SolarCity and Whole Foods announced an important deal today that will see up to 100 solar power systems installed at Whole Foods Markets across the country. SolarCity’s stock is up 7% following the news.
It’s not the first time Whole Foods decides to install rooftop solar at its locations, like the 186 kW array at the Austin store featured above, but it is the most important deal of its kind for the grocery store chain.
Once completed, these solar power systems are expected to place the company within the top 25 corporate solar users in the nation. It will also significantly increase SolarCity’s commercial business. The solar installer is mainly focusing on the residential market where it owns about a 36% market share.
SolarCity plans to begin installation this spring in locations such as Connecticut, New Jersey and New York.
The installations will be made possible through an investment fund established by Direct Energy and SolarCity:
“Direct Energy Business offers managed products with advisory services for a total energy strategy, and has a relationship with Whole Foods Market in some of their stores. Solar is integrated into that strategy as part of a collaboration to provide solar electricity directly to businesses through a dedicated investment fund established by Direct Energy and SolarCity.”
SolarCity made similar deals in the past with other important retail chains like Walmart, where it also installed Tesla battery packs for energy storage.
Featured Image: 186 kW array at Whole Foods Austin via SolarProfessional