The Michaels Organization, a national leader in residential real estate serving more than 200,000 residents, announced a collaboration with Lumen Energy, a clean energy technology company, to conduct a comprehensive, portfolio-wide solar and battery feasibility assessment across Michaels’ U.S. properties. This first-of-its-kind assessment is designed to identify opportunities for deploying solar and battery systems that offer both financial and environmental benefits.
“Michaels has long been committed to being a leader in developing environmentally sustainable communities, and this new collaboration with Lumen will significantly strengthen our efforts to integrate on-site renewable technologies like solar, batteries, and EV charging into our existing portfolio, which spans more than 600 communities across the country,” said Matt Sullivan, Michaels’ Chief Operating Officer.
Lumen Energy’s advanced platform allows Michaels to evaluate its portfolio, providing customized, investment-grade financial models for each building, identifying hundreds of potential solar and battery installations with positive economic returns. This initiative will allow Michaels’ asset managers to access a dynamic platform where over 5,500 financial models continuously update with new data, enabling real-time decision-making.
This collaboration supports Michaels’ mission to foster sustainable communities and reflects its commitment to providing affordable, military, student, and market-rate housing solutions. The timing of this effort coincides with an increased focus on decarbonizing the built environment, positioning Michaels to take full advantage of the upcoming opportunities provided by the Greenhouse Gas Reduction Fund (GGRF). The GGRF, a $27 billion initiative led by the EPA, aims to address climate challenges, enhance the United States’ energy independence, and promote economic growth.
Lumen’s automated process allows companies to review cash flow models and rigorously evaluate financing options side-by-side. Should solar prove financially viable at a location, property owners can leverage Lumen’s marketplace to obtain actionable bids on every project, empowering asset management teams to seamlessly close on financing and execute installations anywhere that solar projects align with their asset or fund strategy.
“Michaels is taking on the once-in-a-generation opportunity to significantly upgrade its portfolio with clean technologies, and leveraging future funding through the GGRF. The Lumen team is proud to help advance their mission of creating communities that lift lives for students, military service members, and create more affordable living,” said Peter Light, Co-Founder and CEO at Lumen Energy.
As one of the nation’s largest providers of affordable housing, Michaels also plans to leverage funding under the $7 billion Solar for All program, designed to bring solar energy to over 900,000 households in low-income and disadvantaged communities.
