Shares Of Elon Musk's Solar Company Are Surging

Business Insider

Shares of SolarCity, the solar panel installation firm chaired by Elon Musk, are up nearly 6% this morning, to more than $55.

Earlier today, the company announced it would begin tapping technology developed by Tesla to create commercial energy storage units.

This is big: We recently explained why energy storage has become on of the last stumbling blocks to making renewable energy competitive with conventional sources of generation. Because the sun does not shine and the wind doesn't blow all day, it can be difficult to store excess power that can be stored to meet demand surges. Storage helps address the problem.

Commercial customers in California, Massachusetts, and Connecticut will be the first to receive the new batteries, SolarCity says. AP says the systems will cost over $100,000.

SolarCity shares hit an all-time high of $62.77 in November.