Numerous countries are implementing building-integrated photovoltaic (BIPV) technology to enhance the energy performance of buildings, as new energy sources have attracted global interest. BIPV residential programs are an essential method to alleviate energy stress and promote energy transition in buildings; however, the high level of technology and capital investment required have hampered their marketization. Although certain obstacles have been examined by researchers, there remains a lack of studies concerning risk assessment in the context of the development of BIPV residential projects. Therefore, this study strives to develop a risk assessment model for the development of these projects. First, a risk evaluation index system is proposed by identifying and analyzing the risks associated with the development of BIPV residential projects, following the lines of risk identification–risk analysis–risk evaluation–risk management. Second, the DEMATEL-ANP-gray cluster analysis was utilized to construct the development risk assessment model. Finally, a case study demonstrates that the methodology proposed in this study can effectively solve the issues associated with correlating risk factors and the quantification of the magnitude of risks in the development of BIPV residential projects. This study will serve as a valuable reference for architect-urban developers and engineer contractors to formulate risk governance countermeasures for BIPV residential projects as it provides a framework for assessing the risk associated with their development.