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Corporations Purchase More Renewable Energy Than Ever

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It has been a great year for renewable energy! So far, U.S. corporations have invested in 4.81 Gigawatts (GW) of renewable energy–a number already up 2.03 GW from last year. A gigawatt is a unit of power equal to one billion watts, compared to a megawatt which is equal to one million watts. According to the 2018 Corporate Renewable Energy Procurement Mid-year Market Update, published by the Renewable Energy Buyers Alliance, this number is expected to easily surpass 5 GW by December of this year. Which companies have contributed to this advancement? Let’s take a look at a few of the most substantial projects.

Corporations That Have Obtained the Most GWs

Leading the way with 15 deals across various states is Facebook with a total of just under 1.5 GW. Following behind Facebook is AT&T with four deals and a total of just under 1 GW. Rounding out the top five is Walmart (five deals totaling under 1 GW), Apple (two deals totaling under 1 GW) and Microsoft (two deals totaling under 1 GW). Microsoft’s deal with sPower for 315 megawatts (MW) of solar power in Virginia, is actually 2018’s largest corporate procurement in terms of a single deal.

Which States Have Closed the Most Deals?

Although Virginia had the largest deal of the year, thanks to Microsoft, Texas has become a hub for corporate renewable deals. With an impressive 42 deals, Texas’ deals are triple that of Oklahoma’s and North Carolina’s 14 deals. However, this doesn’t mean the market is centralized. In fact, 26 states have completed corporate renewable deals to date!

Leading the Pack!

Not surprisingly, tech companies have the highest percentage of deals signed in 2018 with 29% to be exact. Following behind at 23% are consumer discretionary companies. At 13%, financial and consumer staples come in third; then healthcare at 9.7% and industrial and telecommunication companies each at 6.5%.

Since renewable energy is better for the environment, increases efficiency and decreases costs, expansion is going to continue. At Intersect Energy, we’re committed to reducing environmental impact while maximizing savings for corporations. Ready to reap the benefits of renewable energy for your own corporation? Contact the experts at Intersect Energy today to request your consultation!

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