Walmart, like many other retailers that have invested in renewable energy technologies to provide electricity to stores, has always maintained that financial concerns have driven its decisions. Simply put, the company saves money that it can either drop to its bottom line or reinvest in other areas to drive top line performance.
Recently, the chain announced that it has installed 150 solar projects (100 in California) to date and expects to have 90 megawatts of capacity by year-end. The company has also made investments in other forms of renewable energy including wind and fuel cells.
While Walmart's solar installations to date are just a drop in the bucket when you consider all the chain's real estate, the company is still ahead of the retail industry curve. A recent Bloomberg News piece showed that Walmart has more capacity than Apple and IKEA, two other companies that are aggressively pursuing solar options.
The ultimate goal for Walmart, as always, is to drive energy prices down.
"The more we get involved and commit to volume, the more the prices come down for the technology," Marty Gilbert, director of energy at Walmart, told Bloomberg. "Prices for solar panels, fuel cells, wind turbines to some degree, they are all approaching grid parity."
While Walmart has heavily invested in solar in its California locations, it is looking to other areas including Connecticut, Hawaii, Puerto Rico and Ohio where traditional energy costs are highest.
"The only projects that we were doing are the ones that economically make sense at the store level," Mr. Gilbert told Bloomberg.
While not done for altruistic reasons, Walmart's commitment to renewable energy has brought it good press, as well.
"Walmart's solar power initiatives shows how companies can help bring cost-effective energy solutions to scale as part of 'business-as-usual,'" said Gwen Ruta, vice president of Environmental Defense Fund's Corporate Partnership Program, in a joint press release with the retailer. "This milestone for Walmart's efforts demonstrates the growing roles for renewables in America's energy future."
