From vision to reality: Solar parking garages power Raymond James Financial HQ
Raymond James Financial, a cornerstone of the St. Petersburg, Florida, community since 1962, has taken a significant step toward environmental sustainability by installing two large solar parking garages at its corporate headquarters. This initiative demonstrates the company’s commitment to renewable energy and highlights the design innovation and capabilities of the project contractor, Advanced Green Technologies (AGT).
AGT, a division of the Advanced Roofing Group and a prominent player in the solar industry known for its expertise in engineering, procurement, and construction (EPC) of large-scale renewable energy projects, was chosen for this landmark project. Clint Sockman, executive VP and a partner at AGT, shared insights into the project’s scope and planning.
“Hired by Raymond James to design and install solar carports on two existing parking garages, the company underwent nearly three years of analysis and feasibility studies before selecting a contractor,” Sockman said. “Ultimately, AGT was selected based on our experience and competitive pricing.”
Innovative design and implementation
The project features 1.7 MW of solar power capacity spread across two large carports built atop existing parking garages. These installations are designed to withstand hurricane-force winds of 150 mph, a crucial consideration given Florida’s tropical climate. AGT used its unique 3D and virtual renderings to help the client visualize the project and understand its scope and benefits.
Sockman elaborated on the importance of these visual tools: “One of the biggest things a company does when embarking on this journey is looking at the financial impact and how it will affect their property,” he said. “We go to great lengths to provide renderings to show the customer what the product will look like, how it will affect the property’s visual appeal, and how it integrates functionally with the existing infrastructure.”
The Raymond James solar 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 covered the P4 garage, adding 1 MW of solar power, and phase two included the P3 garage, adding 700 kW, totaling 1.7 MW.
Technical excellence and sustainability
The solar carports use Talesun 450 W solar panels and Ginlong 100 kW string inverters, chosen for technical performance.
“These solar structures, elevated nearly 60 ft above ground in a coastal region, face strong winds. The Talesun panels have exceptional frame strength to withstand these conditions, meeting all project demands and building codes,” Sockman said.
Additionally, the Ginlong string inverters offer cost-effective design solutions, enabling individual string monitoring and incorporating redundancy to enhance the system’s reliability and efficiency.
AGT’s innovative sawtooth canopy design, made from powder-coated U.S.-manufactured steel, ensured lower wind pressures and a sleek appearance. This design also accommodates the non-symmetrical nature of the garages, with solar panels facing south, east, and west, creating a unique aesthetic different from the typical design.
“With the office towers overlooking the parking garages, most building occupants are looking down on these structures and want to feel proud, so the design affects how people see the campus when looking out on it,” Sockman added.
Financial incentives and ROI
Several incentives significantly enhanced the project’s financial viability, including a 30% Investment Tax Credit (ITC), and accelerated depreciation through the Modified Accelerated Cost Recovery System (MACRS). The MACRS allows for 80% depreciation in the first year and then the remaining 20% over the next five years for a financial ROI of 10 years.
“This project was conceived when the Inflation Reduction Act increased tax credits to 30%,” Sockman said. “Using American steel qualified us for a potential additional 10% ITC. Coupled with MACRS, these incentives made the project financially attractive.”
The completed solar parking garages deliver an estimated 2.6 million kWh of power annually. 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 the 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 demonstrating leadership in the ESG field by investing in initiatives their clients believe in, which is truly remarkable.”
Overcoming challenges
The project faced several challenges, including supply chain issues post-COVID, permitting delays, and the complexity of working on an active campus. Sockman emphasized the collaborative effort required: “Raymond James’s facility staff was extraordinarily cooperative. We held bi-weekly meetings to coordinate traffic flows and ensure minimal disruption to daily operations. This approach is standard business for us at AGT.”
One 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,” Sockman said. “These critical operations are highly planned and executed meticulously.”
A testament to collaboration and innovation
The successful completion of this project is a testament to the collaboration between AGT and Raymond James and the innovative solutions employed. Sockman highlighted the importance of these relationships: “We build long-term relationships through collaboration and communication, learning from each project to improve continually.”
Reflecting on the project, Sockman shared his pride in the team’s accomplishments: “Seeing the time-lapse of the construction and the end product is amazing, but the intangibles — the relationships, the problem-solving — are what truly make a difference.”
Raymond James’ new solar parking garages symbolize the company’s commitment to sustainability and showcase how financial incentives, innovative design, and collaborative effort can turn a vision of sustainability into reality.
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