Real estate investment and redevelopment company Granite Redevelopment Properties enlisted The Solar Company to complete one of the largest multifamily solar panel installation project in the U.S. to date.
At 16 of Granite’s apartment communities in Dallas and Tarrant counties, the company is installing solar panels to generate electricity and offset energy costs at its Class B and C communities, comprising more than 3,600 units. Additionally, solar carports – parking spots with solar panel roofs – at nine properties will provide protection from the elements for 2,000 parking spaces while generating power.
“When we ran the numbers for overall project returns, we were sold and wanted to go all in. Not only is it a responsible decision from an environmental standpoint, it also makes tremendous financial sense and adds millions of dollars to the overall value of our portfolio,” said Tim Gillean, President at Granite Redevelopment Properties, LP.
In total, the Solar Company designed and installed the 15-MW, 40,000-panel portfolio to maximize sun exposure, allowing the apartment communities to meet their energy needs as well as protecting costs associated with Texas’ rapidly-rising utility rates. Expected project completion is July 2022.
“Granite is setting a trend for owners of Class B and C apartments – and potentially the entire multifamily industry. By removing one of the biggest expenses for many landlords with rooftop solar panels and solar carports, the math is hard to argue with,” said Travis Wildeman, CEO of The Solar Company.
By partnering with The Solar Company, Granite is able to take full advantage of federal tax credits and additional incentives available to them. The exact terms of the deal are undisclosed.
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