Granite Redevelopment Properties LP, a real-estate investment and redevelopment company, has hired The Solar Co. for a large multifamily solar panel project. 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. Solar carports will be installed at nine properties to provide protection from the elements and generate 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. The project is expected to be completed by 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.”