The Solar Energy Industries Association (SEIA) is reporting that U.S. corporations are commissioning record levels of solar and energy storage, according to the organization’s annual “Solar Means Business” report.
“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,” said Abigail Ross Hopper, SEIA president and CEO. “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.”
Among the top renewable energy portfolios are Meta with 5.2 GW of solar production and Google with 936 MWh or domestic energy storage capacity. These two corporations and Amazon added the most solar to their portfolios through Q1 2024 and maintain the largest pipelines of under-contract solar projects. Manufacturers like General Motors, Toyota and U.S. Steel are also among the top 10 companies for new solar contracts.
Through Q1 2024, U.S. businesses have installed nearly 40 GW of solar capacity. Total corporate storage use exceeds 1.8 GWh, and corporations have reported more than 3 GWh of battery storage that is expected to come online over the next 5 years.
2024 corporate solar deployment rankings. SEIA
Companies like Meta, Google and other major software developers are attempting to keep pace with climate goals and the growing electricity demands of data centers. In a company update filing this summer, Google reported that is wasn’t on track to meet its climate goals due to the energy demands of artificial intelligence, according the Associated Press. Amazon has 13.6 GW of solar procurements under contract, while Meta and Google each have nearly 6 GW under contract.
For the ninth consecutive year, Target is the nation’s leading onsite corporate solar user. Prologis, Walmart, Amazon and Blackstone are also among the top five companies for onsite solar installations.
For the first time, “Solar Means Business” is tracking the largest corporate users of battery energy storage. Google, Apple, Meta, Target, Walmart, Home Depot and Kohl’s are among the top 10 companies storage.
“Adding new solar energy to the grid is a critical aspect of our approach to ensuring our data centers are supported by clean and renewable energy,” said Carolyn Campbell, head of clean and renewable energy, east, at Meta. “We’re thrilled to rank No. 1 for corporate solar procurement in SEIA’s report this year and we continue to find ways to grow the grid to benefit everyone and support our goal of matching our global operations with 100% clean and renewable energy.”
“Solar Means Business” examines the market drivers behind corporate solar growth, and it includes analysis of the variety of ways that companies are procuring solar, including on-site vs. off-site installations and carport applications.
According to the report, most companies surveyed listed the Inflation Reduction Act’s long-term clean energy incentives as a major reason for expansion of their renewable energy procurement. Looking ahead, companies cited interconnection reforms, new community solar legislation and simpler tax credit monetization as policy areas that would increase their solar and storage investments.
News item from SEIA
