San Jose Unified School District, Chevron Energy Solutions and Bank of America Announce Completion of Largest K-12 Solar and Energy Efficiency Project in U.S.

SAN JOSE, Calif., Feb. 5 /PRNewswire/ -- San Jose Unified School District, Chevron Energy Solutions and Bank of America announced today the completion of what is believed to be the largest K-12 solar and energy efficiency project in the United States.

The project, which includes a total of 5.5 megawatts of solar power at 14 district sites, is expected to reduce the district's energy costs by more than 30 percent. Reductions in energy costs are expected to save the district's general fund more than $25 million over the 25-year life of the project. The district was not required to provide any capital investment, allowing it to retain its capital budget for other important infrastructure projects.

"San Jose Unified School District remains on the 'cutting edge' of change, whether it is bringing state of the art technology to our classrooms, best practices for teaching and learning to our staff and students, or in this case a solar and energy efficiency program that not only has a positive impact on our environment but also a positive impact on our budget," said San Jose Unified Superintendent Don Iglesias. "We will continue to seek out partnerships such as these, that are a win-win for the community and benefit San Jose Unified School District."

The district will reduce its purchase of utility power through this program, which is expected to reduce carbon emissions by more than 100,000 metric tons, equivalent to planting more than 1,400 acres of trees. Variable- speed drives and premium high efficiency motors were installed in the district's swimming pools to improve energy efficiency. Students within the San Jose Unified School District will also have the opportunity to learn first hand about energy use and the solar power generated on their campus with the aid of interactive kiosks.

"The Silicon Valley is known for innovation, and this program is no exception. We're proud that our school district is leading the way by having the largest K-12 solar and energy efficiency project in the United States," said Leslie Reynolds, president of the San Jose Unified School District Board of Education. "It is important to show our students and other school districts that we can generate renewable power at our facilities without capital investment from the district and still achieve cost savings for our general fund."

Chevron Energy Solutions, a unit of Chevron (NYSE: CVX), designed, built and operates the solar photovoltaic arrays for the district. The company also provides maintenance for the solar energy system and measures and guarantees its performance. Chevron Energy Solutions is the nation's largest installer of solar energy for education institutions and has developed hundreds of projects involving energy efficiency or renewable power for education, government and business customers in the U.S. since 2000.

"San Jose Unified School District is a prime example of how educational institutions can combine solar and energy efficiency programs to achieve environmental benefits and cost savings, which is especially important in these economic times," said Jim Davis, president of Chevron Energy Solutions. "We are pleased to be part of this project that is generating clean, renewable power."

Bank of America, through the Banc of America Public Capital Corp Energy Services team, owns the solar equipment and sells power to the district under a service contract at set rates significantly below market utility rates, providing the district savings and energy cost predictability. The California Solar Initiative and other incentives offset the overall cost of the program by more than $11 million.

"It's rewarding to know that school districts like San Jose Unified School District will benefit substantially from this type of project," said Linda Crothers, president of Banc of America Public Capital Corp. "We are pleased to provide financing to public and private sector projects so our clients can use solar to save money and reduce their carbon footprint. These efforts are part of Bank of America's 10-year, $20 billion environmental initiative to address climate change."

The dedication of the project is being celebrated today at Willow Glen Middle School and High School in San Jose at an event attended by students, government, business and district officials. The project was completed on time and within budget.