Hannah Solar to Purchase Worry Free Power, Adding Conventional Generation to its Solar, Wind and Solar Thermal Capabilities
On Monday, August 10, 2009, Hannah Solar (www.hannahsolar.com), an Atlanta-based company specializing in affordable clean renewable energy for commercial, industrial and residential power systems purchased Atlanta back-up generator company Worry Free Power (www.worryfreepower.com), for an undisclosed amount. The addition of utility interconnected back-up generation will round out Hannah Solar’s offerings to make it a full-service energy services company providing on-site generation through conventional means, solar, wind, solar thermal and in the near future, geothermal energy.
“There are a ton of synergies between our solar business and the generator business,” said Pete Marte, Founder of Hannah Solar. “With the addition of Worry Free Power we become a licensed Electrical Contractor with a master electrician on the team. In addition, the company’s large number of installed clients and reoccurring maintenance contracts all combine to make this acquisition cash-flow positive from month one. We are in a good position to build this business component up from the current level.”
Hannah Solar will be bringing on a new General Manager, who will be cross-trained by the outgoing owner of Worry Free Power, Scott Lyon. “It is our goal that all the staff of Worry Free Power will remain with us,” said Marte. “In addition, we are planning to add to the team to support our upcoming green jobs in the solar sector.”
Even though the capital markets are dried up, Marte says now is the time for companies to consider solar and other forms of renewable energy.
“There has never been a better time to consider renewable energy – especially wind and solar. Prices from suppliers have dropped dramatically. Couple this with the Federal and State incentives for solar and wind and you really reach a place that is unbelievable,” commented Marte. “Of the total cost,
35 percent is rebated to the owner in the form of grants from the American Recovery and Reinvestment Act funding to the state through the state energy program administered by Georgia Environmental Facilities Authority. An additional 30 percent is returned from the Department of Energy – also as a grant. On top of that, many utilities pay a premium for this uber green power.”
Hannah Solar is prepared to move quickly when funding becomes available. “Hannah Solar is willing to take assignment of some of the grants, extend the terms from our suppliers and work with our clients to get our systems installed with a shared risk approach. This works very well because we can install a very large system in a short amount of time, creating many green jobs along the way,” said Marte.