Tesla and General Electric To Install Solar Panels In 50 Home Depot Stores

Tesla Inc. (NASDAQ:TSLA) is teaming up with General Electric (NYSE:GE) to install solar systems and panels in 50 Home Depot Inc. (NYSE:HD) stores. The solar rooftops that the two companies will install should generate enough electricity to reduce the store’s reliance on local grids by a third.

Home Depot Solar Roof Tops

General Electric and Tesla will sell Home Depot the power generated by the solar panels installed in the outlets. Six stores will also receive battery storage facilities for storing excess power generated during peak solar hours.

General Electric’s Current unit plans to add metering technology to solar installations at select Home Depot stores, to gather data on local grid interaction and onsite plant production. Information gathered, as a result, should help the retailer optimize energy usage at similar locations in the future.

“Home Depot is a great partner to demonstrate the value of onsite solar energy as a practical, affordable and important business strategy and drive further market adoption,” said Erik Schiemann, general manager of solar at Current.

The average Home Depot store is 104,000 square foot which can accommodate up to 1,000 solar panels. The home improvement retailer expects the solar panels to cut the store’s use of the electric grid by 30-35%. In addition to installing solar panels, the retailer also operates two wind farms. It has also leased roof spaces in Delaware and Maryland all of which are using fuel cells.

Eco-Friendly Practices

The installation comes at a time when most companies are adopting eco-friendly practices as solar energy becomes cheaper than electricity. Home Depot has already reiterated plans to generate up to 135 megawatts by 2020 in its retail outlets across the country.

Amazon.com, Inc. (NASDAQ:AMZN) is another retailer that is making a push for clean energy solutions. The e-commerce giant is working on a solar power program that will result in the installation of solar panels in 15 fulfillment centers by the end of the year. The company plans to have 50 warehouses on solar power by 2020.