Granite Redevelopment Properties LP, a real estate investment and redevelopment company that focuses on the restoration and stabilization of multifamily properties, has enlisted The Solar Co. to complete a large multifamily solar panel installation project.
At 16 of Granite’s apartment communities in Dallas and Tarrant counties in Texas, 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 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,” says Tim Gillean, president at Granite Redevelopment Properties LP. “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.”
The Solar Company designed and installed the 15 MW, 40,000-panel system 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,” states Travis Wildeman, CEO of The Solar Company. “By removing one of the biggest expenses for many landlords with rooftop solar panels and solar carports, the math is hard to argue with.”