SERIOUS MONDAY: CHEVRON PARTNERS WITH SCHOOL DISTRICT

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Chevron Energy Solutions, Bank of America, and the San Jose Unified School District in San Ramon, California have partnered to establish a large solar powered energy efficient facilities program in K-12 education and are believed to be the largest program in the United States.

The program includes a 5 megawatts solar power project. The benefits would save the school district $25 million dollars in energy bills over the life of the program, allow budget stability in the areas of energy costs because they would be known rather than estimated, the district will not have to invest capital into the project, there will be a 25% reduction in the demand for utility power and the reduction of 37,500 tons of CO2 emissions (equivalent to planting 400 acres of trees).

Jorge Gonzalez, President of the District Board of Education stated, “It is a project resulting from years of research and shows the commitment the school board has to improve their facilities and help the environment without using their capital budgets. It is also an opportunity to educate the school communities about energy efficiency and renewable power.”

Chevron Energy Solutions will be responsible for the design, operation, and maintenance of the solar photovoltaic arrays at the schools.

Bank of America will own the solar equipment and will sell the power to the district through its Energy Servicing Financing Solutions team. It will be sold by a service contract at rates well below market utility rates.

The first phase will begin this summer and be complete early 2008. A total of 2 megawatts of solar arrays will complete the first phase and will be placed at 4 district schools. The programs other phases will include energy efficiency measures that will reduce the school district’s energy purchases and costs to operate.

The first phase solar equipment costs will be covered by $4.2 million in incentives through the California Solar Initiative and Federal investment tax credits.

The first phase will save the school district an estimated $15 million or one-third of its current energy costs over the 25 year life of the project.

Dawn

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