SolarCity Corp. (NASDAQ: SCTY) and Best Buy Co. Inc. (NYSE: BBY) have teamed up to help customers go solar. The aim for the solar panel installer is to get face time with shoppers to explain how much money they could save. And the retailer of everything from appliances to cell phone plans to video games gets a cut of the sales, though precise terms were not disclosed.
The companies announced Wednesday that representatives will be stationed in about 60 Best Buy stores in Arizona, California, Hawaii, Oregon and New York. They can provide quick assessments for shoppers about their homes, and offer on-the-spot estimates of potential electricity savings if solar panels are installed.
SolarCity CEO Lyndon Rive said in an interview:
People go to Best Buy to buy all sorts of devices and appliances, and almost everything you buy consumes a tremendous amount of electricity — your flat-screen TV, your dishwasher. Now we can sell a product that addresses those energy needs.
Rive also said SolarCity has found success in a similar partnership with big-box home improvement store operator Home Depot (NYSE: HD).
Shares of SolarCity were up 6.0% Wednesday morning, at $77.82 in a 52-week range of $16.18 to $88.35. Best Buy shares were down %1.7 to $25.53. The 52-week range is $20.30 to $44.66.
Essential Tips for Investing (Sponsored)
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
