regional and local offices. We strive to consistently deliver high quality, performance oriented solutions for customers in a wide range of industries including agriculture, commercial and industrial, federal, public works, utility, and residential. Our dedication to excellence is reflected in our 25-year warranty, a benchmark that we standby to support our customers above and beyond their expectations.
Sunworks’ diverse, seasoned workforce includes distinguished veterans who are devoted to providing the very best customer experience. All of our employees uphold our company’s guiding principles each day. Sunworks is a member of the Solar Energy Industries Association (SEIA) and is a proud advocate for the advancement of solar power.
SAFE HARBOR STATEMENT
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These risks include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, products, and prospects for sales, failure to commercialize our technology, failure of technology to perform as expected, failure to earn profit or revenue, higher costs than expected, persistent operating losses, ownership dilution, inability to repay debt, failure of acquired businesses to perform as expected, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
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