Wells Fargo Finances Solar at UCSF; Offers Better Solar Loans

MMA Renewable Ventures LLC, and Wells Fargo & Company announced a new solar energy system in San Francisco that is providing renewable power to the Mission Bay campus of the University of California at San Francisco (UCSF).

MMA Renewable Ventures owns and operates the 250-kilowatt (kW) system through a long-term Power Purchase Agreement (PPA) with UCSF. Wells Fargo helped to finance the system. Chevron Energy Solutions, a Chevron subsidiary, designed and installed the system.

“UCSF has demonstrated a deep-seated commitment to environmental sustainability throughout the growth of its new Mission Bay campus,” said Matt Cheney, CEO of MMA Renewable Ventures. “Through the long-term PPA arrangement, the university is able to go solar without the upfront installation cost or ongoing maintenance expenses, allowing UCSF to direct its valuable resources to education and critical research rather than a new solar energy system.”

In a related story, Wells Fargo Home Mortgage it is now marketing a new construction solar home program. Wells Fargo will let home builders pass the state’s solar rebate directly to buyers at loan closing to use with their down payment or as a permanent interest-rate buy down to lower monthly payments. In the past, builders would simply reduce the price of a house by the amount of the state rebate offered by the California Energy Commission’s New Solar Home Partnership and other utility solar rebate programs.

The solar home program is available on conforming and non-conforming loans for single-family, primary residences, including detached homes and condominiums. The amount of the rebate is tied to the size of the solar energy system built into the new home.

“Our new solar home offering is part of our larger strategy to support business opportunities that help address climate change, increase energy and resource efficiency and spur a transition toward a sustainable energy economy,” said Mary Wenzel, Wells Fargo head of Environmental Affairs. “Through our investments and products, we are proud to support an increasing number of customers who want to take advantage of clean, renewable energy and California’s goal to have one million solar roofs in the state by 2018.”

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