Tesla Inc (NASDAQ:TSLA) and General Electric Company (NYSE:GE) are teaming up to add rooftop solar farms to Home Depot Inc (NYSE:HD).
The companies have teamed up to bring clean energy to 50 Home Depot stores as we transition into a retail environment where more companies follow eco-friendly practices. Eventually, solar-powered energy may come at a lower price than electricity.
Home Depot hopes to generate 135 megawatts of clean energy from its locations by 2020. The power generated from the solar panels installed in its locations will be sold back to the company from New York, New Jersey, Connecticut, California and Washington.
Six of these stores will also get Tesla battery storage facilities, consisting of the electric carmaker’s Powerpack batteries that can store excess power generated during peak solar hours in order to use them later.
The move should cut the demand from Home Depot stores of the grid by one third or more.
While many are well aware of Tesla’s work creating electric and hybrid cars, the company has been focusing on installing solar panels for homes as well as part of the company’s expansion of its energy division.
Images of the new Tesla Model 3 were revealed less than a month ago, which is smaller than the Model S.
TSLA stock fell 1.7% Thursday, while GE shares declined 1%. HD shares fell 1% today.
