April 14, 2022
Real property funding and redevelopment firm Granite Redevelopment Properties enlisted The Solar Company to finish one of many largest multifamily solar panel set up challenge within the U.S. to this point.
At 16 of Granite’s house communities in Dallas and Tarrant counties, the corporate is putting in solar panels to generate electrical energy and offset energy prices at its Class B and C communities, comprising greater than 3,600 items. Additionally, solar carports – parking spots with solar panel roofs – at 9 properties will present safety from the weather for two,000 parking areas whereas producing 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,” mentioned Tim Gillean, President at Granite Redevelopment Properties, LP.
In complete, the Solar Company designed and put in the 15-MW, 40,000-panel portfolio to maximise solar publicity, permitting the house communities to fulfill their energy wants in addition to defending prices related to Texas’ rapidly-rising utility charges. Expected challenge 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,” mentioned Travis Wildeman, CEO of The Solar Company.
By partnering with The Solar Company, Granite is ready to take full benefit of federal tax credit and extra incentives out there to them. The precise phrases of the deal are undisclosed.
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Tags: industrial and industrial