HRI Properties installs solar panels at its properties


“To cut down on the high upfront price that some say have kept solar panels out of reach for many households, local developer HRI Properties has installed the equipment at six of its developments in the New Orleans area as part of a $10 million project, taking advantage of federal and state tax credits and covering the initial investment to lease the equipment and help tenants spread the costs out over a decade. The equipment, which went into operation at several of the properties at the beginning of the year, is expected to generate 1.05 megawatts of solar energy, which is enough to power about 250 apartments, said Hal Fairbanks, vice president of acquisitions for HRI Properties.

The energy generated from the panels will reduce utility costs for residents and lower the operating costs of the buildings by offsetting individual units and common electrical loads, he said, like hallways and community rooms, and in large part, the air conditioning.

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