CORRECTING and REPLACING Nevada Legislature Passes Bill to Restore Net Metering for Rooftop Solar

Within the first paragraph, first sentence the type of Bill referenced should read: Nevada Assembly Bill 405 (instead of Nevada Senate Bill 405)
The corrected release reads:

NEVADA LEGISLATURE PASSES BILL TO RESTORE NET METERING FOR ROOFTOP SOLAR

Merging of key solar industry legislation creates a unified path forward for consumer protection and fair value net metering rates

Sunworks, Inc. (NASDAQ: SUNW), a leading provider of solar power solutions for agriculture, commercial, industrial (ACI), and residential markets, praised the approval of Nevada Assembly Bill 405 (AB405), which is expected to revive the state’s solar market.

The new AB405 includes a “Solar Bill of Rights” provision, which reinstates net metering with a new system that uses a tiered approach for calculating the export rate of electricity based on the overall penetration of rooftop solar installations throughout the state. The bill restores net metering rates starting at 95% of the full retail rate for excess electricity produced by consumers.

The inclusion of a net metering solution is considered a victory for rooftop solar businesses which have experienced economic uncertainty for the past two years due to a combination of policy changes and reductions in net metering rates by the Public Utilities Commission. The changes, which took effect in 2016, virtually ended net metering programs in Nevada and resulted in heavy job losses for those in the solar industry. With the passage of the modified AB405, rooftop owners will return to the existing rate classes of all other consumers, thereby protecting them from discriminatory rates, charges, and fees.

AB405 protects consumers from inaccurate public utility rates, minimum warranty requirements, and other contractual disclosure terms. The bill is intended to enhance consumers’ understanding of variables in investment options and to make comparisons between products clearer.

Nevada Governor Brian Sandoval has 10 days to sign the bill. Once signed, the net metering compensation changes would take effect immediately, and the consumer protection measures would take effect this fall.

Sunworks noted that it is already in compliance with all the legislation’s terms for consumer protection and transparency in Nevada. In addition, Sunworks is currently restructuring its proposal process to reflect the modified net metering structure.

Sunworks Regional Vice President of Sales, Casey Coffman, said, “We are pleased with the passage of the revised bill. We believe the bill provides greater transparency for consumers and businesses and will enhance Nevada’s solar industry through a sensible rate structure and will lead to accelerated growth in solar-related jobs.”

Travis Miller, Director of The Great Basin Solar Coalition, is part of an alliance of stakeholders from Northern Nevada which represents the state’s solar industry. Mr. Miller said, “Consumers will now be effectively grandfathered into the rate structure they originally enrolled in for the life of their system. In conjunction with ensuring appropriate consumer disclosures, this bill creates the stability required for Nevadans to make educated investments in clean energy solutions.”

About Sunworks

Founded in 1983, Sunworks, Inc. is a premier provider of solar power solutions. We are 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.

About The Great Basin Solar Coalition

The Great Basin Solar Coalition (GBSC) is the voice for promoting clean, renewable energy in Northern Nevada. We believe in a viable future for solar power and the benefits derived from it for our local communities. Through education and awareness, GBSC works to protect the rights of Nevada ratepayers, achieving fair and equitable net metering arrangements backed by real transparency. We’re leading the way for Nevadans, encouraging the use of clean energy generation while helping to stimulate economic growth. GBSC is an advocate for solar power on every front, from local to federal government. We stand united in fighting for solar rights, positioning Nevada for a clean energy future.

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.

Source:BusinessWire