Jim Cramer's Mad Dash: SolarCity Is on Fire

NEW YORK (TheStreet) -- SolarCity (SCTY) "truly did report a great quarter," TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Cramer's Mad Dash" segment. 

Cramer added that the company continues to make its move into the residential solar market, where it has tremendous opportunity. 

Not only does SolarCity gain customers via the homeowner, but in some areas it is also able to sell excess electricity back to the utility company that originally supplied power to the home. 

SolarCity and NRG Energy (NRG), two competitors, are "knocking the ball out of the park" in this regard, Cramer said excitedly. 

Solar prices have come down quite a bit, and Cramer continues to like SolarCity and First Solar (FSLR), despite the high valuation of the stocks. "It's a great business," Cramer concluded.

-- Written by Bret Kenwell in Petoskey, Mich.

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.

More from Opinion

Elon Musk's Latest Twitter Tirade Is the Dumbest Thing on Wall Street

Elon Musk's Latest Twitter Tirade Is the Dumbest Thing on Wall Street

Elon Musk's Twitter Tirade Is the Dumbest Thing on Wall Street

Elon Musk's Twitter Tirade Is the Dumbest Thing on Wall Street

Why Google's Search Momentum Won't Be Badly Hurt by New EU Rules

Why Google's Search Momentum Won't Be Badly Hurt by New EU Rules

Flashback Friday: Amazon, Chip Stocks, Memorial Day

Flashback Friday: Amazon, Chip Stocks, Memorial Day

Time to Talk Tesla: What Happened This Week, Elon?

Time to Talk Tesla: What Happened This Week, Elon?