groSolar Acquires Chesapeake SolarNorth American Solar Energy Leader Strengthens Mid-Atlantic BaseJuly 8, 2008 – White River Jct., VT – groSolar, North America’s premier provider of solar energy solutions, announced today the acquisition of Chesapeake Solar, a leading installer of solar energy systems in the Mid-Atlantic region.The acquisition makes groSolar one of the nation’s largest solar energy providers and extends the company’s reach, enabling groSolar to install more solar solutions on more homes and businesses in its effort to fight climate change and save customers money on energy costs.”The missions of Chesapeake and groSolar are one and the same,” said groSolar CEO Jeff Wolfe. “The acquisition of Chesapeake will support our growth strategy and our commitment to deliver clean solar power in a cost effective way to as many consumers and businesses as possible. It made absolute sense to bring them into the groSolar family. The expertise of the people at the company will fortify our management team and enhance our ability to serve the market and create the industry.”Richard Deutschmann and Jeff Gilbert founded Chesapeake Solar in 1999 as Chesapeake Wind & Solar LLC. They started the company based on their years of engineering experience and their passionate commitment to the development of renewable energy in the Mid-Atlantic region.”We could not be more excited to join Jeff and the rest of the groSolar team,” said Deutschmann. “Given the incredible growth of the solar industry around the world, we think it is the right time to bring the regional strength of Chesapeake Solar into a company with the North American reach of groSolar. Our joining together will benefit Chesapeake, our past and future customers and, of course, the environment.”groSolar is a leading North American solar power company focused on designing, distributing and installing high quality solar electric and solar hot water systems. groSolar provides residential installation in the northeast and mid-Atlantic states, and commercial installation in California as well as the eastern US, serving other areas through an extensive dealer network. With a system of warehouses across the continent, groSolar has the broadest distribution capabilities of any solar provider. groSolar integrates components from leading solar manufacturers including Evergreen Solar into efficient solar energy systems for its customers that generate clean, reliable energy for decades. groSolar was also recently recognized as the second fastest growing company in Vermont and one of the best places to work in Vermont. groSolar.com.# # #
Foreclosure filings across the U.S. nearly doubled last month compared with September 2006, as financially strapped homeowners already behind on mortgage payments defaulted on their loans or came closer to losing their homes to foreclosure, a real estate information company said Thursday. A total of 223,538 foreclosure filings were reported in September, up from 112,210 in the same month a year ago, according to Irvine-based RealtyTrac Inc. The number of filings in September was down 8 percent from August’s 243,947, the firm said. Despite the sequential decline, the September figure represents the second-highest total for filings in a single month since the company began tracking monthly filings two years ago. “August was an extraordinarily high month for foreclosure activity, so some falloff was almost predictable,” said Rick Sharga, RealtyTrac’s vice president for marketing. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREGame Center: Chargers at Kansas City Chiefs, Sunday, 10 a.m.The filings include default notices, auction sale notices and bank repossessions. Some properties might have received more than one notice if the owners have multiple mortgages. Typically, borrowers must be 60 to 90 days past due on their mortgage payments before their lender will consider them in default, the first stage of the foreclosure process. If a homeowner can’t find a way to get current on payments, the home is then often put up for auction, and if it doesn’t sell, it eventually goes back to the bank. In all, 39 states saw a decline in foreclosure filings, the firm said. Sharga noted that there was a spike in the number of bank repossessions in August that did not occur in September. It’s likely that the sequential decline in foreclosure activity between August and September was just a blip, not a bellwether of lessening foreclosure filings. “We don’t see September as the beginning of the end in this cycle of foreclosures,” Sharga said. The foreclosure rate for the nation in September was one foreclosure filing for every 557 households, the firm said. The U.S. housing market has seen sales decline and home prices fall or remain flat, making it harder for homeowners who can’t afford to make mortgage payments to sell their homes or seek refinancing. Many of those troubled homeowners were among those who took on adjustable-rate mortgages that are now adjusting to a higher interest rate, translating into payments they cannot afford to make. The rising delinquencies and foreclosures this year have led the mortgage industry to tighten lending standards, further narrowing options for homeowners struggling to pay their mortgage. Nevada, Florida and California had the highest foreclosure rates in the country last month, the firm said.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!