In a report published by the Solar Energy Industries Association or SEIA, it is said that corporate giants like Apple and Amazon led the way for sustainable operations brought by solar installations.
The two major businesses are shifting to solar energy to power its operations and invest in long-term energy solutions. President and CEO Abigail Hooper take this as good news because ‘when top companies are increasingly investing in clean, reliable solar energy, the rest of the world takes note.’
According to the SEIA’s report, about 500 Fortune companies are already using solar panels for a cost-effective approach to generating electricity.
Based on numbers, Apple leads the way with an installed capacity of 393.3 megawatts (MW), followed by Amazon with 329.8 then Target with 242.4 megawatts (MW). Other companies like Google, Walmart, Fifth Third Bank, and Switch also use solar energy in their warehouses and headquarters.
Flexible financing and declining costs
Operations in different corporate entities are non-stop. Each month, average energy cost can climb to $30.32 per kilowatt-hour, according to US Energy Information Administration. The price depends on the location and the sector.
Given that there is energy hike, the cost can add up to the monthly expenses generated by companies. The need for companies to find alternatives is crucial now that the price of crude oil is also increasing.
More than the flexible financing, corporate giants like Apple and Google turn to solar energy to drive awareness and to follow environmental laws. In the United States, a couple of major laws seek to protect the environment, including the Clean Air Act, Clean Water Act, and Resource Conservation and Recovery Act.
Amazon has over 50 rooftop solar installations across its sorting and fulfilment facilities while Apple claims to have 100 percent renewable energy with existing 25 operational energy projects around the world.