SOURCE: Sunworks, Inc.

Sunworks, Inc.

June 06, 2017 14:45 ET

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

ROSEVILLE, CA--(Marketwired - June 06, 2017) - Sunworks, Inc. (NASDAQ: SUNW), a leading provider of solar power solutions for commercial and residential markets, today 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 formula 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 clarify comparisons between products.

Chuck Cargile, Chief Executive Officer of Sunworks, commented "This is an important step forward for Nevada, the state's consumers and businesses and the environment. 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. Sunworks remained committed to the Nevada market, despite the misguided legislation which impacted consumers over the past few years. We are excited at the renewed growth potential following the positive action by the Nevada state legislature. 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."

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.

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. Sunworks is a member of the Solar Energy Industries Association (SEIA) and is a proud advocate for the advancement of solar power.

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