GridPoint Helps Consumers Reap Tax Credits and Other Benefits of New Energy Law with Intelligent Energy Management Products
Law Encourages Advanced Technologies Like GridPoint's to Help Consumers Take Advantage of Tax Credits as Well as Ability to Sell Excess Energy Back to the Utility
WASHINGTON - August 30, 2005 - GridPoint, Inc., a provider of intelligent energy management (IEM) appliances for residential, light commercial and government markets, announced today that its products will help consumers reap the benefits of tax credits, net metering, time-based pricing and other forms of demand response outlined in Energy Policy Act of 2005, signed into law by President Bush this month.
The new law increases tax credits for commercial and private solar installations or related equipment such as GridPoint Connect, which integrates alternative energy sources such as solar panels as well as sells excess energy back to the utility. Businesses can claim a federal tax credit equal to 30 percent of the cost of GridPoint Connect, with no dollar limit on the credit. Homeowners, who are offered a credit for the first time in 20 years, can also claim a credit of 30 percent, capped at $2,000 per system. GridPoint's products vary in price from $6,000 to $16,000 depending on size.
The new law encourages the deployment and use of advanced metering and communications technology as well as requires utility companies to work with consumers who implement it. For example, the utility must provide customers with a time-based rate schedule and make available net-metering service, which allows the consumer to sell energy generated from his GridPoint Connect product back to the utility to offset the consumer's electric bill.
"We are delighted that the government is encouraging the adoption of clean, innovative technologies that directly benefit consumers as well as the light commercial market" said Peter L. Corsell, President and CEO of GridPoint. "The new law will also go along way toward promoting a smarter, more reliable energy grid."
As the industry's first intelligent energy management (IEM) appliances tailored for the home and business, GridPoint's 2006 product releases will lower energy costs by 10 to 15 percent, improve power reliability and itemize energy consumption for the home and small business in a clean, silent, automatic way. They also will enable utilities to reduce peak demand costs and offer value-added services.
GridPoint's sophisticated "plug-and-play" appliances, the size of a small refrigerator, are marketed through premium home builders, utilities, retail chains and government entities as well as installers and contractors of electrical, heating, air-conditioning, home automation and renewable energy systems. To learn more about GridPoint products, please call 800.998.GRID or visit www.gridpoint.com
About GridPoint
GridPoint builds intelligent energy management (IEM) products to provide protection from power outages, reduce energy costs and manage energy efficiency for the home and business. GridPoint IEM appliances provide traditional and renewable energy users with instant, automatic backup power based on clean, high-capacity, battery-based technology. GridPoint products also offer the renewable energy user a superior way to integrate alternative energy sources. GridPoint's single cabinet, "plug-and-play" appliances are easy to install and sold through a network of premium home builders, utilities, retail chains and government entities as well as installers and contractors of electrical, heating, air-conditioning, home automation and renewable energy systems.
On the Net: www.gridpoint.com
Contact Information
Suzanne Lauer
703.862.3137 or slauer@gridpoint.com
Media Contact
Suzanne Lauer
(703) 862-3137 or
slauer@gridpoint.com