Corporate wind and solar procurement is in its early innings, a new analysis from WoodMac and the American Wind Energy Association says.
By Karl-Erik Stromsta, Greentech Media
Anyone watching the recent explosion of demand for renewable power from corporations like Facebook, Walmart and even ExxonMobil will have wondered: how far can this go? Much, much further, is the short answer. For all its recent gains, the corporate renewables market is likely in its very early innings, according to a new analysis from Wood Mackenzie and the American Wind Energy Association (AWEA).
Solar is likely to eclipse wind as the technology of choice for most corporate deals by the early 2020s. That’s due not only to a more favorable phaseout schedule of its main subsidy but also because of inherent economic advantages in its generation profile, with solar’s natural midday output more valuable to most companies. Read more here.
The report’s free 40-page executive summary is available for download here.
Additional Recommended Reading
Solar to overtake wind in corporate renewable procurement, PV Magazine
With the capacity of renewable generation by corporations rising exponentially every year and expected to continue to do so, with the exception of an expected two-year dip when the ITC runs out, the question of why corporations are moving towards renewables becomes increasingly important. To answer that question, AWEA and WoodMac identified four key factors that accelerate adoption: branding, investor pressure, peer pressure, and the utilization of Corporate Social Responsibility to mitigate future business risks.
Those first three factors are fairly self-explanatory. The opinion that humans are contributing to irreversible and damaging climate change is a popular one that grows in popularity by the day. As more people believe it, so too will more companies, as, spoiler alert, companies are comprised of people. So between pressure from customers, competitors and investors, as well as a held belief that climate change is occurring, more companies will look to tackle this threat.
Wind feels heat from solar for US corporate renewable top-spot, Recharge News
Up to 85GW of renewables demand exists within Fortune 1000 companies through 2030 as PV challenges current sector leader wind.
Save the Date! September 12, 2019 at 7 pm
Nebraskans for Solar’s September Speaker: David Bracht, Attorney With Kutak Rock and Former Nebraska Energy Office Director
UNO’s Barbara Weitz Community Engagement Center, Rooms 201/205. Mr. Bracht will provide an overview of Nebraska’s wind and solar development and our state’s potential for future growth.
Specific topics will include:
- power purchase agreements
- virtual power purchase agreements
- commercial and industrial use of solar
- the potential for combined solar and battery installations
- incentives and depreciation