SolarCity Corp shares on Nasdaq were up more than 3.2% after the firm announced they entered into contract with Walmart Stores that says SolarCity would be working on solar projects at stores owned by Walmart in 36 states during the upcoming four years.
Walmart and SolarCity first entered into a partnership with one another in 2010 and since have begun 200 solar projects at many different Walmart stores across the nation.
In addition, SolarCity has completed 13 storage units for energy at different Walmart stores next to the usual generator for solar power.
The newly signed agreement will be increasing the number of energy storage units across the U.S.
The energy storage units have given Walmart the ability to save more money as they can rely on their stored energy and cut down on peak hour power usages, which is more expensive.
However, this new agreement is for storage units that are larger and hold more capacity, which will use a battery of 200 kilowatts.
Since both companies start a business partnership in 2010, SolarCity Corp has created another 5,000 full time jobs across the U.S.
According to SEIA the Solar Energy Industries Association, Walmart Stores is the largest single corporate solar energy user in the United States.
The partnership gives advantage to both Walmart Stores and SolarCity. SolarCity is able to get its brand and name out into the public eye and working with a leading reputable brand gives them great credibility.
Walmart, being the biggest corporate user of U.S. solar energy its huge not only from a standpoint of public relations but from a standpoint of the budget.
Walmart is saving impact on the environment by using the solar energy, but also is saving money and can cut lighting costs across its many stores.
In addition, the storage devices can keep the energy stored for future use which will help Walmart to save even more money and turn to its solar storage power during peak hours and when it is more expensive to use energy.