Report: Commercial real estate companies have installed over 1 GW of solar across US

According to data compiled by solar buyer Black Bear Energy, the U.S. real estate industry has crossed 1 GW of installed on-site solar capacity. The 2025 Real Estate Solar Leaderboards shows that 1.086 GW has been installed across 2,157 project from over 65 owners and managers.

The Solar Leaderboard compiles data on U.S.-based projects facilitated by Black Bear Energy, along with information voluntarily submitted by real estate owners and managers and supplemented by third-party sources. The dataset reflects the most comprehensive information available to Black Bear Energy at the time of publication, incorporating a wide range of project-level data and sources.

Black Bear Energy 2025 Real Estate Solar Leaderboards

By the end of 2025, Prologis maintained its status as the industrial solar leader with a commanding 310.9-MW portfolio. Meanwhile, Public Storage emerged as the standout story in the 2025 report, claiming the No. 2 spot with 111 MW. Energizing 97.5 MW of solar within the last three years, the company has deployed 1,120 projects through a mix of self-funded initiatives and third-party owned leases for community solar markets, showcasing its commitment to rolling out solar at scale to generate new portfolio value.

A Prologis site in Torrance, California.

The 2025 Solar Leaderboards also spotlights top solar deployers across asset types — recognizing that meaningful benchmarking requires comparing companies within their own peer group. A multifamily owner like Avalon Bay Communities faces fundamentally different rooftop constraints and deal structures than an industrial real estate investment trust (REIT) like Prologis. By segmenting leaders by asset type, the Leaderboards surface which companies are truly excelling within their category:

• Industrial: Prologis (272 projects, 309.4 MW)
• Retail: Brookfield Properties (62 projects, 53.5 MW)
• Self Storage: Public Storage (1,120 projects, 110 MW)
• Multifamily: Avalon Bay Communities (69 projects, 11.87 MW)
• Office: Kilroy (14 projects, 6.2 MW)

Community solar has also evolved dramatically. By close of 2025, community solar accounted for 233.8 MW— over 21% of all tracked capacity. Large industrial rooftops, historically underutilized due to low on-site tenant load and split incentives, are uniquely suited for community solar. This approach allows owners to maximize rooftop capacity without managing on-site energy users, collect predictable roof rent, and, in states with favorable programs, scale this model across their entire portfolio.

“The leaders in this industry have shifted from focusing on managing risks to viewing solar as a profit center,” said Victoria Stulgis, President at Black Bear Energy. “The progress over the last three years — more than 1,263 projects energized by 30 real estate companies, totaling 371.9 MW — proves that both first movers and fast followers are scaling their programs successfully. However, half of the solar deployed is concentrated among the Top 5 companies, highlighting the vast untapped potential within the sector.”