Tesla Inc (NASDAQ:TSLA) is teaming up with General Electric’s Current unit to install solar panel systems on several Home Depot roofs across the United States.
The systems will be placed on top of 50 Home Depots, and kicks off the home improvement warehouse operator’s clean energy plan that aims to generate some 135 megawatts of electricity from its locations by 2020. TechCrunch has more details on the project:
The power generated from the installations will be sold back to Home Depot from New York, New Jersey, Connecticut, California and Washington power concerns as part of the deal, and six of the stores will also get Tesla battery storage facilities, which will make use of the company’s commercial Powerpack batteries to keep excess power generated during peak hours in reserve for later use. The installations of solar systems should cut the demand from the stores of the grid by at least one third.
Tesla’s SolarCity has worked on commercial installations of its solar panels for carport and building roofs in the pas. It’s doing more with its energy division post-acquistion, including building battery storage systems to support a number of different renewable power generation facilities around the world.
Tesla is also powering its own Gigafactories with massive solar farms, and is perhaps the only large cap U.S. company that can claim its operations are powered nearly 100% by clean energy.
Tesla Inc shares were trading at $356.55 per share on Thursday afternoon, down $6.36 (-1.75%). Year-to-date, TSLA has gained 66.85%, versus a 10.33% rise in the benchmark S&P 500 index during the same period.
TSLA currently has a StockNews.com POWR Rating of A (Strong Buy), and is ranked #1 of 25 stocks in the Auto & Vehicle Manufacturers category.