Akeena Solar Investor Fact Sheet December 2009

Stock Information NASDAQ: AKNS Stock Price (12/08/09): $1.04 Market Cap (12/08/09): $ 36.10 million Shares Outstanding (10/26/09): 34.72 million Website: www.akeena.com

Akeena Solar is a leading installer and manufacturer of solar power systems serving residential, commercial and retail customers. The company’s patented solar panel technology, Andalay, reduces labor by 50% and parts by 80% relative to ordinary panels, while improving aesthetics, safety and performance. Akeena Solar is expanding its AC solar panel line of business by setting up distribution throughout the U.S. and Europe to solar installers, building supply retailers, and new home builders.

Investment Highlights Why Solar?

 Solar power limited only by manufacturing scale  U.S. positioned to be the largest solar market  Very strong governmental support Why Downstream?

Latest Developments On December 9th, Lowe’s (2nd largest home improvement retailer in the world) began selling Andalay AC panels in 21 locations in California as part of their new Energy Center. The Energy Center will be in additional stores in the U.S. and Canada in 2010.

Dramatic shift in value chain benefits installers Decreasing panel pricing stimulates demand Surplus of solar manufacturing capacity presents opportunity for differentiated producer Why Akeena?

On November 23, Akeena Solar signed a distribution partnership with Ontario-based Highland Solar to sell the company's award-winning Andalay AC solar panel system throughout Canada. The announcement marks the largest distribution partnership Akeena Solar has signed to date and the company's first distribution arrangement outside of the United States. On October 8, Akeena Solar's Andalay AC System was recognized as a 2009 Breakthrough Product by Popular Mechanics. The company’s fully integrated solar system was awarded for moving the industry toward true plug-and-play solar power.

Revolutionary Andalay AC panels provide significant competitive advantages Diversified and scalable operating model (Installation, licensing and distribution) Strong management and strategic partnerships Leading pure-play installer and “virtual” panel manufacturer

On March 31, Akeena Solar formed a supplier relationship and US licensing agreement with MS Solar Solutions Corp. (MSSS), a subsidiary of Morgan Stanley’s Commodities group, for Andalay AC Solar Panels. The companies will collaborate on low-income housing units and large tract home projects using Andalay AC solar panels.

Andalay AC Panel Advantages Best lifetime performance  5-25% greater efficiency compared to ordinary DC systems Designed for safety  Integrated panel wiring and grounding  No dangerous 600 volt DC wiring that could arc Superior aesthetics  Panels mount flush to rooftops and look like a skylight  No bulky inverters or unsightly wiring Built-in reliability  No racks, wires, clips, fuses or DC wiring  Flat roof systems are non-penetrating (no roof leaks)  Panel-by-panel performance monitoring (remote internet monitoring optional) Outstanding installer advantages  Lower engineering, logistics and installation costs  Safer installations Higher profit potential

Ordinary Installation 40 hours

Andalay System Installation 20 hours

Andalay AC panels have everything built-into the panel itself: racks, wiring, grounding, inverters, monitoring and all DC components. The rest is available at your local building supply retailer.

Andalay systems use 80% fewer parts, 50% less labor and carry higher ASPs

Solar Adoption Cycle

Currently <0.4% in CA

l

l

l

$15/watt 2000 $8/watt 2008 $4/watt 2009 $2.25/watt 2010

Beyond Grid Parity in 2010 Rooftop Solar << Utility Generation 2008 $/DC watt

2010 $/DC watt

Panels

4.25

2.75

Installation

2.00

0.50

Gross Profit

1.75

0.75

Total Cost

$8/watt

$2.80/watt *

30 Year Cost $0.19/kwh

Plummeting Installed Costs Accelerate Adoption Similar to PC Industry in Early ‘80s

Analyst Coverage Ardour Capital Investments Cantor Fitzgerald Kaufman Brothers Needham & Company

$0.065/kwh

* No incentives other than 30% ITC included in 2010. Calculations assume 1.45 kwh/w capacity. 30 year analysis assumes discount rate approximates energy escalation rate, zero salvage value.

Adam Krop Dale Pfau Theodore O’Neill Theodor R. Kundtz

Top Institutional Holders as of 9/30/09

Financial Highlights as of 9/30/09 ($ millions)

2006

2007

2008

3Q09

Net Sales

$13.4

$32.2

$40.8

$7.7

22.0%

21. %

14.6%

24.7%

-1.6

-8.3

-20.3

-2.1

Cash & Cash Equivalents

1.0

22.3

17.6

7.2

Total Assets

7.5

46.3

42.1

18.6

Credit Facility

0.5

-

18.8

-

Total Liabilities

$6.1

$11.5

$26.3

$9.1

Diluted Average Shares Outstanding

11.2

21.1

28.1

33.4

Gross Margin EBITDAS (EBITDA + Stock Compensation)

 Paid off credit facility balance with restricted cash and $2m proceeds of February 2009 financings  Raised additional $3.2m from warrant exercises associated with February, April and June 2009 financing  $1.0 million credit line with Comerica

First Washington Corp. Baldwin Brothers, Inc. Renaissance Technologies, LLC VINIS GMBH Susquehanna Investment Group, LLC Deutsche Bank Investment Management Wexford Capital Active Niche Funds SA Fondsfinans Kapitalforvaltning ASA Mazama Capital Management, Inc.

Company Contact Barry Cinnamon Akeena Solar, Inc. Phone: 408-402-9400 [email protected] www.akeena.com

Investor Contact Amy Gibbons Lippert/Heilshorn & Assoc. Phone: 212-838-3777 [email protected]

Statements made in this presentation that are not historical in nature constitute forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on the current expectations and beliefs of the management of Akeena Solar and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For a more detailed discussion of factors that affect Akeena Solar’s operations, please refer to the company’s Securities and Exchange Commission filings. The company undertakes no obligation to update this forward-looking information.