The Home Depot to power 8% of electricity usage with solar purchase

The Home Depot Inc. is taking a significant step toward its 100% renewable electricity goal.

The home improvement giant is purchasing 100 megawatts (MW) of solar energy from National Grid Renewables at its Noble solar and storage project in Denton County, Texas. This purchase will generate the approximate equivalent of nearly 8% of The Home Depot's total electricity usage.

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

[Read more: Home Depot slashes energy usage]

The Home Depot is attempting to reduce its carbon footprint by improving the efficiency of corporate operations and investing in alternative energy solutions. Since 2010, The Home Depot has reduced electricity consumption in its U.S. stores by 50% 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 retailer expects the combined annual renewable energy generation from these agreements would be enough to power more than 500 stores. The Home Depot’s energy initiatives are included in the company’s 2022 ESG Report, which provides updates on its progress centered around three environmental, social and governance (ESG) pillars: people, operating sustainably and strengthening communities.

"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 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.

At the end of the third quarter of fiscal year 2022, Atlanta-based The Home Depot 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.