Despite tough macroeconomic conditions that pushed up prices, corporations in 2022 signed nearly 20 GW of new contracts for renewable energy in the U.S., more than 4 GW higher than any previous year, according to the American Clean Power Association.
The new deals meant that by year's end, 326 corporations in the U.S. had a total of 77.4 GW of renewable energy under contract from utility-scale projects, excluding hydropower and geothermal, the trade group said in a Jan. 18 report. The total comprises 45,052 MW of solar, 28,830 MW of land-based wind and 974 MW of battery storage, with the balance from unspecified sources.
Of the 77.4 GW of contracted capacity, 36 GW of installations are operational. That represents 16% of total operating renewable power capacity in the U.S., enough to power 5.9 million homes, according to the report.
"Economic and environmental benefits, as well as growing pressure on corporations to meet sustainability targets, have led to a 100-times increase in corporate clean power procurement over the past decade," JC Sandberg, the association's interim CEO and chief advocacy officer, said in an announcement. "During that same period, solar and wind costs have decreased 71% and 47% respectively, making both more attractive to corporate energy buyers."
Still, in the short term, prices for corporate power purchase agreements are up 30% year over year for solar and 37% for wind.