In accordance with knowledge compiled by photo voltaic purchaser Black Bear Vitality, the U.S. actual property trade has crossed 1 GW of put in on-site photo voltaic capability. The 2025 Real Estate Solar Leaderboards exhibits that 1.086 GW has been put in throughout 2,157 challenge from over 65 homeowners and managers.
The Photo voltaic Leaderboard compiles knowledge on U.S.-based initiatives facilitated by Black Bear Vitality, together with info voluntarily submitted by actual property homeowners and managers and supplemented by third-party sources. The dataset displays essentially the most complete info obtainable to Black Bear Vitality on the time of publication, incorporating a variety of project-level knowledge and sources.
Black Bear Vitality 2025 Actual Property Photo voltaic Leaderboards
By the tip of 2025, Prologis maintained its standing as the commercial photo voltaic chief with a commanding 310.9-MW portfolio. In the meantime, Public Storage emerged because the standout story within the 2025 report, claiming the No. 2 spot with 111 MW. Energizing 97.5 MW of photo voltaic throughout the final three years, the corporate has deployed 1,120 initiatives via a mixture of self-funded initiatives and third-party owned leases for neighborhood photo voltaic markets, showcasing its dedication to rolling out photo voltaic at scale to generate new portfolio worth.
A Prologis web site in Torrance, California.
The 2025 Photo voltaic Leaderboards additionally spotlights high photo voltaic deployers throughout asset sorts — recognizing that significant benchmarking requires evaluating firms inside their very own peer group. A multifamily proprietor like Avalon Bay Communities faces essentially totally different rooftop constraints and deal constructions than an industrial actual property funding belief (REIT) like Prologis. By segmenting leaders by asset kind, the Leaderboards floor which firms are really excelling inside their class:
- Industrial: Prologis (272 initiatives, 309.4 MW)
- Retail: Brookfield Properties (62 initiatives, 53.5 MW)
- Self Storage: Public Storage (1,120 initiatives, 110 MW)
- Multifamily: Avalon Bay Communities (69 initiatives, 11.87 MW)
- Workplace: Kilroy (14 initiatives, 6.2 MW)
Group photo voltaic has additionally advanced dramatically. By shut of 2025, neighborhood photo voltaic accounted for 233.8 MW— over 21% of all tracked capability. Massive industrial rooftops, traditionally underutilized as a result of low on-site tenant load and cut up incentives, are uniquely fitted to neighborhood photo voltaic. This strategy permits homeowners to maximise rooftop capability with out managing on-site power customers, accumulate predictable roof hire, and, in states with favorable applications, scale this mannequin throughout their whole portfolio.
“The leaders on this trade have shifted from specializing in managing dangers to viewing photo voltaic as a revenue heart,” mentioned Victoria Stulgis, President at Black Bear Vitality. “The progress during the last three years — greater than 1,263 initiatives energized by 30 actual property firms, totaling 371.9 MW — proves that each first movers and quick followers are scaling their applications efficiently. Nevertheless, half of the photo voltaic deployed is concentrated among the many High 5 firms, highlighting the huge untapped potential throughout the sector.”
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