New 2014 Solar Investment to Increase Verizon Green Energy to 25 Megawatts, Enough to Power Over 8,500 Homes Annually
New York, NY /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.
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."
Verizon contracted with SunPower Corp. to design and install all of the solar systems. The new equipment, consisting of high-efficiency rooftop, parking-structure and ground-mounted solar photovoltaic systems, will vary from site to site.
"With this milestone investment, Verizon is advancing its position among the handful of corporate leaders demonstrating how American businesses can serve their communities and control energy costs with on-site solar power generation," said Howard Wenger, SunPower president, business units. "We are very pleased to extend our partnership with Verizon, helping the company lower the long-term cost of energy at more facilities with SunPower's high performance technology and services."
Last year, the company exceeded its 10 megawatt green-energy target, and has currently deployed 14.2 megawatts of on-site green energy using a combination of fuel cells and solar power systems. Verizon has long been focused on energy efficiency and instituting sustainable real estate practices. As an early adopter of fuel cell technologies, Verizon invested in one of the largest fuel cell sites of its kind in 2005 – helping to power a call-switching center and office building in Garden City, New York. Verizon also uses 26 solar-assisted cell sites in remote areas in the western United States to help power a portion of the nation's largest and most reliable wireless network.
In addition to various solar and fuel cell installations at Verizon Data Centers, the company has also implemented better cooling efficiency and energy-consumption reduction measures in its data centers. In 2009, Verizon developed new standards for energy consumption on select telecom equipment, with a target of 20 percent greater efficiency.
All of Verizon's energy-efficiency strategies support the company's ultimate goal of cutting itscarbon intensity– carbon emissions produced per terabyte of data flowing through Verizon's global wired and domestic wireless networks – in half by 2020.
Verizon Communications Inc. (NYSE, Nasdaq:VZ), headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to consumer, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, with 104.6 million retail connections nationwide. Verizon also provides converged communications, information and entertainment services over America's most advanced fiber-optic network, and delivers integrated business solutions to customers in more than 150 countries. A Dow 30 company with more than $120 billion in 2013 revenues, Verizon employs a diverse workforce of 177,800. For more information, visit www.verizon.com.
About SunPower Corporation
SunPower Corp. (NASDAQ: SPWR) designs, manufactures and delivers the highest efficiency, highest reliability solar panels and systems available today. Residential, business, government and utility customers rely on the company's quarter century of experience and guaranteed performance to provide maximum return on investment throughout the life of the solar system. Headquartered in San Jose, Calif., SunPower has offices in North America, Europe, Australia, Africa and Asia. For more information, visit www.sunpower.com.
VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts and other information are available at Verizon's online News Center at newscenter.verizon.com. The news releases are available through an RSS feed. To subscribe, visit newscenter.verizon.com/corporate/feeds.
SOURCE: VerizonCopyright 2014 PR Newswire. All Rights Reserved