Big companies are finally beginning to see the light. Over the past two years, the top 25 corporate solar users in America have more than doubled their capacity, according to a new report by the Solar Energy Industries Association. Cumulatively, these companies produced enough electricity last year to power more than 115,000 homes.
Leading the pack by a significant margin: Wal-Mart Stores (WMT). The retail giant produced 105 megawatts of power last year at 254 locations in the U.S. Eight of the top 13 companies identified in the solar-power study are big-box retailers, including Costco (COST), Macy’s (M), Kohl’s (KSS), and Bed Bath & Beyond (BBBY).
Other interesting tidbits from the study:
• Ikea has installed solar systems at 87 percent of its U.S. stores;
• Apple’s solar installations produce enough energy to power 30 million iPhones;
• Target massively increased its capacity this year, moving from No. 16 to No. 8 with the addition of 15 new solar systems.
The expansion comes down to basic business logic, not just high-minded attempts to demonstrate noble ecological thinking. The average price of completing a commercial photovoltaic project has dropped more than 45 percent since 2012, according to the study, while average electricity rates have gone up more than 20 percent in the past 10 years.
Other major retailers not mentioned on this list are also finding new ways to invest in solar. BJ’s Wholesale Club (BJ) last week announced plans to team with Elon Musk’s SolarCity (SCTY) to install solar panels and solar energy storage systems at two Massachusetts locations. And Patagonia just revealed its own plan to use state and federal tax credits to invest $13 million in the construction of solar panels on 1,000 homes in Hawaii. Homeowners will pay fees for the power, turning the eco-conscious retailer into the financial backer of a green electrical utility.
