Wells Fargo Increases Support for Renewable Energy

New solar promotion in Southern California

SAN FRANCISCO - October 5, 2010

Wells Fargo & Company (NYSE: WFC) announced today the expansion of a special promotion designed to make it easier and more affordable for homeowners to go solar. This effort is the latest part of Wells Fargo’s commitment to environmental leadership, including its initiatives aimed at helping customers and the nation take advantage of clean, renewable energy.

“Through everyday actions and being aware of the ways our decisions affect the environment, we can all contribute to environmental protection and regeneration,” said Mary Wenzel, director of Wells Fargo Environmental Affairs. “As a community-based financial institution, one of the ways we can help is by offering financial solutions that help our customers save not only time and money, but also protect our environment.”

Starting today and through the end of the year, qualified Southern California customers who advance funds from a home equity loan or line of credit in the amount of $15,000 or more to finance a solar energy system for their home will receive up to $1,000 in incentives. Three solar companies are participating in the incentive – Acro Energy, REC Solar and Verengo Solar. Complete details of the California promotion are available at all Southern California Wells Fargo stores and at blog.wellsfargo.com/environment. Working with Colorado solar installers, the company is also presenting its Colorado customers with the $1,000 incentive through the end of the year.

The solar promotion builds on Wells Fargo’s efforts to support renewable energy. Those include:

  • Provision of more than $2 billion in tax-equity financing to support renewable energy projects across the country, with a production capacity of over 4,100 megawatts (MW)
  • Installation of solar photovoltaic systems at 10 Wells Fargo stores in Denver, CO. A portion of each store’s electricity needs are met by the system, resulting in a net savings of electric utility expenses and generating more than 220 kWh of clean, renewable power
  • Establishment of four national groups dedicated to developing opportunities and supporting businesses and municipalities in the growing clean technology sector – the Environmental Finance Group, National Cleantech Commercial Banking Group, Clean Technology Investment Banking Group and the Sustainable Public Infrastructure Group.

For more information about Wells Fargo’s other environmental initiatives, visit wellsfargo.com/environment.

About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 10,000 banking stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked #19 on Fortune’s 2009 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo ranked #1 among banks and insurance companies – and No. 13 overall – in Newsweek magazine’s inaugural “Green Rankings” of the country’s 500-largest companies.

About Acro Energy
Acro Energy is among the most experienced solar installers in California with over 25 years and 2,000 installations throughout the state. A pioneer in the industry, Acro Energy has developed an economical, turnkey approach to delivering complete solar solutions—including design, equipment, and financing—tailored to the unique needs of customers. With the highest standards in workmanship and service, Acro Energy has established an enduring trust with customers over three different decades. For more information, visit www.acroenergy.com.

About REC Solar
REC Solar is an industry leading solar power provider specializing in grid-tied residential and commercial installations. With a local presence in all major solar markets in the United States and thousands of kilowatts installed, REC Solar is committed to lowering the cost of solar power through efficient processes, innovative products and outstanding customer service. REC Solar has more than a dozen offices in six states (California, Colorado, Hawaii, Oregon, Arizona and New Jersey). For more information, visit www.recsolar.com.

About Verengo Solar Plus!
Verengo Solar Plus is the largest residential solar installer in Southern California. Staying true to its motto of "do good and do well," Verengo Solar Plus has installed solar systems that will save its customers $44 million in energy costs and reduce carbon emissions as much as planting 53,000 acres of trees, or taking more than 21,000 cars off the road for a year. Last quarter, the energy systems Verengo Solar Plus installed were equivalent to planting enough trees to cover the entire island of Manhattan. For more information, please visit www.VerengoSolar.com.