November 20, 2024
Companies in the United States are investing in record levels of solar energy and energy storage to power their operations. According to the Solar Energy Industries Association (SEIAs) new report ‘Solar Means Business’Meta retains its place as the largest corporate user of solar energy with a capacity of almost 5.2 GW, while Google is the largest user of energy storage with an installed battery capacity of 936 MWh.
Meta, Google and Amazon have added the most solar to their electricity portfolios through the first quarter of 2024 and have the largest pipelines of new solar procurement under contract. Major manufacturers such as General Motors, Toyota and US Steel are also among the top ten companies for new solar contracts.
In the first quarter of 2024, US companies installed nearly 40 GW of on-site and off-site solar capacity. Total storage usage by companies exceeds 1.8 GWh, and companies have reported that more than 3 GWh of contracted battery storage will be deployed over the next five years.
“Some of the world’s largest industrial and data companies continue to turn to solar and storage as a reliable, low-cost way to power their operations,” said SEIA president and CEO Abigail Ross Hopper. “These industry giants are investing in solar energy through a wide range of applications, including on-site and off-site installations, on carports, combined with storage, or even as an anchor tenant for a community solar project.”
Technology companies have become the dominant sector investing in solar energy as demand for electricity soars to keep pace with the growth of data centers. Amazon has a nationally leading 13.6 GW of solar procurement under contract, while Meta and Google each have nearly 6 GW under contract. These pipelines are more than ten times larger than the next company on the list.
“Adding new solar power to the grid is a critical aspect of our approach to ensuring our data centers are backed by clean and renewable energy,” said Carolyn Campbell, head of clean and renewable energy, East at Meta. “We are very pleased to be ranked number one for corporate solar purchasing in this year’s SEIA report and we continue to find ways to grow the grid for the benefit of all and support our goal of to match our global operations with 100% clean and renewable energy.”
For the ninth year in a row, Target maintains its position as the largest commercial solar user locally. Prologis, Walmart, Amazon and Blackstone are also among the top five companies for on-site solar installations.
“We started our solar program over 20 years ago,” said Erin Tyler, VP of Property Management at Target Corp. “Target’s long-term investments in clean energy continue to drive value for our guests, communities and shareholders. Our commitment to solar energy puts us well on our way to achieving our corporate goal of sourcing 100% of electricity from renewable sources by 2030.”
For the first time, ‘Solar Means Business’ follows the largest business users of battery energy storage. Google, Apple and Meta are also among the top 10 companies using storage to cover a greater portion of their energy needs in real time, along with major retailers like Target, Walmart, Home Depot and Kohl’s.
In the coming years, external and onsite energy storage will be a dominant trend in the integration of sustainable energy by companies. Medical leaders like Kaiser Permanente are also using batteries to power microgrids in their medical centers to better withstand power outages.
“At Digital Realty, we strive to deliver sustainable solutions that create value for both our customers and our communities,” said Aaron Binkley, VP of Sustainability at Digital Realty. “The recognition in SEIA’s Solar Means Business report is a testament to the hard work of our teams as we continue to source high-quality renewable energy and expand our commitment to 100% renewable energy across our global portfolio. We are proud to be part of a cleaner, more sustainable future.”
“Solar Means Business” examines the market drivers behind this historic growth in corporate solar, and includes an analysis of the variety of ways companies purchase solar energy, including onsite versus off-site installations, carport applications, etc.
According to the report, most companies surveyed cited the Inflation Reduction Act’s long-term clean energy incentives as a key reason for expanding their renewable energy purchasing. Looking ahead, companies cited interconnection reforms, new community solar legislation and easier tax credit revenues as policies that would increase their investments in solar and storage.
Solar Energy Business Rankings 2024
Read the full report and see where America’s top brands are among the largest users of solar and energy storage.
