NRG Energy, Inc. Buys Rooftop Solar Company

NRG plans to expand and improve upon its rooftop options with Roof Diagnostics Solar.

Mar 27, 2014 at 3:08PM

NRG Energy (NYSE:NRG) announced today that it has acquired Roof Diagnostics Solar to add on to its rooftop solar business. 

According to NRG Energy's press release, Roof Diagnostics Solar is one of the largest solar sales and installation companies in the nation. While it's focused primarily on the Northeast, its operations are now pushing into California and elsewhere. 

Although NRG Energy didn't disclose financial details in its announcement, the company seems to have big plans for its latest purchase.

"With the price of residential solar increasingly competitive with the retail price of power in multiple states, the time is now for NRG to ramp up its efforts to bring the benefit of self generation to NRG's millions of present and future retail electricity customers," said David Crane, president and CEO of NRG Energy. He was quoted as saying NRG and RDS would be taking "a big step toward a national residential solar business platform. ... NRG wants and expects to meet the demand of Americans in every state who are seeking to benefit from the inexhaustible supply of clean energy provided by the sun while affording themselves greater independence from an increasingly less reliable electric grid."

Roof Diagnostics Solar has only been in operation since 2011, but CEO Kelcy Pegler, Jr. was quoted as saying the resources of NRG will allow his 475-person company to "greatly increase" its current growth trajectory.

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Justin Loiseau has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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