Boulder’s Pedestrian Shops Builds a Solar Power Plant at 1155 Canyon

Boulder, Colo., March 21, 2008 – Pedestrian Shops, a locally owned and
operated retailer, may have become the world’s first solar-powered shoe
store this week, when its 10.32-kilowatt photovoltaic array went into
service. Namaste Solar Electric installed the solar panels and supporting
equipment on the flat roof of the new 1155 Canyon Building. The system is
owned and operated by the Pedestrian Shops as Pedestrian Energy, and will
provide clean electricity preventing 28,000 pounds of carbon dioxide
emissions a year from entering the Earth’s atmosphere.

Pedestrian Shops, lacking adequate roof space on its own historic building
for a solar PV array, located its system a few blocks away on a building
with excellent solar exposure. Under a Solar Power Purchase Agreement or
PPA, Pedestrian Shops will sell more than 14,000 kWh of solar electricity
each year for use in the 1155 Canyon Building, with any momentary excess
going to the local power grid. For the next 20 years the electricity will
cost 15 percent less than Xcel Energy’s prevailing rates. Owners of 1155
Canyon have leased the sunny roof space to Pedestrian Shops for those same
20 years.

Typically a significant amount of upfront capital is required to finance
installation of a solar electric system. The Solar Power Purchase Agreement
removes the capital requirement for building owners who have sunny roof
space and can act as a “host” for the solar PV array, as 1155 Canyon is
doing. The arrangement is also attractive to Pedestrian Shops, which will
benefit from significant rebates, renewable energy credit payments, and
investment tax credits.

Solar PPA relationships are relatively new in Colorado. Xcel Energy has
created specific rules for PPAs developed in its service territory. Namaste
Solar’s expertise is being used in multiple Colorado projects that employ a
PPA financing structure.

Like many other downtown Boulder businesses, Pedestrian Shops has been
offsetting its energy usage with Renewable Energy Credits for several years,
which made it one of the first virtually wind-powered shoe stores in the
United States. The company also employs other green energy strategies,
including energy efficient compact fluorescent light bulbs and recycling.

This first Pedestrian Energy project will generate energy equal to nearly 50
percent of the power necessary to operate the Pedestrian Shops store at 1425
Pearl St. on Boulder’s downtown mall.

“We must take positive steps in response to climate change,” said Richard
Polk, president of Pedestrian Corp., which owns Pedestrian Shops. “Our goal
with Pedestrian Energy is to demonstrate that business can go even further
than, as in our case, selling shoes without leaving a carbon footprint.”

Stephen Irvin, co-owner of Namaste Solar Electric, said, “Pedestrian and
1155 Canyon have taken a large step forward in the name of environmental
leadership – their relationship should be seen as a model for businesses in
our community. It has been a pleasure to develop this project whereby
Pedestrian can take advantage of state and federal investment tax benefits
while 1155 Canyon buys clean electricity at a cheaper price from Pedestrian
Energy, the Pedestrian Shops’ solar power company.”

1155 Canyon

1155 Canyon is Boulder’s first mixed-use building with shell and core
certified as LEED Silver. LEED, an acronym for Leadership in Energy and
Environmental Design, is the nationally accepted benchmark for design,
construction and operation of high-performance green buildings. Housing both
commercial and residential units, 1155 Canyon also hosts its own solar PV
and solar thermal arrays to generate energy and heat. The majority of 1155
Canyon’s roof is used for solar energy collection by Pedestrian and the
building’s own arrays.

Namaste Solar Electric

Namaste Solar Electric is an employee-owned solar electric company dedicated
to the betterment of the planet by bringing clean, reliable and affordable
renewable energy technologies to homes, businesses, and nonprofits
throughout the Denver/Boulder area. Integrating both holistic and
traditional business methods, Namaste Solar is the leading solar electric
company in Colorado with more than 350 solar electric systems installed
since 2005. With a values-based business model and reputation for
philanthropy, Namaste Solar is a likely partner for local businesses that
want to make a positive impact on the community by purchasing a solar
electric system. Namaste Solar is committed to maintaining the highest
standards of environmental stewardship, customer satisfaction, employee
morale, community involvement, and professional integrity.

Pedestrian Shops

The Pedestrian Shops, a 39-year-old family-owned company, operates two
Boulder stores, one on the Pearl Street Mall and the other in The Village
shopping center, as well as the web site,
. Pedestrian Shops sells the world’s most
comfortable brands of footwear and encourages its customers to enjoy life
and take a walk.

Richard Polk

Richard’s interest in Solar Energy began long before he became concerned
about energy shortages and climate change. In 1963 he won a first-place
award for his junior high school science project on solar energy, and 40
years later he is still promoting solar energy. On Dec. 14, 2006, an
innovative solar sales tax rebate ordinance he proposed while a Boulder city
council member became law. The ordinance provides for rebating a portion of
the sales tax paid on the purchase of photovoltaic or solar thermal systems.
Thirty-five percent of the rebate is returned to the person or business that
paid the sales tax and the remaining 65 percent is used to install renewable
energy systems on affordable housing and site-based non-profit
organizations, adding a unique social equity component to the solar
ordinance. In the ordinance’s first 12 months, the amount of solar installed
in Boulder more than doubled; in year two an increase of more than 1,000
percent in watts installed is expected. Richard continues to promote solar
energy by serving on the customer advisory board of Xcel Energy’s Renewable
Energy Trust, as well as through other projects including Pedestrian Energy.





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