BUFFALO GROVE, Ill., March 23, 2011 /PRNewswire/ -- Siemens Industry, Inc., today introduced the Siemens Solar Power Purchase Agreement (PPA) program from the Building Technologies Division. The program, implemented in collaboration with Siemens Financial Services, allows customers to bring "clean" solar energy projects on their properties without making an initial capital investment in solar equipment.
"Demand for solar power is on the rise, but for many of our customers the initial capital investment requirements were just too high," says Andreas Schierenbeck, president of the Building Technologies division of Siemens Industry, Inc. "With Siemens Solar PPA program both the financial and technical barriers associated with implementing solar energy are mitigated—we take on the risk—while our customers reap the rewards of clean energy and lower utility bills."
A Siemens Solar PPA, is particularly advantageous for public sector entities. Because schools and other government agencies are tax-exempt, they are prevented from taking advantage of available federal tax incentives for solar energy projects. Siemens Solar PPA program makes buying solar energy in the public sector more accessible and cost-effective: Siemens owns the solar equipment and builds the project on the customer's property. Customers work exclusively with Siemens for the project's entire lifecycle: from financing, design, construction and implementation, through ongoing maintenance. Solar power purchased in this way can also generate electricity expense savings, in addition to helping meet sustainability, clean energy and environmental goals.
Customers that take advantage of Siemens Solar PPA eliminate the third party financing and contractual agreements that are often requirements of other companies' PPA structures. Siemens customers work with a single, financially stable company for the project's entire lifecycle from financing, design, construction and implementation through ongoing maintenance.
Siemens Industry, Inc. is the U.S. affiliate of Siemens' global Industry Sector business—the world's leading supplier of production, transportation and building technology solutions. The company's integrated hardware and software technologies enable comprehensive industry-specific solutions for industrial and infrastructure providers to increase their productivity, sustainability and profitability. The Industry Sector includes six divisions: Building Technologies, Industry Automation, Industry Solutions, Mobility, Drive Technologies and Osram Sylvania. With nearly 204,000 Siemens Industry Sector employees worldwide, the Industry Sector posted a worldwide profit of $4.7 billion on revenues of $47.3 billion in fiscal 2010. www.usa.siemens.com/Industry
A division of Siemens Industry, Inc., Building Technologies is a leading provider of energy and environmental solutions, building controls, electrical distribution equipment, fire safety and security systems solutions. Building Technologies provides a full range of services and solutions from more than 100 locations coast-to-coast, enabling America's buildings to be more comfortable, secure and environmentally friendly as well as less costly to operate. Worldwide, it has nearly 42,000 employees and operates from more than 500 locations in 51 countries. The Building Technologies Division posted worldwide revenues of $9.3 billion in fiscal 2010. www.usa.siemens.com/buildingtechnologies
SOURCE Siemens Industry, Inc.