Average of 80k New Homes Built Annually in California
ALISO VIEJO, CA, May 15, 2018 (GLOBE NEWSWIRE) -- XsunX, Inc. ( OTC: XSNX ), a leading solar and energy saving technologies provider, updated today that on May 9th the California Energy Commission adopted into the California Code of Regulations (Title 24, Part 6) that commencing in January 2020 all new homes built in California may not be certified for occupancy if solar is not installed.
California has been the largest residential solar market in the U.S., as estimated by the CA Solar + Storage Association, with roughly 150k residential solar installations in the state annually. About 80K new homes are built in California annually and only about 15K of those include solar. Therefore, this new energy code mandate could result in upwards of 65k additional residential solar installations per year, representing a roughly 40% growth relative to the current 150k/year CA residential solar installations.
“CA already represents about 40% of the U.S. residential market for new solar installations, and the potential for a 40% growth in new solar installations in the state is very exciting news,” stated Tom Djokovich, CEO of XsunX, Inc.
This is great news for the California solar market and comes as XsunX has seen an increase in commercial solar interest too. “While XsunX’s focus has been the commercial solar market space, this pending expansion of the residential market is a rising tide for the renewable energy marketplace and offers new opportunities for XsunX in California which is our target market,” concluded Mr. Djokovich.
The California Energy Commission estimates that the new solar energy standards will add about $9,500 to the cost of a new home and save homeowners about $19,000 on energy over 30 years. Economically, the mandate, which is slated to take effect 1/1/2020, is estimated to add about $40/month to a 30-year mortgage and provide new home owners with about $80/month in savings on heating, cooling, and lighting bills.
About XsunX:
XsunX specializes in the sale, design, and installation of solar photovoltaic power generation (PV), energy storage, and energy efficiency technologies to provide our clients long term savings, predictability, and control of their energy costs. Making solar energy a sound investment for our clients is our mission.
For more information, please visit the Company's website at www.xsunx.com, or to learn more about the benefits of solar energy for your business or home schedule a free PV project assessment.
Safe Harbor Statement: Matters discussed in this release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release are forward-looking statements. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Such risks, uncertainties and other factors, which could impact the Company and the forward-looking statements contained herein, are included in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Contact: Tom Djokovich, President and CEO - 888-797-4527 or email: info@xsunx.com