Investor Presentaiton

Installation prices of solar energy have decreased significantly over the last 5 years. Utility-scale solar is already cost competitive with conventional forms of electricity generation. CRE Dollar / Watt installed $8.0 $6.0 $4.0 $2.0 Residential Non-Residential ≤500 kW Non-Residential >500 kW Utility-Scale $0.0 2010 2011 2012 2013 2014 2015 Source: Scientific American. The Price of Solar Is Declining to Unprecedented Lows (2016); Tracking the Sun IX: The Installed Price of Residential and Non-Residential Photovoltaic Systems in the United States (2016); Utility-Scale Solar 2015: An Empirical Analysis of Project Cost, Performance, and Pricing Trends in the United States (2016) 37

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