Yes! Solar, Inc., a subsidiary of Solar Power, Inc. (OTCBB:SOPW), has signed its first east-coast franchise agreement with a group of private investors in Cary, North Carolina.
Financial terms of the agreement were not disclosed.
The Yes! Solar Solutions franchise will be centrally located to serve the state’s north central Research Triangle Park Economic Region, which is home to 1.9 million people. Site selection for the new retail energy outlet is underway.
Yes! Solar said electric rates in the area make it a prime market for solar relief. Additionally, the state of North Carolina currently offers a loan program featuring a 1% interest rate for 10 years on residential and commercial renewable energy systems up to $500,000.
Combined with the 8-year extension of the federal investment tax credit of 30% and removal of the $2,000 cap on residential systems, North Carolina has become one of the region’s most solar friendly states.
"We are excited about this most recent agreement, as it adds to our growing national presence and provides our first location on the east coast," said Todd Lindstrom, President of Yes! Solar, Inc.
Yes! Solar, Inc. operates a company-owned store in Roseville, California and has franchisee operations in the San Francisco bay area and Orange County, California.
Demand for its franchise business opportunity is growing as witnessed at the recent Solar Power International `08 Conference in San Diego, California where the company hosted private seminars for groups of entrepreneurs and received numerous additional inquiries from prospects, the company said.
The Yes! Solar Solutions franchise operations is expected to make up the majority of the company’s national distribution network.
Founded in 2005, Solar Power, Inc. designs and manufactures its own products, including solar modules and racking and mounting systems. The company also designs and builds both large-scale commercial systems and residential solar systems for the U.S. market.
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