Verizon to invest $100 million in clean energy
Verizon Communications will spend $100 million to green up its facilities with solar panels and fuel cells, Alic writes, putting it in the big leagues with clean energy followers like Google and Yahoo.
Verizon Communications will spend $100 million to green up its facilities with solar panels and fuel cells, Alic writes, putting it in the big leagues with clean energy followers like Google and Yahoo.
Verizon Communications Inc. (VZ) will spend $100 million to green up its facilities with solar panels and fuel cells, putting it in the big leagues with clean energy followers like Google and Yahoo.
The announcement, on Tuesday, will benefit California-based solar panel developer SunPower Corp. (SPWR), which will supply and install solar panels in over a dozen Verizon facilities across five US states.
The clean energy spending spree will also benefit Oregon-based fuel cell maker ClearEdge Power, which will supply and install hydrogen fuel cells at Verizon facilities in California, New Jersey and New York.听(Related article:听Could MLP鈥檚 be Embraced by the Renewable Energy Sector)
Verizon says the $100 million price tag on its clean energy plan makes economic sense in the long run.听
"We drive shareholder value, but we're also a good corporate citizen," James Gowen, Verizon鈥檚 chief sustainability officer, told听Fox News.
By 2014, Verizon is targeting a total of 15 megawatts of clean power a year operating its facilities鈥攐r the equivalent of the power necessary for 6,000 average residences. According to the math, this would reduce Verizon鈥檚 carbon footprint by about 10,000 metric tons of carbon dioxide annually.
While solar panels will reduce Verizon鈥檚 carbon footprint, fuel cells have another added benefit: They can serve as a back-up power plan during outages resulting from extreme weather conditions like Hurricane Sandy.听(Related article:听Clean Economy Doesn鈥檛 Mean Cleaner World)
Fuel cells听use a chemical reaction to produce electricity and heat. The benefits of fuel cells are that the electricity can be created on site where it is used, and if biofuels are used, then the carbon footprint is further reduced.
This $100 million spending plan would be Verizon鈥檚 largest investment in clean energy to date.
Original article:听http://oilprice.com/Alternative-Energy/Renewable-Energy/Verizon-Prepares-for-100m-Renewable-Energy-Investment.html