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Illustrative underwriting example — not a customer case study

Multifamily portfolio — common-area solar plus storage

Worcester, Massachusetts · Six-building multifamily portfolio, common-area meters · 480 kW-DC rooftop solar + 200 kW / 400 kWh storage across six buildings

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
$121,000
Across all six buildings
Demand charges today
$41,000 / yr
Aggregate 190 kW billed peak at $18/kW-month
Solar offset
68% of common-area usage
576,000 kWh/yr modeled production
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.
  • 200 kW / 400 kWh of storage placed where electrical rooms allow, sized to about 20% of aggregate billed peak.
  • Portfolio-level monitoring so buildings are compared against each other, not against a benchmark.
Modeled economics

Every line separated, with its own assumption.

Modeled annual economics for this example
LineModeled valueBasis
Energy offset from solar$83,000 / yrModeled at a $0.17/kWh blended rate with 1,200 kWh/kW-yr production
Demand-charge reduction$36,000 / yr200 kW shaved in 10 of 12 months at $18/kW
Program value$2,000 / yrModeled conservatively from published Massachusetts program structures; verified per meter

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
  • 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.
  • Occupancy and load changes across a portfolio move the aggregate peak the storage was sized against.
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.

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