Investing in Solar Energy

Since 2021, HRI has partnered with Resonant Energy to install solar PV arrays at properties we own. As part of this effort, HRI reviewed our 113-building portfolio to identify unused roof space for solar PV systems. We installed 21 arrays in 2023, and by the end of 2024, we anticipate that more than half of HRI buildings will have arrays on their rooftops. Our $3.9 million investment in solar technology will create 855 kW of solar PV energy annually for HRI’s portfolio. This is equivalent to the energy used by 133 homes powered by other energy sources in one year. The energy generated by our new solar panels will allow HRI to offset electricity usage from the grid, and will help reduce our properties’ electric bills.

Solar panels will help us manage utility grid and in our buildings, with an opportunity to share cost savings with residents. According to the American Council for Energy Efficient Economy (ACEEE), low-income households spend a median of 10.1% of their income on utility costs, while higher-income families spend just 3.1%. At the same time, data from Tufts University tells us that BIPOC and low-income households rarely enjoy the financial benefits from investments in solar technology.

To address these disparities, HRI is participating in Massachusetts LISC’s STAR Solar Program. Through STAR Solar, eligible low-income residents in our portfolio will receive credits on their utility bills, when HRI’s solar arrays produce more electricity than we use onsite. We have already signed up 18 households, with a combined potential return of $84,000 per year to those HRI residents.