Verizon is supporting the transition to a greener grid by making substantial investments in renewable energy. We have set an ambitious goal to source or generate renewable energy equivalent to 50% of our total annual electricity consumption by 2025. We are working toward achieving this goal by developing green energy at our own operations and by facilitating the development of renewable energy through long-term power purchase agreements.
With nearly 20 megawatts of on-site green energy already installed, we have committed to adding 24 megawatts at our facilities by 2025. We have more than 4 megawatts of on-site solar capacity currently under construction.
To date, we have entered into long-term virtual power purchase agreements for 384 megawatts of anticipated renewable energy capacity. These agreements will help finance the construction of new wind and solar farms. The additional renewable energy capacity supported by these agreements is expected to reduce carbon emissions by an amount equivalent to removing more than 140,000 passenger vehicles from the road on an annual basis.