SolarCity Stock News: SolarCity Corp (NASDAQ:SCTY) signed an agreement with Viridian Energy to form a team to supply retail green energy solutions to US homes in different states. With an increasing interest for alternative energies in the country, Solar City searches, through this new alliance, to take advantage of Viridian Energy’s expertise, and for a platform to install its solar plants in nine states.
Veridian is recognized as one of the largest direct selling companies in the US. Through the recent deal, SolarCity could get access to Viridian's 230,000 customers throughout 20,000 contractors. At the same time, SolarCity makes its solar power plants accessible to alternative energy fans in the northeast zone, offering cheaper plans than households' current electricity providers. Likewise, the firm offers free installation of solar panels, which is an attractive energy alternative to homeowners.
Experts point out that solar power generation in the U.S. is growing faster than any other form of alternative energy. And, in the near future they expect a solid consolidation of the sector. This is due to private and public alliances to improve and promote the use of this kind of alternative energy. Mega-projects to provide energy in great quantities, and encouragement of home solar panels in states like California, are some of the joint business strategies.
In the last week, solar stocks had some investors feeling cheery thanks to public announcements about megaprojects. Some examples are the SunPower Corporation (NASDAQ:SPWR) projects in Chile and Japan, and First Solar's business in Moapa project in Nevada.
Meanwhile, these mega-businesses consolidate solar energy as a reliable energy alternative. SolarCity has taken notice of this situation and responded by offering reasonable cost-alternative plans to residential owners.
Disclosure: Saul Rodriguez holds no position in any of the mentioned stocks.