Climate Mobilization Act
NYC has an initiative to reduce carbon emissions from buildings. The Climate Mobilization Act affects all building’s over 25,000 square feet in NYC. The goal of the act is to reduce carbon emissions by 80% by 2050.
Energy and water usage at your condominium or co-op should be examined and benchmarking data filed with the city. Your building will receive a letter grade for its energy efficiency rating. Odds are it will not be great. 75% of buildings in NYC have received grades of C or D. The grade is determined by using the EPA’s Energy Star Portfolio Manager benchmarking tool to compare the buildings energy performance to similar buildings in similar climates.
What is needed is a plan on how to improve energy efficiency at your building in order to avoid future fines related to the Climate Mobilization Act. These fines will start in 2025 and will be based on benchmarking data and carbon emissions.
This additional analysis will provide your building with a plan on how to best improve energy efficiencies for the building. This analysis should also be tied into incentive programs with the state, con ed, and national grid which will help offset costs. Improving energy efficiency at the building will also help save money in the long term.
Although there are no immediate negative consequences related to the grade a building receives. Improving it will help save money and possibly improve the building’s perception on the real estate market. The informed agent and buyer will begin to recognize that a poor letter grade means energy costs, and possibly common charges, will be higher than at a comparable property with a higher letter grade.