Wal-Mart And SolarCity Announces Plans To Install Solar Panels

Wal-Mart Stores, Inc. (NYSE:WMT) the largest retailer worldwide hired the services of SolarCity Corp (NASDAQ:SCTY) to install solar panels on 12 WalM-Mart and Sam’s Clubs stores located in the state of Ohio.

Wal-Mart And SolarCity Announces Plans To Install Solar Panels

According to the retail giant, the solar panel installation will generate approximately 6,000,000 kWh of electricity, enough to provide power to more than 820 homes. Wal-Mart also expects the solar panels to supply around 5-20 percent of the overall electricity used by each of the 12 stores.

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In a statement, David Ozmet, senior director of energy for Wal-Mart said, “Solar power makes sense for Walmart, and it makes sense for Ohio.We are committed to increasing the use of renewable energy resources, including solar panels, at our stores in Ohio and throughout the country.”

On the other hand, Bill Spratley, executive director of Green Energy Ohio said that the solar panel installation of Wal-Mart Stores, Inc. (NYSE:WMT) on the rooftops of its 12 stores is the largest commitment made by a retail business in the state. He said, “At more than four and a half megawatts, it represents almost a tenth of all the solar installed in Ohio currently. It is exciting to see that Walmart’s solar arrays will also eliminate 5,500 tons of CO2e or the equivalent of taking the emissions of 1,152 cars off the road each year.”

According to the retail giant, SolarCity Corp (NASDAQ:SCTY) will install solar power systems on the rooftops of Wal-Mart and Sam’s Clubs stores located in Mason, Xenia, Greenville, Austintown, Middletown, Franklin, Youngstown, Toledo, Milford, Loveland, and Cincinnati.

Data from the United States EPA Green Power Partnership program showed that Wal-Mart Stores, Inc (NASDAQ:WMT) is the largest onsite green power generator in the country. The retail giant is committed in achieving its goal to power its stores using renewable energy by 100 percent.

According to Lyndon Rive, CEO of SolarCity Corp (NASDAQ:SCTY), “Walmart continues to forge new ground as the #1 corporate solar user in America.This project brings SolarCity to the state of Ohio for the first time, and is expected to increase the state’s overall solar generation capacity by more than 10 percent.”

Last month, Wal-Mart Stores, Inc. (NYSE:WMT) increased its dividend by 18 percent for the FY14 to $1.88 per share due to strong financial results for the fourth quarter of FY13. The retail giant reported $127.1 billion net sales and $1.67 diluted earnings per share, higher that its results of $122.3 billion revenue and $1.51 diluted EPS during the same period a year earlier.