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TheStreet Open House

Verizon Plans Major Expansion Of Its On-Site Green Energy Program; Company On Track To Become Largest Solar-Power Producer Among U.S. Communications Companies

Stocks in this article: VZSPWR

NEW YORK, Aug. 25, 2014 /PRNewswire/ --  Verizon announced today that it will invest nearly $40 million to expand the on-site green energy program that it launched in 2013. This year, Verizon will install 10.2 megawatts of new solar power systems at eight Verizon network facilities in five states – California, Maryland, Massachusetts, New Jersey and New York. This investment nearly doubles the amount of renewable power generated by solar energy systems installed at six Verizon facilities last year. 

(Note: Embed or view a video of Verizon's 2014 investment in on-site green energy.  View images .)

To date, Verizon has invested nearly $140 million in on-site green energy. With the 2014 solar investment announced today, Verizon is on target to deploy upward of 25 megawatts of green energy upon completion of the new solar projects. The system will generate enough green energy to power more than 8,500 homes each year.Verizon's green-energy efforts are expected to offset 22,000 metric tons of carbon dioxide each year, which is equivalent to taking nearly 5,000 passenger vehicles off the road each year

"Our investment in on-site green energy is improving the quality of life in the communities we serve by reducing CO2 levels and reducing strain on commercial power grids, while increasing our energy efficiency," said James Gowen, Verizon's chief sustainability officer. "By almost doubling the amount of renewable, solar energy we're using, we are making further progress toward Verizon's goal of cutting our carbon intensity in half by 2020, in part, by leveraging the proven business case for clean-energy alternatives to the commercial power grid." 

On Track to Be No. 1 Solar-Power Producer Among U.S. Comm. Companies

With this announcement, Verizon is on track to become the No. 1 solar-power producer among all U.S. communications companies, according to the Solar Energy Industries Association, the U.S. trade association for companies that research, manufacture, distribute, finance and build solar projects domestically and abroad.

"Based on its existing solar power capacity and on-site generating systems, combined with its new solar energy expansion plans for 2014, it's clear that Verizon is on a path to become the solar-power leader in the U.S. telecom industry," said SEIA president and CEO Rhone Resch. "In fact, we project that Verizon will be among the top 20 of all companies nationwide in terms of the number of solar installations it operates, and one of the top 10 companies in the U.S. based on solar generating capacity."

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