SOURCE: Borrego Solar

October 14, 2008 12:02 ET

Borrego Solar Systems Experiences Fourth Consecutive Year of 100 Percent Revenue Growth

Leading Designer and Installer of Solar Electric Systems on Pace to Triple Revenue From 2007 to 2008 as Demand for Residential and Commercial Solar Installations Continues to Increase

SAN DIEGO, CA--(Marketwire - October 14, 2008) - Solar Power International 08 (booth #1030) -- Borrego Solar Systems, Inc., a leading designer and installer of grid-connected solar electric power systems, today announced a revenue increase of more than 100 percent for the fourth consecutive year, and the company is on pace to more than triple revenue from 2007 to 2008. Borrego Solar recently surpassed 800 residential, commercial and public-sector customers, and its installations total more than 23 MW of solar energy. To facilitate this substantial growth, Borrego Solar's workforce has swelled to 165 employees, an increase of 40 percent since the end of 2007. This significant expansion comes as a result of continued recognition of solar power as a leading alternative energy source as well as increased adoption of state and local incentive programs.

"While 2007 was a great year for Borrego Solar, we have enjoyed even greater success in 2008 as more and more home and business owners continue to turn to solar as a clean, efficient, money-saving alternative to traditional energy sources," said Aaron Hall, CEO of Borrego Solar Systems, Inc. "Our steadfast commitment to offering high-quality work and unparalleled customer service has fueled tremendous growth, and with the government passing the extension of the solar investment tax credits, we anticipate that 2009 will be another phenomenal year for Borrego and the entire solar industry."

In recognition of its continued rapid growth, Borrego Solar received several awards in 2008, including being ranked on Inc. Magazine's Inc. 5000 list of the fastest-growing private companies in the U.S. The company ranked 261 on the overall list and ranked 11 in the list of top energy companies -- the fastest-growing of this year's categories -- and Aaron Hall was ranked number one on the publication's "30 Under 30" list of America's top entrepreneurs under 30 years old.

Borrego Solar was also recognized as the second-fastest growing business in San Diego as part of bizSanDiego Magazine's annual Fast Growth Awards, and the San Diego Business Journal ranked Borrego Solar ninth on its list of the Fastest Growing Private Businesses. Other highlights from 2008 so far include:

-- As part of Solar Power International 08, CEO Aaron Hall will participate in a panel discussion entitled "Long-Term Industry Technology Issues" on Thursday, October 16, 2008 at 11:00 a.m. PDT in room 29. The session will address long-term photovoltaic technology issues, including maintenance of existing systems, module design and module recycling, and optimizing design and component criteria for long installation life.

-- Also during Solar Power International 08, Brendan Neagle, vice president of business development, will participate in two panel discussions. One, entitled "Educating Customers," will take place on Tuesday, October 14, 2008 at 4:00 p.m. PDT in room 29. The other, entitled "Affordable Housing," will take place on Thursday, October 16, 2008 at 2:00 p.m. PDT in room 30.

-- Borrego Solar and Sharp Solar teamed up to donate solar energy systems to three Southern California firehouses in locations that were among the most affected by the wildfires of 2007. Firehouses in Irvine, Poway and San Miguel received new solar energy systems that will help reduce electricity costs, conserve fire department resources and reduce constraints on California's electrical grid.

-- Borrego Solar's installation of 127 total kilowatts of residential solar electricity in Massachusetts so far in 2008 is more than any other company. As a result of this momentum, Borrego Solar opened an office in Lowell, Mass. that serves as its New England headquarters and expanded operations into Connecticut after COO Chris Anderson earned a PV-1 license in that state.

-- Through a partnership with Wal-Mart to be part of its "Home Efficiency Centers" in nine Orange County Sam's Club stores, Borrego Solar is helping to bring solar to the masses like never before. These efficiency centers showcase energy efficient products, the centerpiece of which is in-store informational kiosks about solar energy where Sam's Club members learn about how solar works, the costs, available rebates and tax credits, expected savings and other information.

-- Borrego Solar installed a solar electric system for CAKE at the band's studio in Sacramento, Calif. The band is recording its sixth album using 100 percent solar energy.

About Borrego Solar Systems, Inc.

Established in 1980, Borrego Solar Systems, Inc. is one of the nation's leading designers and installers of commercial, residential and public sector grid-connected solar electric power systems. Borrego Solar's photovoltaic systems are efficient, reliable and cost-effective. With more than two decades of experience and more than 800 installations, Borrego Solar offers a complete line of design and installation services throughout California and New England. For more information, visit www.borregosolar.com.

Contact Information