SolarCity Corp (NASDAQ:SCTY) announced today that it has expanded into the Big Island of Hawaii. The solar panel system supplier has launched a large operations center in Kona, Hawaii, a well-known tourist destination that’s located on the western side of Hawaii island.
High power bills present opportunities
As Clean Technica notes, expanding in Hawaii is an especially smart move for SolarCity Corp (NASDAQ:SCTY). In particular, residents of Hawaii’s largest island pay some of the highest rates for electricity, both in the state and in the entire nation. Currently SolarCity is one of the state’s top solar installers by kilowatts of capacity. With the expansion on the Island of Hawaii, the company will be offering electricity that is much cheaper than the rates residents pay for power from the grid.
SolarCity Corp (NASDAQ:SCTY) said it has already begun to provide solar power to the first 100 customers on the big island. The company has partnered with the Hawaii Department of Transportation. In addition, it has finished a solar panel system at the Kona International Airport.
The new operations center in Kona is actually SolarCity Corp (NASDAQ:SCTY)’s second Hawaii location. The company has had a physical presence in the island state for the past three years. Its other operations center is located in Mililani, Oahu. The new facility features a warehouse and business office. Currently SolarCity only employs 12 people there, although it expects to expand that number to 24 this year.
SolarCity shares perform well
SolarCity Corp (NASDAQ:SCTY) stock has been performing fairly well all day, including during premarket trading hours. According to a post on The Street, Trade-Ideas LLC identified the solar system company as a potential leader candidate early this morning. The firm cited three factors as contributing to their reasoning.
First, SolarCity Corp (NASDAQ:SCTY)’s average dollar volume is around $232.2 million. Second, 20,424 shares of the company’s stock had traded hands during premarket hours as of 8:08 a.m. this morning. And third, the stock had risen by 2.5% from the previous trading day’s closing price.