photo: toastforbrekkie
Bank of America is getting into the solar power business in a deal with Chevron to install five megawatts of solar arrays at schools in San Jose, California. Chevron Energy Solutions (CVX) will build and operate the solar systems while BofA (BAC) will finance and own the arrays and sell the green energy back to the San Jose Unified School District at "significantly" below-market rates. Bank of America is just the latest financial giant seeking a piece of the growing solar financing business. Wall Street powerhouse Morgan Stanley (MS) is financing solar arrays to be installed at Wal-Mart stores by SunPower (SPWR) while other players include GE Energy Financial Services (GE) and MMA Renewable Ventures (MMA). It’s an attractive market, particularly in California. The San Jose project, for instance, will qualify for $4.2 million in state incentives from the California Solar Initiative as well as federal investment tax credits. The school district expects to cut demand for utility-supplied electricity by 25 percent, saving $25 million over the life of the arrays. The project also includes a program to improve the energy efficiency of the school district’s buildings.
Bank of America Jumps into the Solar Power Market
July 26, 2007 by Todd Woody
Green Wombat 
These commitments seem to demonstrate the value of the renewable energy industry. It seems as though solar power is the next big industry, for the sake of supplying enegry due to increased power demands, creating new jobs, and for technological research and development, and all contributing to a better economy and cleaner environment. These are investments I like to see.
BofA isn’t necessarily greener because of this deal. They are taking on an investment like any other. It has a certain rate of return that falls inside their risk tolerance which allows them to make a nice profit. It’s deceiving to think these banks are actually sticking their necks out to save the environment. Chevron Energy Solutions probably did most of the leg work and deserves the credit for bringing such a large scale public deal to fruition.
It would be nice if all new commercial construction projects had to install solar systems on them and in return they could deduct the costs of the system over a couple of years from their income tax.
Peace,
michael e. v. knight
It would be great for B of A to install solar panels in all their branches around the world.
This is a grassroot movement for every green wombat by green wombat in U.S. who needs to:
Pledge one house in U.S. for installation of solar panels.
Environmenatal groups need to sponsor and support this technology for large scale commercialization which has potential to mitigate pollution, reduce greenhouse gases, expand access
to electricity for rural population, farming, water pumping, and remote communication. Banks, associations, professionals, Silicon valley manufacturing groups, and other organizations all need to participate in cost effective production facilities, and for a global net working.
One million US resident, together can meet this new challenge, Promote economic growth by
supporting/participating in solar technology, which needs glass manufacturers, semi-conductor thin film coating groups and net-work to install on million plus homes. Please tell us what you can do to make things happen. We are looking for other organizations and individuals to contribute to this revolutionary grassroot movement for its success.
Send your e-mail to Solar151@yahoo.com
I own and operate a renewable energy company. There once was this thing called the industrial revolution—- which has given birth to the renewable energy revolution. Jump on board because it is and will continue to be and exciting ride!!
aloha from Hawaii
Leo Caires
President/CEO
Maui Energy Company