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GREEN INDUSTRY NEWS
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Wells Fargo partners with two local solar installers

It’s part of a program the financial institution launched that gives customers an incentive to go green.

BY JENNA SWEENEYPublished: October 13, 2010 09:30 AM

Orange-based Verengo Solar Plus and REC Solar, which has an office in Irvine, are helping Wells Fargo customers in Southern California make the switch to solar energy.

Through the end of the year, Wells Fargo is offering up to $1,000 in incentives to qualified customers who advance $15,000 from a line of credit or home equity loan for installation of a solar energy system through Verengo, REC or Oakdale-based Acro Energy.

Orange County ranks among the top solar markets in the United States, according to the Solar Energy Industry Association. California made up 67 percent of cumulative solar capacity installed through the end of 2009.

“More and more customers tell us they care about reducing their impact on the environment and look to us to provide financing options that make renewable energy installations and energy-efficiency improvements possible,” said Rob Myers, Wells Fargo’s regional president for Orange County.

In January, Wells Fargo installed solar systems at 10 of its Denver locations.

With the installation of an average solar system, Wells Fargo approximates savings of more than $40,000 over 30 years for homeowners in the Southern California Edison service territory.

Under the new Federal Stimulus Bill, homeowners who make the switch to solar are eligible for a tax credit worth 30 percent of the total cost of the system.

“With this special promotion and other incentives,” Myers said, “our customers can potentially reduce their solar installation costs by up to 50 percent while reducing costs on their energy bills in the future.”

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