Raymond James Solar Parking Garages

From Vision to Reality: Solar Parking Garages Energize Raymond James Financial Headquarters

Raymond James Financial, a longstanding pillar of the St. Petersburg, Florida community since 1962, has advanced its environmental sustainability efforts with the installation of two extensive solar parking garages at its corporate headquarters. This project underscores the company’s commitment to green energy and highlights the design innovation and capabilities of the project contractor, Advanced Green Technologies (AGT).

As a leading solar parking garage contractor and commercial solar contractor, AGT, a division of the Advanced Roofing Group and a leader in the solar industry renowned for its expertise in engineering, procurement, and construction (EPC) of large-scale renewable energy projects, was selected for this significant initiative. Clint Sockman, Executive Vice President and a partner at AGT, shared insights into the project’s extensive planning and execution.

“Raymond James engaged us to design and install solar carports on two existing parking garages after nearly three years of analysis and feasibility studies,” Sockman explained. “Our experience and competitive pricing ultimately led to our selection.”

Cutting-Edge Design and Execution

The project features 1.7 MW of solar power capacity across two large carports built atop existing parking garages. Designed to withstand hurricane-force winds up to 150 MPH, these installations are crucial for Florida’s tropical climate. AGT, a solar parking garage contractor, employed advanced 3D and virtual renderings to help the client visualize the project and comprehend its scope and benefits.

“One of the primary considerations for a company embarking on this journey is understanding the financial impact and its effect on their property. We provide detailed renderings to show the customer the visual appeal and functional integration of the product with the existing infrastructure,” Sockman elaborated.

The project involved nearly a year of design and permitting, including structural analysis and utility negotiations to integrate existing infrastructure. The local permitting process took 12 months, followed by an eight-month construction phase. Phase one of construction added one megawatt of solar power to the P4 garage, while phase two added 700 kilowatts to the P3 garage, totaling 1.7 megawatts.

Technical Excellence and Environmental Impact

The solar carports utilize Talesun 450 W solar panels and Ginlong 100 kW string inverters, chosen for their availability and technical performance. “These elevated solar structures face strong winds. The Talesun panels’ exceptional frame strength meets all project demands and building codes,” noted Sockman. Additionally, the Ginlong string inverters offer cost-effective design solutions, enabling individual string monitoring and incorporating redundancy for enhanced system reliability and efficiency.

AGT, a commercial solar contractor, employed its innovative sawtooth canopy design, constructed from powder-coated USA-manufactured steel, ensured lower wind pressures and a sleek appearance. This design accommodates the non-symmetrical nature of the garages, with solar panels facing south, east, and west, creating a unique aesthetic. “With office towers overlooking the parking garages, the design significantly impacts the visual appeal for building occupants,” Sockman added.

Financial Incentives and Return on Investment

Several incentives enhanced the project’s financial viability, including a 30% Investment Tax Credit (ITC) and accelerated depreciation through the Modified Accelerated Cost Recovery System (MACRS). MACRS allows for 80% depreciation in the first year and the remaining 20% over the next five years, achieving a financial ROI of 10 years.

“This project was initiated when the Inflation Reduction Act increased tax credits to 30%,” Sockman explained. “Using American steel qualified us for an additional 10% ITC. Combined with MACRS, these incentives made the project financially attractive.”

The completed solar parking garages generate an estimated 2.6 million kilowatt-hours of power annually, enough to power 237 homes each year. This output meets approximately 60% of the energy demand for Raymond James’s two main office buildings, significantly reducing their carbon footprint. Additionally, the carports provide shaded parking for over 600 vehicles, enhancing comfort and convenience for employees and visitors.

“Offsetting nearly 60% of the energy load for multi-floor class-A office buildings is a significant achievement,” remarked Sockman. “Raymond James is leading in the ESG field by investing in initiatives their clients believe in.”

Overcoming Challenges

The project faced several challenges, including post-COVID supply chain issues, permitting delays, and the complexity of working on an active campus. “Raymond James’s facility staff was extraordinarily cooperative. We held bi-weekly meetings to coordinate traffic flows and ensure minimal disruption to daily operations,” Sockman emphasized.

A notable challenge was the directional boring for electrical connections, particularly for the P3 garage. “We had to bore nearly 700 feet, landing precisely next to a utility transformer. These operations require meticulous planning and execution,” Sockman explained.

A Testament to Collaboration and Innovation

The successful completion of this project testifies to the collaboration between AGT and Raymond James and the innovative solutions employed. “We build long-term relationships through collaboration and communication, continually improving from each project,” Sockman highlighted.

Reflecting on the project, Sockman shared his pride in the team’s accomplishments: “Seeing the construction time-lapse and the end product is amazing, but the intangibles—the relationships and problem-solving—are what truly make a difference.”

Raymond James’ new solar parking garages symbolize the company’s commitment to sustainability and demonstrate how financial incentives, innovative design, and collaborative effort can turn a vision of sustainability into reality.

About Advanced Green Technologies

Advanced Green Technologies (AGT) is a vertically integrated commercial solar contractor specializing in the engineering, procurement, and construction (EPC) of ground-mounted solar systems, solar parking garage contractor, rooftop solar, floating solar, and battery energy storage. Established in 2007, AGT serves the commercial and industrial sectors across Florida and extends its expertise to clients throughout the United States and the Caribbean. With over 350 Megawatts of renewable energy solutions completed, AGT delivers comprehensive turnkey solar projects for diverse market segments, including private businesses, education, defense, government, manufacturing, and utility companies. From initial project planning and construction to ongoing operations and maintenance, AGT ensures satisfaction from start to finish.