The Home Depot Charges Ahead with 100 MW of Solar Energy

Rhea-AI Summary

The Home Depot has acquired 100 MW of solar energy from National Grid Renewables at its Denton County, Texas project, which will cover nearly 8% of the company's electricity needs. This marks a significant step toward Home Depot's pledge for 100% renewable electricity by 2030, expanding from a prior target of 335 MW by 2025. The project, Noble, will help avoid 450,000 metric tons of CO2 emissions annually. Currently, Home Depot operates rooftop solar on over 80 stores, aiming for three-quarters of its renewable capacity from solar by the end of 2023.

Positive

• Acquisition of 100 MW solar energy enhances sustainability efforts.
• Project Noble helps avoid 450,000 metric tons of CO2 emissions annually.
• Commitment to 100% renewable electricity by 2030 demonstrates strong environmental goals.

Negative

• None.

ATLANTA, Nov. 30, 2022 /PRNewswire/ -- The Home Depot announced that 100 MW of solar energy purchased from National Grid Renewables at its solar and storage project in Denton County, Texas (known as Noble) will generate the approximate equivalent of nearly eight percent of The Home Depot's total electricity usage. The solar farm is National Grid Renewables' largest solar energy project to date, and its first utility-scale energy storage project.

The Home Depot has pledged to produce or procure 100% renewable electricity equivalent to the electricity needs for all Home Depot facilities by 2030, expanding the company's previous commitment to produce or procure 335 megawatts of renewable or alternative energy by 2025.

"Solar energy is the most abundant energy resource on earth," said Ron Jarvis, chief sustainability officer for The Home Depot. "With this purchase, we are getting a step closer to our goal to produce or procure 100% renewable electricity equivalent to the needs of our facilities. We anticipate about three-quarters of our alternative and renewable energy capacity will come from solar energy by the end of 2023."

Noble is a 275 megawatt (MW) solar and 125 megawatt hour (MWh) energy storage project located in the Electric Reliability Council of Texas (ERCOT). Noble is projected to avoid 450,000 metric tons of carbon dioxide emissions annually during operation.

The Home Depot is reducing its carbon footprint by improving the efficiency of the company's operations and investing in alternative energy solutions. Since 2010, The Home Depot has reduced electricity consumption in its U.S. stores by 50 percent and currently operates rooftop solar farms on more than 80 stores and electricity-generating fuel cells in more than 200 stores.

The Home Depot currently purchases solar power from a 75 MW facility and is under contract for another 50 MW of solar capacity. The company also purchases energy from a 50 MW wind facility. The Home Depot expects the combined annual renewable energy generation from these agreements would be enough to power more than 500 stores.

For more information about how The Home Depot is doing its part to operate sustainably, visit corporate.homedepot.com. 

About The Home Depot 
The Home Depot is the world's largest home improvement specialty retailer. At the end of the third quarter of fiscal year 2022, the company operated a total of 2,319 retail stores in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The company employs approximately 500,000 associates. The Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index. The Home Depot is #17 on the 2022 Fortune 500.

About National Grid Renewables
National Grid Renewables develops and operates large-scale renewable energy assets across the United States, including solar, wind, and energy storage. As a farmer-friendly and community-focused business, National Grid Renewables repowers America's electricity grid by reigniting local economies and reinvesting in a sustainable, clean energy future. National Grid Renewables supports National Grid's vision of being at the heart of a clean, fair, and affordable energy future for all. To learn more about National Grid Renewables, visit www.nationalgridrenewables.com or follow the company on Twitter or LinkedIn.

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SOURCE The Home Depot

FAQ

What is the significance of Home Depot's 100 MW solar energy purchase?

The 100 MW solar energy purchase will cover nearly 8% of Home Depot's total electricity usage, aligning with its sustainability goals.

How does the Noble solar project impact Home Depot's environmental goals?

The Noble solar project will avoid 450,000 metric tons of CO2 emissions annually, significantly contributing to Home Depot's commitment to renewable energy.

What is Home Depot's target for renewable electricity by 2030?

Home Depot aims to procure 100% renewable electricity equivalent to its total electricity needs for all facilities by 2030.

What renewable energy projects does Home Depot currently operate?

Home Depot operates rooftop solar farms on over 80 stores and has contracts for additional solar and wind capacity.