ROCHESTER, N.Y., Aug. 9, 2012 /PRNewswire/ -- Arista Power, Inc. ("Arista Power" or the "Company") (OTCBB: ASPW), a developer, manufacturer, and supplier of custom-designed power management systems, renewable energy storage systems, wind turbines, and a supplier and designer of solar energy systems, announced today that solar sales for 2012 have exceeded expectations.
John Benetti, Arista Power's Program Director for Solar, said, "In the past 6 months we have gained considerable traction with our solar sales. In addition to our strong sales in the areas surrounding our Rochester, New York headquarters, we expanded into Eastern New York when Solarize Madison, a community solar purchasing program in Madison County, selected Arista Power to be a contractor for their community solar purchasing program in June 2012. We expect to continue to expand our sales presence throughout New York and the New England region. People are becoming more receptive to the idea that solar is not only a clean energy choice, but also a very attractive value proposition. The cost of solar panels has dramatically decreased recently, making the payback on a solar system significantly better."
Arista Power initially expected the Solarize Madison program to generate approximately $400,000 in revenue in 2012. To date, the community solar purchasing program has exceeded expectations and now the Company expects to book under the program approximately $600,000 in orders in 2012. As of the end of July 2012, more than 100 people had applied for the program and attended workshops. To date, 15 systems, ranging from 3 kW to 10 kW in size, have been committed to, translating into $360,000 in orders. Arista Power anticipates additional orders of $240,000 will be booked before the Solarize Madison program ends on September 30, 2012.
"In our solar division, we expect to book approximately $1.5 million in orders this year. To continue the positive momentum in our solar sales, we are developing and implementing our own community bulk solar purchasing program for communities, employee groups of our customers, and other large employers in our area. The greater the number of solar systems a group or community purchases, the greater the savings. In addition, state and federal tax incentives are still available and can offer a significant discount of up to 65% off on the cost of a system. Our sales team is experienced in assisting customers with completing the necessary paperwork to realize these incentives with minimal inconvenience," said William Schmitz, CEO of Arista Power.
Company Establishes Solar Leasing Program
Arista Power is now offering its solar customers a leasing finance option. "We are excited to now offer leasing solar as an option. If you have a situation where leasing is a better option for you, Arista Power's one-stop, streamlined process for homeowners includes financing, custom design, solar installation, permits, rebate paperwork, and ongoing solar system monitoring," said Mark Matthews, Vice President of Sales and Marketing.
Several satisfied Arista Power solar customers have recently given testimonials for Arista Power's YouTube channel. These can be viewed at: YouTube.com/channel/AristaPower
Interested in solar? Contact John Benetti at Arista Power for a quote at [email protected] or toll free at (877) 946-3867.
Interested participants in the Solarize Madison program must pledge by September 30, 2012 to install a system. The program is open to all Madison County home and business owners, farmers, institutions, and municipalities on a first come first serve basis. Interested parties should go to www.solarizemadison.com for more information.
About Arista Power, Inc.
Arista Power, Inc. is a developer, manufacturer, and supplier of custom-designed power management systems, renewable energy storage systems, WindTamer wind turbines, and a supplier and designer of solar energy systems. Arista Power's patent-pending Power on Demand system utilizes inputs from multiple energy sources including wind, solar, fuel cells, and the grid, in conjunction with a custom-designed battery storage system and a proprietary smart monitoring technology that releases energy at optimal times to reduce peak power demand, thereby lowering electricity costs for large energy users who deal with peak usage pricing. Arista Power also sells a Mobile Renewable Power Station that utilizes energy generated from wind, solar PV, generators, fuel cells and other energy-generating devices that is stored in an integrated onboard storage device for military and other applications, and a stationary, scalable Renewable Power Station that can be drop-shipped to off-grid locations to be used as a micro-grid. Arista Power's diffuser-augmented WindTamer wind turbine utilizes a patented technology for the production of electrical power. For more information on Arista Power, visit the Company website at AristaPower.com. View, Like, and Follow the Company's social media platforms at:
About Solarize Madison
Solarize Madison is a grassroots community effort in Madison County, New York that is focused on community solar initiatives to help residents, business owners, and municipalities overcome the financial and logistical hurdles of installing solar power through high volume group purchasing. The project will effectively merge community activism and education, simple low-cost marketing, job creation, and economies of scale to drive participation. The goal of Solarize Madison is to transform interest in clean energy into action by tackling the three major market barriers: cost, a complex process, and customer commitment. For more information visit: www.solarizemadison.com/ or www.madisoncounty.org/planning/energy.php
This press release may contain forward-looking statements based on current expectations that involve a number of risks and uncertainties. Arista Power, Inc. cautions investors not to place undue reliance on forward-looking statements, which reflect Arista Power's analysis only as of today's date. There can be no assurance that such forward-looking statements will prove to be correct, and actual results could differ materially. Arista Power undertakes no obligation to publicly update forward-looking statements. Further information on these factors, and other factors that could affect Arista Power's financial results, is included in Arista Power's Securities and Exchange Commission filings, including the latest Annual Report on Form 10-K.
SOURCE Arista Power, Inc.