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It’s wonderful to know that your bank is entirely powered by renewable energy. Fifth Third’s ambitious objective of using 100% renewable energy to power its activities across its nationwide footprint became a reality … five years ago! Starting in late August 2019, the bank achieved that goal, making the end of last month a 5-year anniversary.
Raymond James Financial in St. Petersburg, Florida, is also showing a strong commitment to renewable energy, with the installation of two massive solar parking garages at its corporate headquarters.
Its solar all around this week. Other positive news is that the IRA low-income bonus credit jumpstarted 800 solar installations in affordable housing areas in its first year. Read more about these solar stories and more below.
Solar Energy
Fifth Third Celebrates Five Years of 100% Renewable Power
“In 2017, Fifth Third set an ambitious goal to power the Bank’s operations across its national footprint — including more than 1,000 retail locations and operational facilities across 11 states — with 100% renewable power.
“In late August 2019, Fifth Third achieved this goal with the opening of the Aulander Holloman solar facility in North Carolina. The project was made possible through a virtual power purchase agreement (VPPA), which guaranteed that Fifth Third would purchase all the electricity generated, thereby enabling the developer of the solar project to secure funding and build the project.”
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).”
Analysis of the First Year of the Low-Income Communities Bonus Credit Program: Building an Inclusive and Affordable Clean Energy Economy
“The Program is an unprecedented incentive to increase solar and wind installations in low-income communities. Section 48(e) increases the Section 48 energy investment tax credit of 30 percent (assuming prevailing wage and apprenticeship requirements are met) by 10 or 20 percentage points, making it a valuable bonus to increase clean energy development and adoption. The Program provides 1.8 gigawatts of annual capacity available to eligible solar or wind facilities with maximum net output of less than five megawatts. The program will transition to a “technology neutral” program that accommodates additional clean energy technologies in 2025 when Section 48E(h) takes effect. Treasury and IRS partnered with the U.S. Department of Energy (DOE) to manage an applicant portal, review applications, and make application recommendations to the IRS.
“In its first year, the Program received over 54,000 applications from 48 states, the District of Columbia, and 4 territories, and approved over 49,000. These approved applications total nearly 1.5 gigawatts of expected energy capacity and approximately $3.5 billion in public and private investment into communities. As described below, these facilities are estimated to generate $270 million in offset energy costs annually.”
Biden-Harris Administration Marks Major Milestones for Offshore Wind, Approves 10th Project
“The Biden-Harris administration today announced the approval of the Maryland Offshore Wind Project — the nation’s tenth commercial-scale offshore wind energy project approved under President Biden’s leadership. With today’s approval, the Department has approved more than 15 gigawatts of clean energy from offshore wind energy projects — equivalent to half of the capacity needed to achieve President Biden’s goal of 30 gigawatts of offshore wind energy by 2030. Projects approved to date will power 5.25 million homes. “
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