Building photovoltaic integration (BIPV) technology can effectively solve the urban energy shortage, environmental damage, and other environmental problems, which is of great significance to the sustainable development of the urban. However, the practical application of BIPV technology has been very slow, and BIPV projects have encountered numerous obstacles and risks in the process of promotion and construction. Although some researchers have conducted qualitative studies on these obstacles and risks, systematic risk assessment methods for BIPV projects are missing. This study aims to systematically develop a framework to assess the risk of BIPV projects to address this gap. First, a comprehensive risk indicator system is established using literature analysis and expert interview methods. Second, DEMATEL (decision-making trial and evaluation laboratory) is used to calculate constant rights. Then, the risk assessment is carried out from the perspective of four-dimensional risk including severity, possibility, urgency, and uncontrollability. The variable weight theory is used to calculate variable weight. The data fusion and risk level determination are realized by the matter-element extension model. Finally, a case study is conducted to verify the feasibility and applicability of the BIPV project risk assessment framework. The results show that the comprehensive risk grade of the BIPV project in Qingdao is III, which belongs to medium risk. In addition, some suggestions are made based on the evaluation results. This study can enrich the methods in the field of risk assessment, and the results can provide a valuable reference for BIPV project investors and decision-makers.