Whole Foods Plans For Solar Systems In A Bid To Reduce Utility Expenses
By Staff Writer
Mar 09, 2016 07:07 AM EST
Regions
Whole Foods Market Inc., the American super market chain, has reached separate agreements with NRG Energy Inc. and SolarCity Corp. to get even greener. The agreement aims to install rooftop solar power systems on many of the organic- and natural-foods supermarket chain's stores. Both the contracted companies have confirmed the agreement on Tuesday.
The super market chain has already installed solar systems on 25 of its 434 US stores. SolarCity expects to begin installation this spring. However, the company is yet to decide on how many of the projects each company will complete, reports The Wall Street Journal.
NRG has been planning to install systems in nine states including California, Colorado, Connecticut, Massachusetts, Nevada and Texas. Installation of solar systems at Whole Foods locations across the US, is expected to increase the percentage of renewable energy, reports The New York Times citing a prepared statement represented by Kathy Luftus, global leader in sustainability for Whole Foods, as the source.
Solar energy is believed to uphold the Whole Foods image while saving money. This is because, the solar providers offer power with prices below average commercial prices of electricity. NRG expects installing solar panels at up to 84 stores and distribution centers of the super market chain, cites Candice Adams, an NRG spokesperson. Meanwhile, Molly Canales, spokesperson for SolarCity has declined to disclose the number of Whole Foods locations, the company expects to install solar systems, according to a report published in USA Today. Whole Foods is under tremendous pressure for reducing costs due to immense competition from other chains offering specialty and organic foods at lower prices. The deal is expected to enable NRG pursuing the market for renewables on a large scale, retreating from its earlier planning to become Apple of green energy. NRG has refocused on its core business while negotiating on the fate of its home solar and electric vehicle charging divisions. Mauricio Gutierrez, the new chief executive of NRG expects to complete the negotiations by the second quarter of this year. Prices of SolarCity shares have been witnessed to decrease 51% during this year. But the prices have been increased 3.7% to $25.08 in regular trading on Tuesday. Meanwhile, prices of NRG shares have fallen 8.3% to $12.51.
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