Florida solar EPC Advanced Green Technologies will soon break ground on two solar carports at the Raymond James Financial campus in St. Petersburg, Florida. The project will feature a total of 1.7 MW between two large solar carports built on top of existing parking garages at the financial services firm’s corporate headquarters.
Designed to withstand hurricane-force winds, Advanced Green Technologies will custom design a carport made with U.S. steel products that qualify for a 40% tax credit for the client. The project should provide Raymond James an anticipated energy offset of approximately 10%.
Raymond James secured the additional savings by utilizing several federal tax credit programs, including the 30% 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.
“We are excited to work with Raymond James to provide a cleaner, greener footprint in the Tampa-St. Petersburg area,” said Advanced Green Technologies Executive Vice President, Clint Sockman. “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.”
News item from AGT