How a Cranston Retail Center Turned Its Parking Lot Into a Revenue Stream

This retail center in Cranston had 200 parking spaces sitting in the sun all day. Like most commercial parking lots, it was a cost center — something that needed to be maintained without giving anything back. In 2024, Newport Renewables installed 380 kW of solar carports across those 200 spaces, and all that changed.

The carports do three things at once. They generate electricity for the plaza. They provide shade for customers and their vehicles. And they support EV charging infrastructure for tenants and shoppers. That combination turned out to have direct financial value beyond the energy savings alone — tenants began paying a 5% higher common area maintenance fee for covered and EV-ready spaces, adding a second revenue stream to a part of the property that previously produced none.

The Financial Picture

The total project cost was $1.37 million, or $3.60 per watt — carport installations carry a higher per-watt cost than roof or ground-mount systems given the structural requirements of building over an active parking area, but the additional revenue they generate changes how the return calculates.

The federal Investment Tax Credit covered 30% of the system cost. REGrowth performance payments added on top of that. And 100% bonus depreciation allowed the full equipment cost to be written off in the year the system was placed in service. After all three, the net cost came down to $918,000.

Year-one returns — combining electricity savings, REGrowth payments, and the rental premium from covered spaces — came to $118,000. Simple payback is 5.9 years. Over 25 years, the projected net cash flow is $2.71 million at an IRR of 18.9%.

The parking lot went from a cost center to something that pays the plaza back every month.