Whole Foods Goes Big With Solar Power

Whole Foods is going solar.

Specifically, it’s going solar power, with Elon Musk-backed renewable energy company SolarCity having announced yesterday (March 8) that it is going to retrofit up to 100 of the high-end organic grocery chain’s locations throughout the U.S. with rooftop solar panels. In a press release, SolarCity expressed that the threefold goals of this implementation are increasing solar power production, offsetting some reliance on traditional grid power and helping save Whole Foods money.

The release additionally points out that, once the plan has been implemented (the installation of the solar panels at Whole Foods locations is scheduled to begin in the spring), Whole Foods will be among the top 25 corporate solar users in the country.

Commenting to CNBC on Whole Foods’ arrangement with SolarCity, Kathy Loftus, global leader in sustainability for Whole Foods Market, stated: “We feel that increasing support for renewable energy is a good thing for our company overall, and hedging against potential rising energy costs going forward is also important.”

CNBC reports that the Whole Foods deal has — at least initially — resulted in good news for SolarCity, with its shares rising yesterday in the wake of the announcement. Whole Foods’ stock enjoyed a bump as well, according to the outlet.

The CNBC story goes on to point out that the announcement regarding Whole Foods comes less than a month after SolarCity reported a first quarter loss that was more significant than had previously been expected. Between this year and last, shares of the renewable energy company have fallen in excess of 50 percent, according to the outlet.