The United States primarily relied on fossil fuels to supply energy for more than 100 years. Recently, with the growing concern about climate change, that trend is changing.
Luckily, solar energy is considered the most abundant energy resource on the planet. Solar panels capture the sun’s energy through the photovoltaic effect. Basically, the sun is a massive nuclear reactor, emitting huge amounts of energy to the earth.
Solar collectors gather the energy, and it can then be transferred for use. Although it’s a clean, renewable, and abundant energy source, it has been slow to catch on. Luckily, the cost of solar panels is dropping, making this a more viable option for commercial and residential use.
The United States has done a lot of research into solar energy and the oldest solar power plant in the world resides in California. As attention turns to renewable energy, more states are putting resources into making solar energy a priority. Hawaii has gone so far as to say that by 2045, they will be using 100% renewably-sourced electricity.
Who are the leaders in solar energy in the United States? The following companies are making great strides in the solar and renewable energy fields. They’re definitely on the rise and can expect to experience growth in the future. This list is compiled in no significant order.
NextEra Energy
Juno Beach, Florida
2022 Annual Revenue: $20.956 billion
Big news in the world of solar energy happened in October of 2020: NextEra Energy surpassed Exxon as the most valuable U.S. energy company. At the time, the stock market valued NextEra at $900 million more than Exxon.
This enormous growth is a great sign for the solar and renewable energy field as a whole and a good sign for the green movement.
NextEra prides itself on delivering clean energy across much of North America and providing sustainable solutions to changing energy needs and demands. In addition to solar power, the company also supplies wind, nuclear, and natural gas power.
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Avangrid
Portland, Oregon
2022 Annual Revenue: $7.923 billion
As the demand for utility-scale solar generation increases, Avangrid continues to step up to the plate and is poised to become a major player. Their vertically integrated approach creates reliable, cost-effective renewable energy products for each customer.
If you haven’t heard of Avangrid before, perhaps you heard of them under their previous name, Iberdrola Renewables. While Avangrid is located in Portland, Oregon, their parent company is still Iberdrola and they are based in Bilbao, Spain.
They’re a true global giant in the field and considered to have the largest renewable asset base of any company in the world. In the United States, they focus on wind, thermal, biomass, and solar generation.
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First Solar
Tempe, Arizona
2022 Annual Revenue: $2.619 billion
Relying on their experience in the sector, First Solar claims to reduce risk while delivering more reliable, dependable, and cost-effective solutions for their customers. They put their focus on research and development and taking solar technology to the next level to increase energy yield and provide a stable grid integration.
First Solar has been in the news lately as they are overhauling their business. In early 2021, they announced that they will turn over 10 gigawatts of in-development projects to Leeward Renewable Energy.
That amounts to the majority of First Solar’s project assets. They’re now turning their attention toward manufacturing and producing solar panels. It will be interesting to see where this company lands in the next few years.
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SunPower
Silicon Valley, California
2022 Annual Revenue: $1.74 billion
In 2017, SunPower rose to be ranked number one in the commercial solar industry and has remained at the top ever since. They’re a leader in business solar power, and tout their sustainability and responsibility record in the field of solar energy.
But solar is not their only interest. They are also a diversified company with residential, commercial, and solar storage.
SunPower is proud of its longstanding history in the industry. As they state, “We’re the only U.S.-based solar company that’s been around longer than our 25-year warranty.” Headquartered in Silicon Valley, California, this company has received more than 1,000 patents for solar innovations.
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Cypress Creek Renewables
Research Triangle Park, North Carolina
2021 Annual Revenue: $232 million
Cypress Creek Renewables stands behind its mission to power a sustainable future, one project at a time. They are known for developing, financing, operating, and owning utility-scale and distributed power plants across the United States.
With more than 8 gigawatts of solar developed and 2.5 gigawatts under management, they are one of the country’s solar leaders.
Cypress Creek sought to jump into the business feet first and helped shape policy development and regulatory affairs from the start. This means that they are uniquely positioned to help their solar and storage projects to succeed, from conception until they are up and running.
Recurrent Energy
2021 Annual Revenue: $191 million
Recurrent Energy is a leading utility-scale solar and energy storage developer. They are focused on creating a strong, clean energy solution for large energy buyers in the United States.
While they are headquartered in the United States, the company is a subsidiary of Canadian Solar, Inc., one of the largest solar power companies in the world.
Throughout 2020, Recurrent Energy appeared in the news in relation to new partnerships, new solar projects, and the completion of projects they had been working on.
They’re slowly and surely developing more solar options across the United States. There’s no sign of them slowing; in January 2021, they’d already made news for completing the sale of a 144 MWac solar project.
8minutenergy
2021 Annual Revenue: $163 million
The company’s name is cute when you see their homepage website quote, “In just 8 minutes, energy from the Sun reaches the Earth. We take it from there.” It’s a pretty apt quote, it sums up what the company is all about and why they’re so successful.
Their true focus is on solar energy and making it the most affordable and most reliable form of energy on the planet.
In news, 8minute secured a pretty substantial $225 million letter of credit in 2020. Then, they added to that by upsizing the facility to a total of $350 million with support from some other lenders.
Their expanded facility will not only help them continue growing their pipeline but should facilitate their desire to accelerate development. Definitely an upstart company whose sole focus is on solar energy.
EcoPlexus, Inc.
San Francisco, California
2022 Annual Revenue: $72.4 million
EcoPlexus, Inc. lists their full suite of professional services for all stages of solar construction including development, design, engineering, construction, financing, operations, and ownership.
They also work with commercial, government, and utility scale markets. This broad, beginning-to-end approach is part of the reason they’re so successful.
EcoPlexus has offices in San Francisco California, Dallas Texas, and in the Raleigh/Durham region of North Carolina. They’ve also branched out overseas and have offices in Japan, Mexico, Korea, Taiwan, and Vietnam.
They value the diversity within their company and their reach around the globe as they all share the same goal of cleaner and more affordable energy for the entire world.
Leeward Renewable Energy
Dallas, Texas
2022 Annual Revenue: $26 million
It would be remiss to skip Leeward Renewable Energy at this point. This company obviously is making big strides in the field of renewable energy and, with the recent purchase of a large chunk of First Solar’s business, they’re going to be big contenders.
In the past, Leeward’s focus had been on wind farms, with a portfolio of 21 of them across nine states. Through investments and a growth mindset, they are expanding into solar and other renewable energy verticals. It looks like they’re well on their way.
Sustainable Power Group (sPower)
Salt Lake City, Utah
2022 Annual Revenue: $23.19 million
From development to construction and then operation, sPower is focused on solar and wind power.
Unlike some others in the industry, sPower is an independent power producer and operates more than 150 renewable generation systems across the United States. While other organizations build and help establish power operations, they remain the owner and the operator of the projects they build.
While based in Utah, sPower is actually a joint venture partnership between The AES Corporation, a Virginia-based leader in electric power, and the Canadian company Alberta Investment Management Corporation.
With a big expansion in Upstate New York closing out 2020 for them, this company is on the rise. It may be that their business model as owner and operator is a successful approach and they are ones to watch.
What is the biggest solar company in the United States?
The biggest solar company in the U.S. is NextEra Energy. With a 2022 revenue of $20.956 billion, NextEra Energy is the largest solar company in the U.S. The second largest solar company in the U.S. is Avangrid, which had a 2022 revenue of $7.9 billion.
Is the solar industry growing?
Yes, the solar industry is growing. In fact, the industry is growing with an estimated 17.3% CAGR through 2027. The job outlook for occupations such as solar technician are also growing, with solar technicians expected to see a growth of 27% through 2031 in open positions.
Solar power and other renewable energy projects are expected to grow substantially over the coming decades. The focus on green energy and renewable resources is centered around creating a healthier planet and controlling global warming as much as possible.
Solar technology has finally reached a point where it’s a cost-effective solution to energy. This means that utilities and residential solar is finally at the point where it costs less than traditional coal or natural gas-produced energy.
Now that we’ve hit this level, the benefits far outweigh the downsides, and companies in the solar electricity industry will continue to grow and thrive. And, as we’ve seen lately, traditional energy companies will continue taking the hits and many of them will find it difficult to survive.
