Extra Space Storage Leads Self Storage Sustainability with 800+ Solar Installations
With hundreds of solar installations already complete and more on the way, Extra Space Storage is leading the charge toward a greener future—lowering energy use while delivering strong returns. From high-efficiency lighting to tree-planting initiatives, our commitment to sustainable business practices is leaving a meaningful impact on our communities, our planet, and our shareholders.
Extra Space Storage has completed solar energy installations at over 800 wholly-owned self storage properties nationwide—many of which have undergone multiple installations as we've expanded or upgraded our systems over time. We currently have over 100 projects in various stages of planning, development, and installation.
In 2019, Extra Space Storage was named among the Top 25 Corporate Users by Number of Solar Installations in the Solar Energy Industries Association's Solar Means Business Report. Since then, our cutting-edge sustainability efforts have also earned us a spot in Nareit’s 2023 REIT Industry ESG Report, and helped us earn one of the top sustainability rankings among U.S. self storage companies, according to the Global Real Estate Sustainability Benchmark (GRESB). Learn more about our solar installations and eco-friendly practices below!
Strategic & Scalable Investment in Solar
We're leading the way in solar-powered storage facilities. Our solar investment strategy was to maximize impact by targeting high-value markets first. We started in markets with the greatest tax incentives for installations, like New Jersey, then expanded into areas with high electricity costs, such as Hawaii.
Today, nearly 42% of our REIT wholly-owned properties have solar installations. In 2024, we produced 50.2 GWhs of clean energy. Since the inception of our solar program, Extra Space has produced enough solar power to offset the emissions of 258 million pounds of coal being burned. Additionally, through participation in the New Jersey Community Solar Energy Program, the solar panels installed at our facilities have provided affordable renewable energy to local homes while curbing thousands of tons of carbon emissions.
“A lot of the sustainability efforts we have done to date have been easy decisions for us because they are at the intersection of what’s good for the environment, what’s good for the community, and what’s good for our shareholders. Solar has been a great thing to reduce our electricity use while producing a great return for our shareholders.” - Joe Margolis, CEO of Extra Space Storage
Thanks to advancements in solar technology, Extra Space Storage can now install systems at properties that were previously considered unsuitable, allowing for broader solar implementation across our portfolio. Our solar program is backed by a growing annual investment—most recently totaling $30.1 million—as we continue to expand clean energy across our portfolio at a steady, strategic pace. Our long-term plan is to continue adding solar panels across our self storage facilities at a stable, methodical rate.
Sustainability Initiatives Beyond Solar Installations
Our commitment to the environment extends beyond solar installations. Over the last decade, Extra Space Storage has also worked to reduce our environmental impact through various other eco-friendly initiatives, including:
Retrofitting storage properties with high-efficiency lighting systems—saving 13 million kWhs annually
Installing motion-activated light systems
Upgrading HVAC systems with modern, energy-saving options
Utilizing energy-efficient plumbing and irrigation systems
Implementing better waste reduction strategies
Using environmentally-friendly materials for in-store merchandise
Transitioning company vehicles to fuel-efficient hybrid models
Additionally, we recently partnered with the Arbor Day Foundation and Tree Utah in a volunteer effort to plant trees in Salt Lake City, where Extra Space Storage is headquartered. As a result of these energy-saving efforts, we've seen six consecutive years of consistent GhG reduction.
Looking Forward: Our Commitment to a Sustainable Future
Extra Space Storage is dedicated to ensuring our self storage company is designed to last—which means that while we're proud of the work we've done so far, our team is always looking for new ways to lead in the sustainability landscape. By continuously expanding upon our ethical business practices and innovative green efforts, we aim to take the best possible care of our customers, team members, properties, and the environment alike.
With over 800 eco-friendly storage facilities across the U.S., Extra Space Storage is committed to reducing our environmental impact while maximizing returns. Join our leadership team and investors in building a more sustainable future today.
