The National Auto Dealers Association (NADA) has revealed that energy costs are the third highest expense for auto dealers and this has forced many of them to turn to SunPower Corporation (NASDAQ:SPWR) for energy savings.
The solar energy provider is working with dealers to install highly efficient solar energy systems on the rooftops of many dealers as well as their parking lots. The idea behind this move is that these solar power systems can generate enough energy to significantly slash the high electricity costs that these auto dealers have been struggling with. There is also the extra benefit of protection for the vehicles under the solar panel roofs.
“It’s no surprise that an increasing number of auto customers find solar to be a reliable, effective way to reduce electric bills while freeing up operating capital and improving their environment with emission-free energy,” stated Nam Nguyen, the executive vice president of SunPower.
Nguyen further pointed out that the company has created simple, cost-effective and smart solar systems that make it possible for enterprises in any industry to capitalize on more savings. Energy Concepts, a SunPower Dealer in Minnesota has so far designed, sold and installed solar power systems for Luther Auto Group in ten locations. The solar systems for the dealer can produce a total 454 kilowatts of solar power.
Luther Auto’s VP of real estate, Linda McGinty, stated that solar power makes a lot of sense for most businesses especially in Today’s environment. Covert Auto dealer in Texas has 125.6 kilowatts of solar installed by SunPower on the roofs of its Chevy and Ford dealerships in Hutto. The solar energy provider has also installed more than 50 kilowatts of solar at a Nissan Dealer in Boulder. The latter is able to meet about 20 percent of its energy demand through solar. Boulder Nissan expects the system to help save as much as $384,000 over a period of 25 years.
SunPower is also extending its partnership beyond auto dealers to also accommodate vehicle manufacturers. The company revealed that it is building an 8.79-megawatt system for Toyota Motor Corp (ADR) (NYSE:TM) in its Texas headquarters.
SunPower stock closed the latest trading session on Wednesday at $8.92.
