Retailers and REITs Lead the Way in Solar Energy Adoption

As the demand for solar energy continues to rise, retailers and real estate investment trusts (REITs) are at the forefront of its adoption. Costco, Ikea, Kohl's, Staples, and Walmart are among the top 10 solar-embracing companies, according to a report by the Solar Energy Industries Association. Meanwhile, two REITs, Prologis and Hartz Mountain, have combined to produce nearly 100 megawatts of solar power. Solar energy is seen as a way to turn underused land and roof space into productive assets, while also appealing to eco-conscious consumers.

Key Takeaways:

• The top 10 solar-embracing companies include Costco, Ikea, Kohl's, Staples, and Walmart, according to the Solar Energy Industries Association's report "Solar Means Business".
• Prologis and Hartz Mountain, two REITs, have combined to produce nearly 100 megawatts of solar power.
• Solar energy adoption is driven by cheaper and more efficient technology, with demand coming from utilities that want to install solar panels on retail and shopping center rooftops.
• Thirty states in the US require utilities to use green energy, driving the trend of solar adoption among retailers and REITs.
• Solar carports are a growing trend in 2015, particularly for large corporate campuses and shopping centers.
• The largest mall solar array in the world was launched in November by SM North Edsa mall in Quezon City, the Philippines, with an output of 1.5 megawatts.

Statistics:

• 100 megawatts of solar power produced by Prologis and Hartz Mountain, two REITs.
• 30 states in the US require utilities to use green energy.
• 5,760 solar panels arrayed on a parking deck roof at SM North Edsa mall.
• Enough energy to power 400 homes is generated by SM North Edsa's solar array.
• 1.5 megawatts of output from the largest mall solar array in the world.

Sources:

• Solar Energy Industries Association, "Solar Means Business"
• Roy M. Palk, senior energy adviser for LeClairRyan, a law firm with nationwide offices.
• Kevin Johnson, vice president of communications for the Solar Energy Industries Association.