Solar contractor Advanced Green Technologies is set to break ground on two solar carports at the Raymond James Financial campus in St. Petersburg, Florida. Commencing in January 2023, the project will feature a total of 1.7 MW built on top of existing parking garages at the financial services firm’s corporate headquarters.
“We are excited to work with Raymond James to provide a cleaner, greener footprint in the Tampa-St. Petersburg area,” said Clint Sockman, executive vice president at Advanced Green Technologies. “With the rising electricity costs and tax credits recently increased and extended in 2023, solar is a great way to reduce expenses while increasing property value, protecting cars, promoting sustainability, and reducing your impact on our environment.”
Designed to withstand hurricane-force winds, Advanced Green Technologies will custom design a carport made from U.S.-made steel products that qualify for a 40% tax credit for the client. The project will generate approximately 2,500,000 kWh of renewable energy upon completion in December 2023, giving Raymond James an anticipated energy offset of approximately 10%.
Raymond James secured the additional savings by using several Federal tax credit programs, including the 30% Federal Investment Tax Credit (ITC), and the 10% bonus credit for domestically produced content requirements. The flagship project will also benefit from a depreciation deduction over five years under the Federal Modified Cost Recovery System (MACRS), for which projects placed in service between 2023 and 2026 qualify for a bonus depreciation.
Based in Fort Lauderdale, Advanced Green Technologies specializes in the design, procurement and construction (EPC) of commercial, industrial and utility-scale solar energy projects for clients throughout the United States and the Caribbean. Established in 2007, the company is an experienced, award-winning contractor completing more than 250 MW of renewable energy solutions across many market segments, including private business, education, defense, government, manufacturing and local utility companies.