Evolution Solar Sees Huge Benefits from Renewed Tax Credits

October 6, 2008 9:00 AM EDT

TEMPE, Ariz.--(BUSINESS WIRE)--

Evolution Solar Corp. (OTC: EVSO) anticipates huge benefits for the solar industry thanks to the recent passage of H.R. 1424, the Emergency Economic Stabilization Act of 2008, which includes a package of energy tax credits that will extend the 30% tax credit for commercial applications an additional 8 years, and will for the first time pass the same 30% tax credit, without a cap, on to consumers, making the installation of a solar package much more affordable for the average consumer.

"This bill is a major step in our long journey toward energy independence and insures that solar energy will be a significant part of America's energy future," Rhone Resch, president of the Solar Energy Industries Association, stated. Resch added, "This long-term extension of the solar tax credits will create a domestic solar industry with hundreds of thousands of jobs, while providing clean, affordable, carbon-free energy to millions of American families, businesses, and communities."

"It's a fantastic day for the renewable-power industry," said Julie Blunden, vice president for public policy at SunPower Corp. (NASDAQ: SPWR). "This is one of those few times when you can tell you're at a turning point."

Paul Lemming, an analyst with Princeton Tech Research, picked up coverage of the solar sector, setting buy recommendations on such companies as LDK Solar Co. (NYSE: LDK), Suntech Power Holdings Co. (NYSE: STP), MEMC Electronic Materials Inc. (NYSE: WFR), and several others.

"While we are keenly aware of the challenges that face our industry, we at Evolution Solar Corp. are convinced that our future looks very bright and that alternative energy will lead the way," stated Robert Kaapke, CEO of Evolution Solar.

About Evolution Solar Corporation

Evolution Solar Corporation (OTC: EVSO) commercializes leading edge alternative solar energy technologies and related photovoltaic technologies, equipment and next generation appliances. Evolution Solar is an emerging industry leader capitalizing on its understanding of solar technology and supporting the development of alternative energy plans for large corporations and government organizations. Evolution Solar is also an expert consultant agency to organizations in their strategic and procurement plans for alternative energy contracts with public utilities. For more information please visit our homepage at: http://www.evolutionsolar.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.

Source: Evolution Solar Corporation

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