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Solar EnerTech Corp. (OTCBB: SOEN) (the Company) will celebrate this week with the news that California's Million Solar Roofs bill, SB1 authored by Senator Kevin Murray, has finally passed on the Senate Floor by a vote of 36 to 4, and that the solar industry has at last gained bipartisan support for the nation's largest and most comprehensive solar program in the United States.
The bill was signed into law by Governor Schwarzenegger at a ceremony held at the new solar powered CalTrans building in downtown Los Angeles last week.
Throughout the past months after the original Million Solar Roofs bill was defeated by legislature, Solar EnerTech Corp., a California-based company, kept busy building its solar cell production plant in Shanghai, with the firm belief that the bill, or a similar act would someday become law and that the Company would become a supplier for the million solar roofs in its home state.
That day finally came last Tuesday. The new legislation dovetails with the existing Solar Initiative program established by the California Public Utilities Commission in January and moves the State rapidly towards the goal of building a million solar roofs within the next ten years. The primary components of the bill allow for increasing the cap on net metering thereby allowing solar customers to get credits on their electric bill for excess power generated by their personal solar system. SB1 increases the cap from 0.5% of a utility's total load to 2.5% enabling approximately 500,000 new solar system owners access to the net metering program.
Solar panels become a mandated standard option for all new homebuyers, thus empowering new home buyers the choice to add solar panels during new home construction. The bill also directs the California Energy Commission to asses and determine if and when solar power should be mandated on new construction as a standard, non-optional feature.
The law also requires that the state's municipal utilities create a solar rebate program, totaling $800 million in rebate funds to drive municipal utility ratepayers toward solar power and further directs the California State Licensing Board to review current licensing requirements for solar installers in order to determine if they have been adequately trained to install the large numbers of solar roofs expected to be purchased as a result of this program.
The overall effect of the law which is scheduled to come into effect January 1, 2007 is simply stated as having created the largest solar program in the nation and is aiming to build 3,000 MW of solar power -- the equivalent of 6 large power plants -- on homes, businesses, farms, and schools throughout the state.
Solar EnerTech developed its business model and soon-to-be-operational manufacturing facilities in Shanghai founded on the overall growth of the industry with the knowledge that many influential individuals and legislators both in the United States and abroad have shown unyielding commitment to alternative energy sources that have resulted in a number of highly effective programs and initiatives becoming enacted in a relatively short period of time. As a natural result of the increased demands brought about by these new acts, solar cell production supply will become the key for a successful outcome for manufacturers, integrators and consumers alike.
In China, with its sustained annual growth of 10% for more than 20 years and its relatively inexpensive labor and rich natural resources, the Company identified an extraordinary opportunity for a foreign renewable energy company to locate its manufacturing facility there, and Solar Enertech wasted no time grasping this opportunity. Leo S. Young, founder and CEO of the company, was a senior member of a California trade mission to the country last November and along with the participation of Governor Schwarzenegger managed to organize an Energy Round Table in Beijing, at which Schwarzenegger, key business leaders and Chinese high officials met for a series of discussions. During the round table, policies for renewable energy by both governments were discussed, favorable incentive packages were outlined, and a mechanism for communication and cooperation between California and China was established.
Less than two months later, China inaugurated its Renewable Energy Act (in January 2006), and Solar Enertech launched construction of its solar cell manufacturing plant in Shanghai beginning in February. As of today, the Company's infrastructure and production facility are on schedule to begin producing solar cells in late November at the anniversary of the Energy Round Table in Beijing.
About Solar EnerTech Corp. (OTCBB: SOEN)
Solar EnerTech is a photovoltaic (PV) solar energy cell manufacturing enterprise based in Shanghai, China where the Company is establishing a sophisticated 42,000 square foot manufacturing and research facility in Shanghai's Jinqiao Modern Science and Technology Park. Solar EnerTech plans to invest in PV cell research to develop higher efficiency cells and put the results of that research to use immediately in its manufacturing processes. Led by one of the industry's top scientists, the Company's R&D program will work to bring Solar EnerTech to the forefront of advanced solar technology research and production. The Company has also established a marketing, purchasing and distribution arm in Northern California's Silicon Valley.
Forward-Looking Statements
Except for statements of historical fact, the information presented herein may contain forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Solar EnerTech Corp. has little or no control.
Investor Relations Contact:
Boundary Point Investor Relations Inc.
1-866-378-7372
http://www.solarenertech.com
SOURCE: Solar EnerTech Corp.
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