PENNINGTON, N.J., June 13, 2005 (PRIMEZONE) -- WorldWater & Power Corp. (OTCBB:WWAT), maker of proprietary high-power solar systems, today announced the creation of a new residential solar sales division to add to its industrial, agricultural and utility operations. The new division will concentrate initially on New Jersey and California, whose Million Solar Roofs Initiative, promoted by Governor Arnold Schwarzenegger, was approved by the California State Senate earlier this month.
The first two contracts signed in New Jersey for the new division are solar electric generation and distribution systems on two private homes in Mercer County, one in Lawrence Township and the other in Princeton Township. The total cost for the two installations is about $114,000, of which between 65 and 70 percent of the cost will be refunded to the owners by the New Jersey Clean Energy Program, according to Quentin T. Kelly, Chairman and CEO of WorldWater & Power. The Clean Energy Program administers the Customer On-Site Renewable Energy (CORE) rebate program. New Jersey has one of the highest, most active rebate programs for residential and commercial purchasers of solar electric systems in the nation.
The installation on the Lawrence Township residence of Al and Lisa Eversen will utilize photovoltaic (PV) panels in two fixed roof-mounted arrays with a total output of approximately 8 kilowatts (kW). The system is designed to generate an average of 10,519 kilowatt-hours (kWh) annually and is expected to meet 99% of the current electric usage charges for the residence. It is anticipated that Mr. Eversen, owner of Eversen Contracting, will also subcontract with WorldWater & Power to install other residential and commercial systems in Central New Jersey.
The Princeton Township system will also use fixed roof-mounted arrays, with a total output of approximately 6 kW. The system is designed to generate an average of 7,890 kWh annually, estimated to eliminate 85% of the residence's current electric usage charges.
"I believe these two projects represent the tip of the iceberg in consumer interest in solar installations to provide energy for residential use," said Mr. Kelly. "The generous rebates available to New Jersey homeowners make the systems affordable, and the substantial energy savings help the systems essentially pay for themselves." A statewide network of sales representatives is planned to service the New Jersey Residential Sales Group, to be headed by Cassandra Kling, Director of Business Development for the Eastern U.S.
In California, WorldWater & Power announced less than a month ago the signing of a contract to install a solar electric generation and distribution system in a prestigious architectural model residence in Southern California. The bi-coastal residential work is in addition to four other projects currently in pre-construction or under construction by WorldWater: two water utilities -- the Atlantic County Utilities Authority in New Jersey and the Idyllwild Water District in California; and two agricultural projects -- a tree farm and an avocado ranch, both in California. The latest two most recent contracts bring the total backlog of projects in 2005 to some $12.6 million, compared to total revenues of $5.8 million in all of 2004, Mr. Kelly said.
About WorldWater & Power Corp:
WorldWater & Power Corporation is a full-service, international solar electric engineering and water management company with unique, high-powered and patented solar technology that provides solutions to a broad spectrum of the world's electricity and water supply problems. For more information about WorldWater & Power Corp., visit the website at www.worldwater.com
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