For those interested in retail investing, you might find today’s news interesting. Bloomberg reported on Thursday that General Electric and Tesla will be working together to install solar panels on 50 Home Depot (NYSE:$HD) stores. Additionally, they will sell the power output to the retailer.
The installation is part of Home Depot’s plan to move the majority of its stores to clean power. In fact, Home Depot plans to generate 135 megawatts of clean energy from its locations by the year 2020.
The solar-power installations are part of Home Depot’s new energy initiative, which also includes wind farms, solar farms and fuel cells. Home Depot said it currently uses fuel cells, which use natural gas to generate electricity, at 170 stores.
Before moving on, it is important to mention that it will be General Electric’s (NYSE:$GE) current unit that will be working with Tesla to install the solar rooftops. All of the power produced from the installations will be sold back to Home Depot from New Jersey, Connecticut, New York, California, and Washington power concerns as part of the deal. In addition, six Home Depot stores will receive Tesla (NASDAQ:$TSLA) battery storage facilities.
Home Depot stock was down 0.6% during afternoon trading in the stock market today.
If all goes as planned, the solar systems installed by General Electric and Tesla should generate enough electricity to reduce the demand from the stores of the grid by roughly one third.
Featured Image: twitter
