Solar Rainbow Acquires Stake in Roofing Company as Solar Installations in the State Increase

NEW YORK, April 25, 2011 /PRNewswire/ -- Solar Bawabeh, president and co-founder of Solar Rainbow Services, a leader in the design and installation of large-scale solar electric systems for commercial customers of all sizes, announced the acquisition of a stake in More Core Commercial Roofing, a commercial roofing company located in Monmouth County, New Jersey.

A rooftop solar project has a lifespan of 25-years, in order to take advantage of the full life of the system, the roof must also last 25-years. Additionally, repairs to solar integrated rooftops are very expensive as the solar panels must be relocated to service the roof.

Mr. Bawabeh stated, "Roofing and rooftop solar systems go hand in hand, and this strategic investment enables us to coordinate the reroofing with the solar photovoltaic systems installation. Customers like the fact that we provide a one-stop shop that satisfies their needs for a new roof and a solar installation."

The roofing business has skyrocketed in New Jersey due to the increase in solar photovoltaic energy systems being installed in the state. New Jersey has the most aggressive solar renewable energy certificates (SREC's) based incentive programs in the Northeast which has led to over 8,500 solar installations.  Additionally, the New Jersey Master Plan has set the goal of generating 20% electricity renewable sources by 2020.

More Core Construction, a company specializing in residential work, saw this time as an opportunity to expand into the commercial roofing sector and added More Core Commercial Roofing in 2010.  

Recently, Solar Rainbow has worked with More Core Commercial Roofing on two solar projects: a 1 megawatt project on a 120,000 square foot roof for Omni Holdings as well as a 1.3 megawatt project on a 400,000 square foot roof for JORDACHE Enterprises, both in South Plainfield, New Jersey.

"Owning a roofing company makes it easier to keep an existing warranty in effect if a customer recently purchased a new roof and decides to install a solar system," stated Mr. Bawabeh.

The company is actively seeking rooftops to rent where they will install, own and operate solar systems under the Power Purchase Agreement (PPA) structure providing additional revenue to the property owner which is up to fifty cents a square foot per year. The flat and unobstructed rooftops should be at least 50,000 square feet and will be re-roofed to ensure that the roofs outlast the 15-year life of the lease.  

Mr. Bawabeh has developed strong relationships with renowned photovoltaic designers and engineers, warranty certified roofers, financial institutions as well as energy utilities in order to assist clients with confidence and provide the proper opportunities to go green in a financially advantageous manner. His company manages every aspect of the solar integrated roof installation -from site acquisition to engineering and long-term maintenance, so customers get all the benefits of solar power as quickly as possible. Solar Rainbow has 5 megawatt worth of solar projects currently under construction and an additional pipeline of about 25 megawatt commercial rooftop installations.

About Solar Rainbow

Solar Rainbow, founded in August 2010, is a solar energy provider that designs, installs, and owns solar photovoltaic systems through the Power Purchasing Agreement (PPA) structure for commercial customers of all sizes. Solar Rainbow also provides turn key installation for customers who opt to own the system and benefit from all solar incentives. For additional information on Solar Rainbow please visit www.solarrainbow.com.

SOLAR RAINBOW
1 Madison Street, 2nd Fl.
East Rutherford, NJ 07073
www.solarrainbow.com

RUBENSTEIN PUBLIC RELATIONS
Contact: Eve McGrath, Telephone: 212-843-8490
Email: [email protected]

SOURCE Solar Rainbow