CitzenRe Makes Financing Announcement

[corbett]

With the video documentation of the first installed system under their novel rental program complete, CitizenRe has made a major announcement regarding the financing team. Read it for yourself at

http://www.citizenre.com/web/downloads/pr_20070820.pdf

[Javaman]

1. The jury is still out for me...

I was all set to be a sales associate with them, until I found this link:

http://www.renewableenergyaccess.com/rea/news/story?id=47419

and this post from the link, in particular:

Author:
Todd Cory
Date Posted:
February 13, 2007 Here are some real world numbers:
A typical "good amerikun's" waste oriented home, consumes 35 kWh a day. A solar electric array will likely see a yearly average of 5 hours of sun of day. This means we need at least a 7 kW system to supply that much power. A typical 7 kW system, without publicly financed buy downs or other incentives would cost ~$60,000.00. It will produce (7 kW X 5 hours of sun a day X 30 days per month X 12 months per year) 12,600 kWh in yearly energy production. At 10¢ per kWh that is $1,260.00 per year in equivalent grid power costs. $60,000.00 ÷ $1,260.00 is a payback of 47.6 years.

$4.00 per watt (or $28,000.00 for the 7 kW system mentioned above) is the price "citizen BS" claims to be able to install solar electric for. This is a short term, avoided utility cost payback of 22 years! Why would the investors (they claim to have onboard) invest in a 22 year return on their money?

And some say this is not a scam?

Todd

I find it interesting that they are still securing companies to find investors for them, when they stated that they had the 640 million needed to build their plant which, has been put off yet again until sometime in april of next year.

I am always wary of something that appears to good to be true.

[corbett]

3. Fortune Favors The Bold

I will not try to talk you in to joining the program. Indeed, when I joined, I did not even consider working the program in order to obtain free electricity until the installations begin. However, I hasten to add this: one's ability to secure referrals under the program will be bolstered by having a system on one's roof. Since there is no cost involved with reserving a system and the $500 security deposit is not due until most of the final steps have been resolved and installation is set to begin, what is the downside to reserving a system now? I can't find one.

I will close with the reminder that Ed Begley, Jr. is an intelligent person. He would not permit thousands of viewings of his video clip from the CitizenRe site every day if he did not feel good about the program.

I hope that you and I will have systems installed at around the same time next year.

[Javaman]

4. Oh I'm still on the list. but for me it was more a matter of...

wanting to be a sale associate. The numbers didn't add up.

I have invested nothing so I have nothing to lose but I'm waiting till the actual numbers start coming in after a plant is built before I make a commitment to being one of their sales people.

[skids]

2. Well...

...they sure now have quite a large pool of applicants to draw from for their financing team...