April 5, 2007
Power Efficiency Corporation’s Technology Qualifies for Energy Efficiency Incentives from Nevada Power
Company and Sierra Pacific Power Company
The Sure Bet Program May Provide Qualified Customers a Prescriptive Rebate of $20 per Horsepower on Escalators Throughout Nevada
LAS VEGAS--(BUSINESS WIRE)---Power Efficiency Corporation (OTCBB: PEFF), a developer and manufacturer of advanced energy savings technologies for electric motors, today announced that Nevada Power and Sierra Pacific Power have qualified Power Efficiency Corporation’s technology for a prescriptive rebate on escalators throughout the state of Nevada with no further testing of the technology necessary. Qualified Customers who install Power Efficiency’s technology on their escalators may receive a rebate of $20 per 1HP. For example, a 30HP escalator installation will result in a $600 rebate.
Nevada Power consultants, KEMA and Paragon Consulting Services, conducted extensive testing of the technology on escalators in several major casinos in Las Vegas, Nevada. Based on the results of these tests, Power Efficiency Corporation’s technology has qualified for the Sure Bet Program.
“The cash incentive associated with this program should result in quicker paybacks and increased rates of return to customers installing our technology on escalators”, said Steve Strasser, CEO of Power Efficiency Corporation. “This has the potential to ultimately increase sales for our company as well as benefit the ratepayers of Nevada’s utilities through increased energy savings”.
Power Efficiency Corporation is working with utilities in other states to qualify its technology for similar energy saving programs.
About The Sure Bet Program
The Sure Bet Program is an incentive program that focuses on helping businesses to use energy wisely. The Sure Bet Program offers both Prescriptive and Custom Incentives to Sierra Pacific Power and Nevada Power non-residential electricity customers. In addition, technical services are available to help assess energy saving opportunities. The program began as a pilot in 2003 and is currently funded for the 2007 program year.
About Power Efficiency Corporation
Power Efficiency Corporation develops and markets advanced energy saving technologies for electric motors. The Company’s first product, an energy saving soft start, reduces the amount of energy used by electric motors in applications such as many escalators, elevators, grinders, granulators, mixers, saws, and stamping presses. The energy saving soft start allocates power in direct proportion to the motor's required workload, eliminating wasted electricity. The controllers also reduce the operating heat of the motor, producing significant motor life extension and downtime reduction benefits. PEC products are UL compliant and CE and CSA certified.
For more information visit www.powerefficiencycorp.com.
As a cautionary note to investors, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; acceptance of the Company's products in the market; the Company's success in technology and product development; the Company's ability to execute its business model and strategic plans; and all the risks and related information described from time to time in the Company's SEC filings, including the financial statements and related information contained in the Company’s 2006 Annual Report. Power Efficiency assumes no obligation to update the information in this release.
Contact:
Power Efficiency Corporation
Investor Relations:
B.J. Lackland, 702-697-0377
Chief Financial Officer
blackland(at)powerefficiencycorp.com
