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How one solar company is banking on Tesla to help drive its business

Ines Ferré
Markets Reporter
A solar canopy stands over Tesla, right, and Nissan Leaf electric cars at the unveiling of a solar-powered electric car charging station in Portland, Ore. (AP Photo/Don Ryan)

A solar construction company is looking to one of the hottest names in the auto industry to help drive interest in its business.

Jeff Peck, CEO of The Peck Electric Company (PECK), believes that Tesla’s (TSLA) record breaking production and deliveries in the second quarter is good news for solar companies like his.

The executive told Yahoo Finance in a recent interview that he’s hoping to ride the coattails of the electric vehicle wave.

“When I think about the electric vehicle transition we're going through, I think of all of the solar panels that are going to have to be built and all the arrays are going to have to be built to charge those every day, “ Peck said.

Much like companies that make products for Apple’s (AAPL) iPhone, Peck envisions solar companies as offshoots to the electric vehicle industry.

“Who are the companies that are putting all the components into the iPhone and how they're going to do really well because they're doing this. I look at what we do is sort of that same sort of thing,” Peck said.

“We're right there in the middle, we're going to build that,” he added.

Renewable boom

The global EV charging station market is expected to hit more than $30 billion by 2024. In 2018, International Energy Agency data showed that electric cars topped 5 million globally— up 2 million from the previous year and almost doubling the number of new electric car sales.

With more EV cars hitting the road, Smaller cap solar companies are racing to get a piece of the action, even as Tesla has pushed to expand its’ own solar industry business. San Diego based Envision Solar (EVSI) has already been setting up solar-powered charging stations in cities like San Diego, New York, Washington DC and Fort Lauderdale.

Peck’s CEO, who himself drives a Tesla Model X, said electric vehicle drivers will soon prefer charging their batteries using solar energy.

“People as they make that choice and buy that car, they're gonna want to make sure what they're plugging into is also renewable,” Peck told Yahoo Finance. He added that businesses will want to build charging stations on the parking lots.

“Businesses are gonna want to make sure that when their employees come in, they have a place to charge, to make that work environment more friendly,” he said, adding that municipalities can also make money off of them — mainly by using parking meters as chargers.

The Vermont based solar engineering, procurement and construction company recently closed a deal with Jensen that saw Peck list its stock on the Nasdaq.