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4-Traders Homepage  >  Equities  >  Nyse  >  NRG Energy Inc    NRG

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NRG ENERGY : Green Mountain Energy Company Launches Renewable Rewards® Solar Lease Program in Texas

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04/28/2011 | 11:05am CEST

Green Mountain Energy Company is making it easy and affordable for residential customers in Texas to install solar arrays on their homes. The company today launched Renewable Rewards® Solar Lease to encourage the use of residential solar power across Texas.

"Renewable Rewards Solar Lease provides a complete and easy solution that is perfect for customers interested in installing solar on their homes without paying high upfront costs or worrying about the ongoing care and maintenance of the equipment." said Paul Markovich, president, Residential Services, Green Mountain Energy Company. "We help Green Mountain customers make financing, installation, service, support and maintenance of their solar arrays as easy as can be. It's a tangible and hassle-free way for Texas homeowners to support renewable energy and inspire more solar adoption in their communities."

Renewable Rewards® Solar Lease Program

The innovative offer consists of four distinct features that make the program unique:

1. A Flexible and Straightforward Lease that includes all installation and maintenance costs, and can be structured to meet the financial requirements of individual homeowners. Flexible terms avoid high up-front costs and offer affordable monthly payments that meet the financial requirements of the individual homeowner. The lease lasts 20 years, is fully transferable, and can be pre-paid at any time.

2. Care-Free Service that provides all installation, support and maintenance costs and services. The lease eliminates the hassles of ownership by covering all installation and equipment servicing costs, and warranties. It also includes a website that enables the homeowner to observe the amount of energy generated by the solar array in real-time.

3. A generous excess energy buy-back program. Once enrolled in the Green Mountain Renewable Rewards Buy-Back program, Solar Lease customers will be generously paid for excess energy they send to the electricity grid (see Renewable Rewards Buy-Back Program below).

4. An on-going Green Mountain contribution to the Big Texas Sun Club on behalf of the Renewable Rewards Solar Lease customer. Green Mountain will contribute $5 per month to the Big Texas Sun Club on behalf of every Renewable Rewards Solar Lease customer. Those funds are used to finance the installation of solar arrays on non-profit organizations across Texas. The contribution increases the impact of the Renewable Reward Solar Lease customer on the state's adoption of solar in a meaningful and tangible way. The Big Texas Sun Club launched in 2002 and has installed nearly 30 solar arrays on non-profit organizations across Texas.

How to Enroll

Enrolling in the Renewable Rewards Solar Lease program is easy.

  • The homeowner calls Green Mountain to determine if their home is a potential site for solar power.
  • An on-site visit is then conducted at the home to learn more about the design of their home, energy usage and lifestyle.
  • A solar design and financing proposal is developed that reflects the homeowner's individual energy and financial requirements.

Texas residents who want to learn about or enroll in Renewable Rewards Solar Lease can call 1-800-254-0949 or visit www.greenmountain.com/solar.

Criteria to Participate in Renewable Rewards Solar Lease program

The Renewable Rewards Solar Lease program is available to all current and future Green Mountain customers in Texas who meet the leasing program requirements and enroll in Renewable Rewards Buy-Back program (See requirements below).

Renewable Rewards Buy-Back Program

Green Mountain's Renewable Rewards Buy-Back program is available to all current and future Green Mountain customers in Texas who generate solar and wind electricity at their homes and rewards them for all excess energy that their qualifying facility sends to the electricity grid. For the first 500 kilowatt hours (kWh) per month of excess energy, Green Mountain pays the same per kWh rate as the Renewable Rewards electricity rate for the power that a home uses. For any excess energy beyond 500 kWh per month, the buy-back rate is reduced by 50 percent. The Renewable Rewards electricity product is made from 100% Texas wind and has no term commitment.

About Green Mountain Energy Company

Green Mountain, the nation's leading competitive retail provider of cleaner energy and carbon offset solutions, was founded in 1997 "to change the way power is made." The company is the longest serving green power marketer in the United States. Green Mountain offers consumers and businesses the choice of cleaner electricity products from renewable sources, such as wind, as well as a variety of carbon offset products. Green Mountain's largest customer is the "world's most famous office building," the Empire State Building in New York City. Green Mountain customers have collectively helped avoid over 11.3 billion pounds of CO2 emissions. As a wholly owned subsidiary of NRG Energy (NYSE:NRG), Green Mountain is backed by one of the nation's largest renewable power producers. For more information, visit GreenMountain.com.

Green Mountain Energy Company
Marci Grossman, 602-694-8972
[email protected]


© Business Wire 2011
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