Solar Market and Cost Analysis

Signed PPAs (GWdc) 0 5 10 10 2013 15 Signed Offsite Corporate PPAs Create Large U.S. PV Pipeline Signed U.S. Offsite Corporate PV PPAs by Offtaker, 2013-2022 Amazon Meta ■Microsoft Corp Google LLC Verizon AT&T Inc ■McDonald's Restaurants Ltd ■TotalEnergies I General Motors Co Apple Inc Other 2014 2015 2016 2017 Meta 2018 Google 2019 Verizon Microsoft Amazon 2020 2021 2022 (~11 mo) - • Offsite corporate PPAs signed in the past several years eclipse all PV currently installed to support U.S. commercial activities. - - The annual growth of signed PPAs almost doubled each year between 2017 and 2021. Annual signed capacity reached 13.4 GWdc in 2021. Completion of all projects signed in 2018 through most of 2022 would represent 50 GWdc of PV capacity (compared with 26 GWdc installed by June 2022, according to SEIA) For context, all nonresidential and utility-scale PV installed in the United States at the end of 2022 totaled 110 GWdc. Comparing Bloomberg NEF signed-PPA data and SEIA installed-system data indicate the lag between PPA signing and system installation. For example, SEIA reports Amazon's installed capacity at 1.1 GWdc as of June 2022, but during 2020 through most of 2022, Amazon signed PPAs equivalent to an additional 12.8 GWdc. PPAs signed by Meta, Microsoft, and Verizon during this period account for another 7.8 GWdc. Sources: "Corporate PPA Deal Tracker," December 2022; SEIA, Solar Means Business, 2022; Wood Mackenzie/SEIA, U.S. Solar Market Insight: Q4 2022, December 2022. NREL | 20

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