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Illustrative underwriting example — not a customer case study

Multifamily portfolio — common-area solar, storage pending data

Worcester, Massachusetts · Six-building multifamily portfolio, common-area meters · 480 kW-DC rooftop solar across six buildings; storage scope pending interval data

A portfolio treated as one underwriting exercise instead of six. Unit meters are the residents'; the addressable load is the common-area and central-plant meter at each building, which is where the demand determinant sits.

Aerial view of brick multifamily buildings with solar panels on flat roofs in autumn

Representative photography of this site type. Not a photograph of a customer property.

Modeled annual benefit
$83,200
Sum of the supported lines below only. Program performance value is excluded because it settles on measured dispatch.
Demand charges today
$41,000 / yr
190 kW billed peak at $18/kW-month.
Solar offset
68% of addressable usage
576,000 kWh/yr modeled production against 850,000 kWh/yr of addressable load.
The tariff
  • Eversource Massachusetts general-service demand rate on each common-area meter, near $18/kW.
  • Unit meters are resident-held and outside scope, which caps the addressable load.
  • Two buildings sit close to the threshold between rate classes, which changes the case if load shifts.
The site
  • Six flat-roof brick buildings, roof ages spanning four to fourteen years; two are sequenced behind a roof replacement.
  • Central boiler plant and elevator load concentrated on the common-area meters.
  • Basement electrical rooms suitable for indoor-rated storage in four of the six buildings.
The design
  • 480 kW-DC total across the four roofs that pass structural and remaining-life review.
  • Storage sizing withheld: the aggregate common-area billed peak on file (190 kW) is lower than the storage block that was sketched for this portfolio, so the peak the battery would work against is not established. Per-meter interval data is required before any storage sizing or demand-reduction figure can be stated.
  • Portfolio-level monitoring so buildings are compared against each other, not against a benchmark.
Modeled economics

Worcester, Massachusetts: modeled annual economics, line by line

Modeled annual economics for this example
LineModeled valueBasis
Energy offset from solar$83,200 / yr85% of modeled production consumed on site at a $0.17/kWh blended rate; exported production is not valued here.
Demand-charge reductionNot modeledthe aggregate common-area billed peak on file (190 kW) is lower than the storage block that was sketched for this portfolio, so the peak the battery would work against is not established. Per-meter interval data is required before any storage sizing or demand-reduction figure can be stated.
Program performance paymentsNot modeledNot modeled as a dollar figure. Performance programs of this type settle on measured dispatch during declared events, so a nameplate figure would overstate the receipt. Eligibility, enrolment and settlement basis are confirmed per site before any case is issued.

Modeled figures only. Not an operating result, not customer data, not a quote. Federal, state and utility incentive availability depends on project facts and applicable requirements; NOI does not provide tax advice.

What can delay or disqualify
  • Aggregate billed peak across the common-area meters must be established from interval data before storage is sized or priced.
  • Roof replacement sequencing on two buildings sets the schedule for those sites.
  • Master-metered versus individually metered arrangements change what is addressable, and this is confirmed in writing at stage 01.
How this site runs through the five stages
  1. 01 Tariff read

    Common-area bills for all six buildings, plus confirmation of metering structure.

  2. 02 Site validation

    Roof age and structure per building, electrical room suitability, access.

  3. 03 Design and underwriting

    Portfolio operating case with per-building sizing and sensitivities.

  4. 04 Permitting and interconnection

    Per-address permitting and per-meter interconnection, sequenced with roof work.

  5. 05 Operations

    Portfolio dispatch and reporting; per-building performance comparison.

See the full process →

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