Barnabus Energy Applauds Passing of California's Solar Initiative ProgramFriday January 13, 11:29 am ET
SOLANA BEACH, CA--(MARKET WIRE)--Jan 13, 2006 -- Barnabus Energy, Inc. (OTC BB:BBSE.OB - News) was pleased to learn today that the California Public Utilities Commission (CPUC) has approved the California Solar Initiative (CSI), thereby committing a combined $3.2 billion in incentive funds to drive consumers toward solar power over the next 11 years. This landmark vote creates the country's largest solar roofing program which is designed to provide rebates for homeowners, businesses, farmers and government projects investing in rooftop solar. The initiative is based on the Million Solar Roofs bill that was derailed last year in the state legislature. The new initiative plans for over 3,000 MW of solar power -- moving California into position as a world leader in solar energy.
The program adds $2.5 billion in rebate funds, available from 2007 through 2016, to the $300 million made available in December for 2006 and the $400 million already earmarked for solar power in the Public Goods Fund. The combined $3.2 billion program is the largest investment in solar power in America. By increasing demand 30-fold, the CSI promises to cut the cost of solar by 50% within 10 years, creating a mainstream, self-sufficient solar market.
The CSI establishes a 2006 rebate at $2.80 per watt and requires an annual decline of approximately 10%, based on the expected reduction in the cost of solar power. The rebate program would close at the end of 2016, at which point the prediction is that the cost of solar will be cost-effective without the rebate.
Currently, the average California homeowner considers installing a 2.5 kilowatt system. The planned rebate level would therefore discount the average $20,000 system price tag by about $7,000. For the next two years, homeowners can also take advantage of a federal tax credit furthering the reduction by an additional $2,000. Combining low interest loans, lowering the consumer's electrical bill and creating credit for excess solar generated electricity, homeowners could expect a return on their estimated $11,000 investment within the first month.
Barnabus CEO David Saltman stated, "We believe that with a combination of SolarSave(TM), CE tiles, and architectural PV glass, our Company offers complete solar electric solutions to the residential, commercial and industrial markets. Barnabus is now perfectly positioned to take advantage of the new California gold rush."
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Barnabus Energy, Inc. (BBSE) is committed to the development of a world-class Renewable Energy (RE) company. Barnabus is acquiring commercially viable assets within the Renewable Energy sector encompassing diverse aspects of the industry. Management currently identifies companies that offer significant technology advantages and market opportunities, then moves towards the acquisition of those organizations with the ultimate goal of increasing shareholder value. The company's model is a focused approach to the exploitation of targeted, low-risk development opportunities.
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