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Walmart Puts Price Of Solar Power On Rollback

Stocks in this article: WMT

At an event with President Barack Obama, Walmart today announced that it will double the number of on-site solar energy projects at its U.S. stores, Sam’s Clubs and distribution centers by 2020. The commitment is part of Walmart’s global initiative to drive the production or procurement of 7 billion kWh of renewable energy by the end of 2020.

Over the last few years Walmart has made significant progress toward its goal to be supplied by 100 percent renewable energy. With today’s commitment Walmart will further extend its leadership in renewables, doubling its solar energy projects in the United States and Puerto Rico over the next six years, compared to a 2013 baseline.

“We share the President’s commitment to a sustainable energy future and applaud his willingness to partner with business on this important issue,” said Bill Simon, president and CEO of Walmart U.S. “We know from experience that investing in energy innovation allows us to save money, reduce carbon pollution, and create jobs. Every day, millions of Americans depend on us to watch every penny so that we can provide the best prices on products they love. Our customers can feel good that we’re watching out for both their wallets and their children’s future.”

Walmart made the announcement while hosting President Obama at a solar-powered store in Mountain View, California. The President visited the store to highlight the importance of energy efficiency and renewables in keeping America strong.

Walmart today is the No. 1 commercial solar energy user according to the Solar Energy Industry Association 1 and is recognized as the largest on-site renewable energy user in America by the EPA’s Green Power Partnership 2.

Earlier this week, Walmart also signed on to the Department of Energy’s Better Buildings Initiative 3, reinforcing the company’s commitment to reduce the energy intensity of its buildings by 20 percent by 2020, compared to a 2010 baseline.

In total, Walmart’s 2020 commitments to scale renewables and accelerate energy efficiency globally 4 could save the company as much as $1 billion a year in energy costs.

The Mountain View store currently derives 14.5 percent of its energy from solar systems built and installed by SolarCity, a local California business and one of Walmart’s largest solar vendors. According to SolarCity, its projects with Walmart alone have created an estimated 9,000 construction jobs in the United States, and SolarCity has created an additional 5,000 permanent American jobs since it initiated its first project with Walmart in 2010.

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