William L. Richter - Page 3

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          heating system outright and the option to purchase only the                 
          energy generated by the heating system.  If petitioner chose to             
          purchase the heating system outright, Mercury Solar would require           
          payment in full for the installed heating system, and petitioner            
          would be responsible for all repairs beyond the company contract.           
          If petitioner chose to purchase only the energy generated by the            
          heating system, Mercury Solar would sell the heating system to an           
          environmental group which, in turn, would sell the energy to                
          petitioner in exchange for his monthly payments.  This option               
          would provide petitioner with a longer warranty and service                 
          period than an outright purchase would provide.  After reviewing            
          his options, petitioner, in November 1995, opted to purchase only           
          the energy generated by the heating system because of the low               
          cost and the warranty with service.                                         
               After petitioner decided to enter into an energy purchase              
          agreement, Mr. Miskowiec drafted a proposal, dated November 2,              
          1995, for petitioner’s heating system, and he submitted the                 
          proposal to Mercury Solar and to Hawaii Environmental Holdings              
          (HEH), an environmental group, for their review.  The proposal              
          indicated that HEH’s total investment would be $5,131 and that              
          its total direct cost would be $2,218.  The proposal also                   
          referenced a Federal tax credit of $513, a State tax credit of              
          $1,750, and an unexplained amount of $650 labeled “H.E.H”.  Both            
          Mercury Solar and HEH accepted the proposal.                                

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