Jul 14 2005
Roofs that generate solar electricity are covering San Diego schools in an innovative project provided by Solar Integrated Technologies (SIT) and GE Commercial Finance Energy Financial Services.
The solar integrated roofing system is manufactured by SIT using Sarnafil Inc.'s EnergySmart Roof® membrane.
After an initial investment of approximately $17million for the project, GE Commercial Finance Energy Financial Services has the right of first refusal on up to $500 million to fund existing and prospective solar roofing projects as they come from SIT. The financing will be used for the SIT SR2001 Solar Integrated Roofing System, which generates electricity with solar panels that are integrated into the roofing system. SIT manufactures the system by laminating flexible, photovoltaic cells onto Sarnafil's durable,
EnergySmart Roof membrane.
The result is a solar-electric roofing system that protects the building's interior from the elements while generating power for the building's electricity needs. The two companies also conduct a joint marketing effort for the roofing system throughout North America and Europe.
"SIT is the leader in solar integrated roofing systems," said Brian Whelan, president and CEO of Sarnafil Inc. "This agreement will reinforce this position by accelerating the availability and use of solar power."
The new solar integrated roofing systems have been installed, or installation is in progress, on 14 San Diego (California) city schools, with more scheduled in the coming two years. The school system expects to save millions of dollars in energy costs over the next 20 years, in addition to helping the state make progress toward the goal of generating 20 percent of its electricity with renewable sources by 2017.
"Our agreement with GE Commercial Finance Energy Financial Services is groundbreaking in the solar energy sector," said Jon Slangerup, Solar Integrated CEO. "It will help accelerate our global penetration of the $20 billion-plus commercial roofing market."