Knoxville to get 20% of electricity from solar by 2023 and more business news – Chattanooga Times Free Press


Knoxville Utilities Board announced Thursday that it will expand its solar generation to get 20% of its power from the sun by the end of 2023.

Through TVA’s Green Invest program, the local power company in Knoxville has agreed to buy 502 megawatts of solar power generation to serve its customers wanting more renewable power. KUB was the first local power company in TVA’s service area to enter a Green Invest agreement in March with a commitment of 212 megawatts of solar power and the utility said Friday it is adding another 290 megawatts of solar generation to its Green Invest initiative.

«This commitment is a major step that advances the objectives of our Climate Council to reduce community greenhouse gas emissions,» Knoxville Mayor Indya Kincannon said. «KUB is a leader in the valley for their sustainability efforts, and this investment in solar energy helps all of us reduce emissions and take action against climate change.»

Facebook, General Motors, and Google also signed Green Invest agreements under the Green Invest program. said Chris Hansen, TVA’s vice president for Origination & Renewables.

Patten heirs give $1 million to UTC

A $1 million gift from the children and grandchildren of Z. Lupton Patten will create an endowed chair in business ethics at the Gary W. Rollings College of Business at the University of Tennessee at Chattanooga.

The Z. Lupton Patten Chair in Business Ethics was endowed from the vision of the late Fontaine Patten Moore and the generosity of her sisters, the late Peggy Patten Winningham, Phyllis Patten Hardin, and Charlotte Patten Gauss, and their children.

An alumnus of Baylor School, Lupton Patten graduated with honor from the University of Chattanooga in 1927, where he was president of the senior Class, captain of the Tennis Team, and member of the Alpha Society. Upon graduation, Lupton Patten joined the faculty of the University as an instructor in French and Philosophy. He later was elevated to president of the family’s business, The Chattanooga Medicine Company, in 1938 at age 31. Under Lupton Patten’s foundational leadership, the Medicine Company grew and prospered through the war years and continues to thrive today as Chattem, Inc.

Robert Dooley, dean of the UTC Rollins College of Business, said the goal of the Z. Lupton Patten Chair is to «guide students to be ethical and successful managers and leaders and to encourage administrators and faculty members in business education to explore ways to incorporate and strengthen ethics education» in the curriculum.

«While UTC and the Rollins College of Business have long included ethics education as part of our instruction, their generous gift will give strength, recognition and added emphasis to those efforts,» Dooley said.

Mortgage rates drop to an all-time low

U.S. long-term mortgage rates fell this week, reaching record lows for the 13th time this year amid fresh signs of weakness in the pandemic-ravaged economy.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year benchmark loan declined to 2.72% from 2.84% last week. By contrast, the rate averaged 3.66% a year ago.

The average rate on the 15-year fixed-rate mortgage eased to 2.28% from 2.34%.

Home loan rates have trended downward through most of this year, bolstering demand from would-be homebuyers.

— Compiled by Dave Flessner

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