Boston, MA 09/17/2014 (wallstreetpr) – Buoyed with the success of the on-site green energy initiative in 2013, Telecommunications service provider, Verizon Communications Inc. (NYSE:VZ), is intending to invest $13.8 million to extend the program in New Jersey in the current year. This investment would take its total investments in the green program to over $34 million.
Invests In Green Initiative
The company indicated that it would install 3.5 megawatts of new solar power projects in Freehold, Piscataway and Carteret as part of its plan to extend the green initiative to three more locations in New Jersey according to its statement. The installation would take place during the next two months, and the completion of the project is expected to be over by the year-end.
Verizon Communications Inc. (NYSE:VZ) said that it has invested over $34 million in the last two years primarily on its on-site green energy initiative in New Jersey. Once the solar power project is completed, it would operate approximately seven megawatts of green energy in the State.
The company said that the systems would generate over 23 million kilowatt hours of green energy, which would be sufficient to power over 2,000 residences annually. As a result, the telecommunications service provider efforts would offset over 6,300 metric tons of carbon dioxide every year.
Top Solar Power Producer
Citing Solar Energy Industries Association or SEIA, Verizon Communications Inc. (NYSE:VZ) claimed that it was on its way to become the number one solar power producer among the communications companies in the U.S. The company quoted SEIA President and Chief Executive Officer, Rhone Resch, as saying that its conclusion was based on Verizon’s existing solar power capacity besides on-site generation systems along with its new solar power expansion plans.
The SEIA President also predicted that the company would be one of the top 20 companies as far as the number of solar installations Verizon Communications Inc. (NYSE:VZ) operates and one among the top ten companies on generating capacity in the U.S.
The company said that it has invested close to $140 million in on-site green initiative. Once the New Jersey solar projects are completed, it would be on its way to deploy 25 megawatts of green power in the U.S.
