Evolution Solar Signs on to President Obama's New Energy Plan

TEMPE, Ariz.--(BUSINESS WIRE)--Evolution Solar Corp. (Pink Sheets: EVSO), signs on to President Obama\'s New Energy Plan. The plan is designed to create millions of new Green Collar Jobs, aid the U.S. in its goal to reach energy independence, dramatically reduce carbon emissions, and stimulate the economy.

The largest investors in the U.S. and Europe urged Congress to support energy efficiency and clean energy in the Economic Stimulus Bill in a letter delivered yesterday morning to the House, Senate, and Obama administration. The group of 44 investors managing over $1.7 Trillion in assets urged congressional leaders to include significant funding for energy efficiency, clean energy, and clean transportation. The letter identifies the need to clean up the electric grid and make substantial investments to the power grid. The power grid would operate much more efficiently on a digital system that is fully automated. Implementing these efficiencies would dramatically reduce energy waste and green house gasses. These improvements would make it much easier to link solar and wind power to the electric grid. The signatories to this letter were many of the top Pension Funds, State Treasurers, and State and City Comptrollers.

Both the House and the Senate Finance Committee bills are similar in many ways. Both bills include a 3 year extension of the production tax credit for renewable energy at an estimated 1 year cost of $13.1 billion. Both bills would also remove caps on residential renewable energy investment tax credits, allowing home owners to claim a 30% credit on small wind energy investments and residential solar and geothermal equipment. The bills also include incentives for home owners to improve the energy efficiency of their existing homes. They would extend a tax credit for efficiency upgrades through 2010 and increase it from 10% of the cost to 30% for 2009 and 2010.

Evolution Solar Corp. (Pink Sheets: EVSO) moved up 12.32 % yesterday on the news of our President\'s New Energy For America Plan.