Largest Multifamily Solar Installation in US to Begin in North Texas

Granite Redevelopment Properties, LP, a Dallas-based real estate investment and redevelopment company, has enlisted The Solar Company, also based in Dallas, to complete 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. Gillean added that Granite was able to take full advantage of federal tax credits and additional incentives available to them. The exact terms of the deal were not disclosed.