Navigating Local Law 97: Compliance Essentials for NYC Building Owners in 2024
Local Law 97, part of New York City’s Climate Mobilization Act, is a groundbreaking regulation aimed at reducing greenhouse gas (GHG) emissions from buildings, which account for nearly 70% of the city’s carbon footprint. The law requires most buildings over 25,000 square feet to reduce their emissions, with penalties imposed on those that fail to meet the established targets. As we move into 2024, compliance is more important than ever, and building owners must act swiftly to avoid fines.
What Are the Key Requirements of Local Law 97?
Local Law 97 mandates that buildings reduce their GHG emissions by 40% by 2030 and 80% by 2050. The first compliance period starts in 2024, with building owners required to file annual emissions reports beginning in May 2025. The law applies to buildings over 25,000 square feet, as well as affordable housing, hospitals, and other institutional facilities. Failure to comply with these targets could result in fines of $268 per ton of CO2 emitted over the limit.
How Can Building Owners Ensure Compliance?
To ensure compliance with Local Law 97, building owners should start by conducting an energy audit to assess current energy consumption and emissions. Implementing energy-efficient upgrades such as retrofitting HVAC systems, improving insulation, and switching to LED lighting can significantly reduce emissions. Building owners may also consider installing renewable energy systems such as solar panels or exploring retro-commissioning (RCx) to optimize existing systems.
Understanding the Financial Impact
One of the major concerns for building owners is the financial impact of complying with Local Law 97. However, there are several programs available to help mitigate costs. For example, PACE loans allow building owners to finance energy-efficient upgrades through an assessment on their property tax bills, making compliance more affordable. Additionally, utility rebates and government tax credits can provide significant savings.
What Happens if Your Building is Non-Compliant?
Buildings that fail to meet Local Law 97's emission reduction targets will face significant penalties, starting at $268 per ton of CO2 that exceeds the allowable limits. In some cases, buildings may qualify for penalty mitigation if they can demonstrate a good faith effort toward compliance, such as submitting a decarbonization plan.
How Roman Local Law 97 NYC Restoration Can Help
At Roman Local Law 97 NYC Restoration, we specialize in guiding building owners through the compliance process. From conducting energy audits to managing retrofit projects, our team ensures that your building meets the necessary standards. We also help identify financial incentives and develop customized energy-saving strategies tailored to your building’s needs.
Need help complying with Local Law 97?
Contact Roman NYC Restoration today to schedule an energy audit and start your path to compliance. We’re here to help you reduce emissions, avoid penalties, and contribute to a more sustainable New York City.
