A report from the Solar Energy Industries Association (SEIA) has revealed major corporations are funding swathes of renewable energy production and storage infrastructure in the US, consisting almost entirely of solar and battery technology.
Together, the top 10 corporate solar adopters have capacity to produce up to 16,774 megawatts.
To put that in perspective, the state of New South Wales demands about 14,373 megawatts in the most extreme conditions of summer, meaning the 10 corporations on the list generate more energy than a state of more than 8 million people.
“Some of the largest industrial and data operations in the world continue turning to solar and storage as a reliable, low-cost way to power their operations,” SEIA president and CEO Abigail Ross Hopper said.
“These industry giants are investing in solar through a diverse range of applications, including onsite and off-site installations, on carports, paired with storage, or even as an anchor tenant for a community solar project.”
Who’s leading the charge?
Meta Platforms, owner of Facebook (NASDAQ:META) and AI proponent, owns the largest solar infrastructure package, capable of producing more than 5 gigawatts of energy.
Google (NASDAQ:GOOGL) holds the third largest solar production package for more than 2,500 megawatts of energy but outstrips its competitors in terms of storage, with 936 megawatt-hours of battery capacity.
The companies assessed by the report – namely, Meta, Amazon (NASDAQ:AMZN), Google, Apple (NASDAQ:AAPL), Walmart (NYSE:WMT), Target , Microsoft (NASDAQ:MSFT), Digital Reality, Verizon (NYSE:VZ) and Home Depot (NYSE:HD) – show no signs of slowing their solar investments either.
Collectively, they hold a pipeline of projects that could produce up to 27.8 gigawatts of energy, more than all projects that were operating in 2022 combined.
“As corporations continue to innovate in their energy planning through microgrids, participation in ancillary services, or participation as solar tax equity investors, the procurement market will continue to adapt to ensure demand for carbon free power is met,” the SEIA report predicts.
“Commercial load growth and growing sustainability ambitions have grown the pipeline of solar investments, and solar is poised to be a key energy solution for growing businesses well into the future."
Solar has become one of the cheapest forms of energy, undercutting even coal and gas in most major countries.
In the first quarter of 2024, the average wholesale price of energy in Australia ranged from $69 per megawatt-hour to $137 per megawatt-hour.
Solar energy has dropped to $29-$92 per megawatt-hour, averaging $61 per megawatt-hour.
“We began our solar program more than 20 years ago,” Target Corporation (NYSE:TGT) vice president of property management Erin Tyler said.
“Target’s long-term investments in clean energy continue to drive value for our guests, communities, and shareholders. Through our commitment to solar, we’re well on our way to achieving our corporate goal of sourcing 100% of electricity from renewable sources by 2030.”