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Open Energy signs agreement

Solana Beach, Calif.-based Open Energy Corp. has signed a development agreement with San Diego-based John DeWald & Associates to create a solar community project at Encinitas, Calif.-based Pacific Station, a mixed-use residential and commercial development. The project will allow the development's homeowners to use rooftop solar power systems with no upfront costs.

According to the agreement's terms, Open Energy will finance $480,000 and install 1.2-kilowatt systems on each of the development's 47 condominium townhomes in exchange for the right to sell a percentage of the solar electricity provided under a long-term purchase agreement.