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Meta and Google lead US corporate investments in solar and storage


US companies are making unprecedented investments in solar energy and storage to power their operations. According to the latest Solar Means Business report from the Solar Energy Industries Association (SEIA), Meta continues to lead as the top corporate solar user with nearly 5.2 gigawatts (GW) of capacity, while Google ranks first in energy storage with 936 megawatt-hours of installed battery capacity.

Meta, Google, and Amazon have added the most solar capacity to their electricity portfolios through Q1 2024 and hold the largest pipelines of new solar procurements. Additionally, major manufacturers such as General Motors, Toyota, and US Steel are among the top ten companies securing new solar contracts.

Source: SEIA

As of Q1 2024, US businesses have installed nearly 40 gigawatts (GW) of solar capacity, both on-site and off-site. Corporate storage use has surpassed 1.8 gigawatt-hours (GWh), with over 3 GWh of contracted battery storage expected to come online in the next five years.

“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 SEIA president and CEO Abigail Ross Hopper. “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.”

Tech firms lead solar procurement

Technology companies have emerged as the dominant industry investing in solar power, driven by the soaring electricity demand required to keep pace with the growth of data centers. Amazon leads the nation with 13.6 GW of solar procurements under contract, while Meta and Google each have nearly 6 GW under contract. These figures are more than ten times larger than the next company in the rankings.

Target and other retailers continue dominance in onsite solar

For the ninth consecutive year, Target retains its position as the nation’s leading onsite corporate solar user. Other major retailers, including Prologis, Walmart, Amazon, and Blackstone, are also among the top five companies for onsite solar installations.

Energy storage: The next frontier for integrating renewable energy in the enterprise

For the first time, the Solar Means Business report tracks the largest corporate users of battery energy storage. Google, Apple, and Meta are among the top ten companies turning to storage solutions to cover more of their power needs on a real-time basis, alongside major retailers like Target, Walmart, Home Depot, and Kohl’s.

In the coming years, both offsite and onsite energy storage are expected to become dominant trends in corporate renewable energy integration. Companies like Kaiser Permanente are already utilizing energy storage to power microgrids at their medical centers, ensuring greater resilience to power outages and reinforcing the importance of energy independence in critical sectors.

“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 number one 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.”

For his part, Erin Tyler, Vice President of Property Management at Target Corporation explained that “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.”

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