A Business You can Trust

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Melvyn Ralph Lloyd
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Contact Information: City of Salem Solar Rooftop Array 77 Wilson St, Salem, MA Salem High School Solar Photovoltaic Calculator Developed in collaboration

Department of Energy, NREL, MA CEC & CEFIA** Dear City of Salem, May 26, 2015 Thank you for taking the time to allow us to show you the exciting

We teach our customers that owning your own electric producing solar system brings peace of mind, economic benefits & protection against the ever rising

The decision is always yours but let me tell you a little more about why Endless Mountains Solar Services is the right match for your business.

We specialize in Solar Photovoltaics but also offer, Zero Energy Home Construction, Geothermal Heat Pumps, Air Source Heat Pumps and Water & Air

Our experts bring together the best technology, products and innovative ideas to help our clients transform their home or business to Net - Zero Energy

This system is 100% USA Manufactured. We support safe environmental practices.

1 Contact Information: City of Salem Solar Rooftop Array 77 Wilson St, Salem, MA Salem High School Solar Photovoltaic Calculator Developed in collaboration with the U.S. Department of Energy, NREL, MA CEC & CEFIA** Dear City of Salem, May 26, 2015 Thank you for taking the time to allow us to show you the exciting opportunity of producing your own electricity by using the power of the sun. At Endless Mountains, we believe in a world of energy prosperity. We teach our customers that owning your own electric producing solar system brings peace of mind, economic benefits & protection against the ever rising cost of electricity. The decision is always yours but let me tell you a little more about why Endless Mountains Solar Services is the right match for your business. A Business You can Trust Endless Mountains has been in the energy efficiency business for more than 35 years. We specialize in Solar Photovoltaics but also offer, Zero Energy Home Construction, Geothermal Heat Pumps, Air Source Heat Pumps and Water & Air Purification. Our experts bring together the best technology, products and innovative ideas to help our clients transform their home or business to Net - Zero Energy status. We practice what we preach. Our 30 kw Solar PV system provides more electrical energy than our entire warehouse and home office consumes. This system is 100% USA Manufactured. We support safe environmental practices. Our A+ rating on BBB's site: Our Experience Speaks for Itself With over 17,000 Solar Panels Installed to date and counting, we are proud to be one of the most experienced solar energy companies in the area. We are happy to provide customer references to verify our claims. Our reviews can be found on various websites such as: Our Guild Quality Survey page (these are real surveys from real people). Endless Mountains Solar Services is proud to associate with the following accreditations, charities and services.

warranty Year Warranty Annual electric bill: $337,676 Total Individual System Panel Monitoring 30 Year electric bill: $22,434,771 Preferred payment method: Self % of electric bill to be eliminated:

2 The following information is based upon your electric usage. Better Recommendation TenK SolarWorld Solar Solar Panels Panels & Redundant - 25 Year Warranty Inverter Average monthly electric bill: $28,140 Bus Enphase System Microinverters - 25 year - 25 warranty Year Warranty Annual electric bill: $337,676 Total Individual System Panel Monitoring 30 Year electric bill: $22,434,771 Preferred payment method: Self % of electric bill to be eliminated: 22% 0 Recommended System Size in kw: Amount of 400 watt solar panels to do this: 1,042 0 System Price: $1,242,064 Incentives: Federal Tax Credit: $0 State Tax Credit: $0 $0 Total Incentives= $0 Down Payment: $0.00 Net Cost of Solar System: $1,242,064 Estimated SREC Income*: $1,131,420 Effective Net Cost of Solar System: $110,644 Monthly Electric Savings: $6,139 Monthly Average SREC Income: $11,280 $0 Finance rate: FALSE Monthly Benefit: $17, % Return on Investment: 17% Self This chart represents the difference between your current electric spending pattern and your SOLAR electric future. $25,000,000 $20,000, Electric Cost Over 30 Years $22,434,771 $15,000,000 $10,000,000 $5,000,000 $0 Solar Electric Savings $4,208,284 Cumulative Solar Benefit Current Electric Spending Pattern

Production Estimates Year SREC Value Total REC Values Solar Panel Efficiency Energy Inflation rate kwh Production Production Electricity Value Electric Rate Cumulative Cash Flow 2015 $279.00 $135,358.

26 $124,564.94 98% 5% 474,967 $83,482.69 $0.18 -$407,959 2019 $251.10 $118,594.28 97% 5% 472,299 $87,164.37 $0.18 -$202,201 2020 $239.94 $112,671.54 97% 5% 469,582 $90,996.11 $0.19 $1,467 2021 $228.

40 $76,707.62 94% 5% 458,229 $107,932.32 $0.24 $786,649 2025 $0.00 $0.00 94% 5% 455,270 $112,597.00 $0.25 $899,246 2026 $0.00 $0.00 93% 5% 452,262 $117,445.73 $0.26 $1,016,692 2027 $0.00 $0.00 93% 5% 449,206 $122,484.

32 $1,538,859 2031 $0.00 $0.00 90% 5% 436,495 $144,667.96 $0.33 $1,683,527 2032 $0.00 $0.00 89% 5% 433,195 $150,753.27 $0.35 $1,834,280 2033 $0.00 $0.00 89% 5% 429,848 $157,067.72 $0.

3 Production Estimates Year SREC Value Total REC Values Solar Panel Efficiency Energy Inflation rate kwh Production Production Electricity Value Electric Rate Cumulative Cash Flow 2015 $ $135, % 0% 485,156 $73, $ $1,033, $ $132, % 5% 480,159 $76, $0.16 -$823, $ $127, % 5% 477,587 $79, $0.17 -$616, $ $124, % 5% 474,967 $83, $0.18 -$407, $ $118, % 5% 472,299 $87, $0.18 -$202, $ $112, % 5% 469,582 $90, $0.19 $1, $ $106, % 5% 466,817 $94, $0.20 $203, $ $100, % 5% 464,003 $99, $0.21 $403, $ $95, % 5% 461,140 $103, $0.22 $602, $ $76, % 5% 458,229 $107, $0.24 $786, $0.00 $ % 5% 455,270 $112, $0.25 $899, $0.00 $ % 5% 452,262 $117, $0.26 $1,016, $0.00 $ % 5% 449,206 $122, $0.27 $1,139, $0.00 $ % 5% 446,101 $127, $0.29 $1,266, $0.00 $ % 5% 442,947 $133, $0.30 $1,400, $0.00 $ % 5% 439,745 $138, $0.32 $1,538, $0.00 $ % 5% 436,495 $144, $0.33 $1,683, $0.00 $ % 5% 433,195 $150, $0.35 $1,834, $0.00 $ % 5% 429,848 $157, $0.37 $1,991, $0.00 $ % 5% 426,452 $163, $0.38 $2,154, $0.00 $ % 5% 423,007 $170, $0.40 $2,325, $0.00 $ % 5% 419,514 $177, $0.42 $2,502, $0.00 $ % 5% 415,972 $184, $0.44 $2,687, $0.00 $ % 5% 412,382 $192, $0.47 $2,879, $0.00 $ % 5% 408,744 $200, $0.49 $3,080, $0.00 $ % 5% 405,056 $208, $0.51 $3,288, $0.00 $ % 5% 401,321 $216, $0.54 $3,504, $0.00 $ % 5% 397,537 $225, $0.57 $3,730, $0.00 $ % 5% 393,704 $234, $0.60 $3,964, $0.00 $ % 5% 389,823 $243, $0.62 $4,208,284 Totals $1,131, ,188,519 $4,318,927.6 Monthly production is averaged throughout the year with your utility. This is called NET METERING, which is the agreement between you and your utility company. 300, , , , ,000 Monthly Solar kw Production Current Electric kwh Consumption 50,000 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec What does your solar investment do for the environment? Your solar investment offsets and represents the following amounts: 20,049,183 Pounds of CO2 removed from the atmosphere over the system life. 930,553 Less gallons of oil consumed. 24,150,094 Less miles driven. 864,896 Trees planted. 7,456 Acres of forest grown.

Comparison of Various Investments to Solar PV Over the Next Ten Years $2,500,000.00 $2,000,000.00 $1,500,000.00 $1,000,000.00 $500,000.00 $0.00 $2,028,712.78 $1,844,072.84 $1,645,420.11 $1,445,312.

82 Solar PV: IRA: 30 Year T-Bond: Other Investment: 5 Year CD: 6 Month CD: Savings Account: How does Solar PV compare to your existing investments?

4 Comparison of Various Investments to Solar PV Over the Next Ten Years $2,500, $2,000, $1,500, $1,000, $500, $0.00 $2,028, $1,844, $1,645, $1,445, $1,243, $1,039, $834, $626, $418, $209, Solar PV: IRA: 30 Year T-Bond: Other Investment: 5 Year CD: 6 Month CD: Savings Account: How does Solar PV compare to your existing investments? Current Investments Interest Rates Based Upon National Averages: Savings Account: 0.21% 6 Month CD: 0.61% 5 Year CD: 2.00% IRA: 4.80% 30 Year T-Bond: 3.76% Other Investment: 3.00% Based upon current electric and SREC values, this solar proposal will return a first year rate of return (net of incentives) of: Solar PV: 16.83% Learning Center - Resources to learn more about your investment We want you to feel comfortable with your new investment. Please go to the following links to learn more. DSIRE is sponsored by N.C. State University with support by the IREC and funded by the U.S. Department of Energy, and lists all the available incentives for various renewable and energy efficiency technologies in our country. Massachusetts is behind renewable energy. Learn more about Solar Technology & SRECs. About Solar Electricity: About SRECs: ***Data has been provided and developed with help from these various institutions. Endless Mountains Solar Services is not responsible for errors or omissions. This presentation is for informational purposes. This is not a binding contract. Pricing is subject to change. *SREC value is estimated and may not be current market value and is subject to market value. The effective system cost is based upon estimating 10 years worth of SREC income and reducing the total system cost to illustrate the net out of pocket cost after the SREC program has ended. State funds are limited to availability. Please consult with your accountant as individual situations may vary. Simple ROI does not include interest expense. **Assumes a 5% per year increase for the cost of electricity unless otherwise noted. Please note that this presentation is based on the expected lifespan of the solar equipment which is 30 years. This is not a guarantee of performance but is to i l l us t r a t e t he pote nt i a l g a i n o v er t he l i f e of t h e syst em. PPA a pp l i c a nt s are not e nt i t l ed to s t a t e r e bat e f u nd s, S R E C i ncome or t a x be nef i t s.

What's included in this proposal? 1042-400 watt TenK Solar Panels - 25 Year Warranty Tenk Redundant Inverter Bus - 25 Year Warranty Complete installation, with engineering, permits and system design.

5 What's included in this proposal? watt TenK Solar Panels - 25 Year Warranty Tenk Redundant Inverter Bus - 25 Year Warranty Complete installation, with engineering, permits and system design. Data Acquisition System Solar Panel Configuration Redundant Inverter Bus Arrangement What's next? It all starts with simple paperwork. As you decide to move forward our dedicated staff members will start putting together all of the necessary documents for approval to install the solar system at your property. We take care of all the paperwork to get your system installed, turned on, rebate returned from the state & SREC income process started. Quick Reference Solar System Timeline: Customer Responsibilities Endless Mountains Responsibilities 1. Proposal & decision to move forward 2. Complete a Work Order a. We complete all necessary paperwork to allow installation 3. Site Visit a. Project Manager will bring prepared paperwork for rebates (if applicable), installation and complete the following: i. Shade Analysis ii. Measurements for the system iii. Electrical Inspection iv. Structural Analysis 4. Permitting within 4 weeks 5. Interconnection and rebate (if applicable) approval within 12 weeks 6. Installation scheduled upon utility & state approval. Installation completed in 24 days +/- 7. New bi-directional co-gen utility meter installed by utility company within 1-4 weeks 8. Required system inspections completed & utility company approval to energize after meter installation, 2-3 weeks Other Party Responsibilities If you have any questions, don't hesitate to call. We are happy to answer any question big or small Endless Mountains Solar Service Cedar Hill St, Marlborough, MA

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6 S:\Sales\Drawings, Quotes, Etc\ Wilson St, Salem MA\ \Layout Wilson St, Salem MA.dwg simply more energy 9231 Penn Avenue South Minneapolis, MN Wilson St Salem, MA Project ID: Drawn by: MD 5/22/2015 Rev 02 System Summary kw DC kw AC System Module DUO-A tenksolar XT-A 400W Quantity 1,042 Tilt 25, 16 Inverter Bus tenksolar 8.4 kw Quantity 30 Inverter Bus tenksolar 4.2 kw Quantity 6 System Azimuth 212, 32 CONCEPT Not For Construction 0 75' 150' N

7 Energy Production Estimate is from Solar Advisor Model (SAM) from the US National Renewable Laboratory (NREL) Estimates based on TMY3 Class I weather data for Boston, MA kwdc DUO-A System Quote Number Monthly Output (Combined Systems) 70,000 60,000 50,000 kwh 40,000 30,000 20,000 10,000 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Month Jan Feb Mar Apr May Jun kwhac 21,074 29,123 40,197 46,567 56,456 55,319 Month Jul Aug Sep Oct Nov Dec Total kwhac 59,333 53,835 42,447 32,191 21,722 17, ,065 Year kwhac 475, , , , , , , , , ,582 Year kwhac 465, , , , , , , , , ,334 Year TOTAL kwhac 456, , , , ,779 11,595,912 CO 2 Emissions Prevented: 380 Tons In Year One 9,277 Tons Over 25 Years CO2 Emissions Prevented is based on OnGrid s figure of 1.6 lbs CO2 saved per kwh generated by solar PV. Array Description: W modules; kw and kw tenk Inverter Buses 521 modules at 25 tilt and 212 azimuth and 521 modules at 15 degree tilt and 32 azimuth This estimate assumes a uniform 3% soiling derate. It does not include any additional monthly derates for snow or other conditions that are geographically specific.

9 At tenksolar, we are committed to delivering the lowest cost of solar electricity. Each tenksolar PV System delivers a completely integrated solution that optimizes energy yield, reliability, and safety, and delivers an industry leading cost of energy. BENEFITS The design philosophy behind the tenksolar PV System oﬀers a host of advantages, and outperforms comparable legacy solar systems on virtually every measure. High Energy Density High shade tolerance and embedded smart electronics enable tight packing of modules, as well as higher power density and yield from each installed watt. The tenk RAIS PV System can generate up to 40% more energy on a rooftop. Better Financial Return By optimizing energy density and reliability, tenk's System design addresses both the revenue and costs sides of project return calculations. A tenk System will deliver more energy in a given space, and will do so reliably at a lower cost. The resulting cost of energy for a tenk System is up to 20% lower than legacy PV systems. Unmatched Reliability The tenk System's end-to-end parallel architecture from cell through inversion eliminates single points of failure and ensures opimum producion at all imes. This built-in reliability minimizes scheduled maintenance and virtually eliminates the need for emergency service. Lower maintenance costs drive a lower cost of ownership for the 25 year lifeime of the system. Safety The tenk PV System is the safest solar system available on the market. The low-voltage operation of the system prohibits lethal electrical shocks and ﬁre causing arc ﬂashes. Smart electronics automaically shut down each module in the system when the circuit is broken. The enire system is NEC 2014 compliant, will not lethally shock safety or maintenance workers, and will not start rootop ﬁres. Two Configurations to Fit Any PV System Need tenk Reflector or Module tenk Module Redundant Inverter Bus Racking & AC Disconnect TECHNOLOGY tenksolar s technology uilizes proven, oﬀ-the-shelf components, leveraging an architecture that fundamentally improves performance and reliability. Integrated Design At tenk, we believe that only by focusing on the full system as opposed to individual discrete parts can you truly opimize the cost of solar energy. This system focus enables us to ensure opimal performance from end-to-end, and deliver superior energy density, reliability, safety, and cost of energy. Parallel Architecture Every tenk System utilizes parallel architecture from the cell interconnections through the DC:AC inversion. This architecture provides muliple pathways for electrons to travel to the grid, and eliminates single points of failure from the system. Parallel architecture provides unmatched shade tolerance and the ability to generate up to 20% more energy with reﬂecion. Cell Independent Architecture Each tenk Module has embedded converters that optimize the performance of the module at the cell level to maximize system energy yield. In addition, a ground fault detection circuit is built into each module, providing module-level rapid shut down, and industry leading safety. Low Voltage A tenk System always operates at a low voltage, reducing component stress and optimizing safety. With a module internal voltage under 15V, and a system voltage below 60V, the risk of arc ﬂashes and lethal shocks are eliminated. Parallel Architecture Cell Independent Architecture Traditional Solar Panel Low Voltage Safety Prohibits Lethal Shocks Smart Load Sharing Inverter Units Utility Grade Wiring Smart Load Sharing tenk's Redundant Inverter Bus combines multiple low voltage inverter modules in an inversion package that converts from DC-to-AC at the highest possible eﬃciency. Inverters sets operate in parallel, distributing the workload among inverter modules and lowering the duty cycle by half. This load sharing technology greatly extends the longevity of the inverter system. tenk Module Below DC Arc Threshold

With a constantly evolving solar marketplace, we coninually strive for compeiive advantage through innovaion both in-house and with partners.

10 With a constantly evolving solar marketplace, we coninually strive for compeiive advantage through innovaion both in-house and with partners. Ater substanial veing of the technology, we believe tenksolar product provides this advantage for Gehrlicher, our close stable of customers, and project finance affiliates. Jerry Shinn, COO, Gehrlicher Solar America Corp INVESTOR INFORMATION tenksolar has sought strategic investors at each stage of our growth. We look for relaionships, experience, and strategic opportuniies, as well as capital from our investment partners. All of our investors help us deliver the lowest cost, most reliable, and safest solar plaform to the market. Oaktree Capital Oaktree Capital s GFI Energy Group is one of the most experienced and successful energy investors in the world. Oaktree s strategic relaionships, capital commitment, and risk-controlled investment approach demonstrates that tenk is among the best backed and most bankable solar companies operaing in the world today. Hanwha Corporaion Hanwha Corporaion is a $30 billion dollar diversified industrial company with a global solar footprint. Greencoat Capital Greencoat Capital is an investment firm solely focused on the renewable energy and energy efficiency sectors. Working with an all-in-one system that includes everything needed for a highly productive solar array on a commercial flat roof has significantly enhanced my solar business. The tenk system is easier to sell, easier to design, and easier to install and commission. It s the only PV system I recommend to my commercial customers. NRTC As the leading cooperaive group of U.S. Electric and Telecommunicaions uiliies, NRTC recognizes the need to bring ground breaking technologies to rural America. PrairieGold Venture Partners PrairieGold Venture Partners is an early stage, Midwest-based venture capital fund. PrairieGold discovered tenksolar very early and was instrumental in helping the company build its foundaion. Jon Kramer, Director of Development, Sundial Solar tenksolar 9231 Penn Avenue South Minneapolis, MN Toll free: info@tenksolar.com

11 Snow Performance Don t let the snow Field Tested 8:00 AM Field Tested Time Temperature Produced 8:15 AM tenksolar 8:45 AM Simply More Energy

RE10 tenksolar System Overview

RE10 tenksolar System Overview tenksolar s Approach tenk is best in class for commercial projects 40% more solar per roof, often 80%+ on obstructed roofs More energy per Watt on DC-capped arrays Eliminates