368 | Solar on Multi-family: Good for Owners, Good for Tenants with Owen Barrett
Owen, a former Global Energy Manager at a Fortune 500 company, implemented $60M in clean technology before founding lumeo, a niche ESCO that hit eight figures in three years. After a successful exit, he launched ZNE Capital to decarbonize commercial real estate, acquiring 654 units worth $75M. Frustrated by solar deployment challenges, he founded Shine—now a leading turnkey solar solution for multifamily properties. Shine is set to decarbonize 200,000 apartment units with onsite solar by 2030, accelerating clean energy adoption where it’s needed most.
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Resources mentioned in this episode include:
Multifamily Solar: Interview with Owen Barrett, CEO Of Shine Multifamily Solar
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You can read the full transcript of this episode here
Key Topics in Interview with Owen Barrett, CEO Of Shine Multifamily Solar
1. Introduction to Owen Barrett and Shine
Paul Zelizer introduces the podcast and today’s guest, Owen Barrett.
Overview of Owen’s background in global energy management, real estate, and clean technology startups.
Description of Shine as a turnkey solar solution for multifamily properties, with ambitious plans to decarbonize 200,000 apartment units by 2030.
2. The Importance of Combining Clean Tech and Real Estate
Owen’s financial perspective on why clean tech must be economically viable.
The untapped opportunity in deploying solar to multifamily properties.
The potential for clean tech to simultaneously deliver environmental and investor returns.
3. Experimental Approach: "Guinea Pig" Portfolio
Using Owen’s company-owned portfolio (654 units) to test solar deployment.
Financial modeling: projecting increased returns (100-200 basis points in IRR) with solar.
Importance of demonstrating real, data-backed results to persuade other property owners.
4. Solar "Done Right" vs. "Done Wrong"
The risks and pitfalls of low-quality solar installations.
Issues with overselling or underselling number of solar panels.
Common errors: only targeting common area meters (limited emissions/financial impact).
The importance of working with honest, knowledgeable solar contractors.
Ongoing challenges in both solar and battery storage industries.
5. Market Dynamics and Site-Specific Criteria
2019–2024 changes: electricity prices rising, solar now viable in more U.S. markets.
Market analysis: residential vs. commercial electricity rates; targeting tenant meters yields better returns.
Identifying optimal property types for solar:
Best: garden style, one- to two-story, minimal shading, asphalt shingle roofs.
Suitable: mid-rise buildings.
Challenging: high-rise buildings due to insufficient roof area.
Physical and utility-based considerations for solar installation success.
6. Tenant and Community Engagement
Net bill savings for tenants; financial win-win for owners and renters.
Utility-specific interconnection and paperwork requirements.
Strategies for tenant engagement, e.g., signing agreements through educational leasing office events.
7. Steps for Multifamily Owners Interested in Solar
The importance of integrating solar into initial acquisition underwriting.
Challenges of post-acquisition solar implementation (capital committee hurdles).
Working with Shine to conduct assessments, provide site-specific estimates, and integrate solar into financial pro formas before deal closure.
Shine’s role as a turnkey support system for multifamily real estate clients.
8. Shine’s Startup Journey and Business Model Evolution
Timeline: Owen’s clean tech investments since 2015; Shine founded in 2023.
Shift from master-metered to individually metered property focus.
Building proprietary software for scalable billing/monitoring of multiple small solar systems.
Initial bootstrapping and recent seed round fundraising.
Transition from SaaS subscription fees to including software as a value-added service within solar installation packages, due to "SaaS fatigue" in the industry.
9. Environmental and Social Impact
Quantifying impact: every 100-unit installation is equivalent to solarizing 50 single-family homes.
Goal: decarbonizing 200,000 units = removing the environmental impact of an entire U.S. island.
Importance for low-to-moderate income (LMI) communities; giving renters solar access, helping stabilize utility costs.
Discussion of broader societal benefits even if these aren’t always the lead selling point.
10. Shine’s Operational Details and Future Outlook
Business model: Shine manages design, engineering, permitting, and procurement; local installers execute onsite installations.
Scaling strategy modeled after major residential solar companies.
Growth projections: reaching $50 million/year in revenue through 25 installations annually.
11. Broader Clean Tech Industry Trends
Market and policy dynamics: increased AI and energy demand, bipartisan drivers for renewable energy.
Renewables as the primary way to rapidly meet new electricity demand, despite changing government support.
Emphasis on staying focused on market-driven opportunities rather than political noise.
12. Personal Reflections and Advice for Impact Entrepreneurs
Resiliency practices: stubbornness, athletic habits, exercise as mental clarity.
Encouragement for entrepreneurs to stay positive amid negative news cycles.
Willingness to connect with others in the industry and serve as an educational resource.
13. Closing and Contact Information
Owen Barrett encourages LinkedIn outreach.
Paul Zelizer recaps key calls-to-action: recommend the episode, reach out if owning multifamily properties, suggest future show topics.
