Bills Within The Act
By now almost everyone has an idea about what the Climate Mobilization Act, i.e the Green New Deal entails. It’s all over the news and social media, but what’s not there is the fine print. The laws within the Act are precisely the most important pieces of the entire puzzle. There are several bills or Local Laws in the Green New Deal,that we at The Cotocon Group have carefully put together for you.
Local Law 97 of 2019:
Reducing Greenhouse Gas Emissions
Starting in 2024, buildings over 25,000 square feet will be mandated to meet carbon emission limits. Buildings that exceed their designated Energy Use Intensity (EUI) limits will face steep penalties, depending on their facility. There are initiations of emission trading systems to be updated by 2021 as well as renewable energy credits (RECs) limited to NYS electric generation for up to 10% of compliance with the emission limit of a building.
Local Law 96 of 2019:
Property Assessed Clean Energy (PACE) Voluntary Finance Program
Establishes a Property Assessed Clean Energy Program, i.e PACE. A sustainable energy loan program which is a voluntary financing mechanism that will provide low-cost, long-term funding for energy efficiency projects. P PACE will help building owners finance energy efficiency projects that are required by the new legislation in order to mitigate greenhouse gas emissions citywide.
PACE financing will be repaid as an assessment on the property’s regular tax bill and can be used for commercial, nonprofit, and residential properties.
Local Law 94/92 of 2019:
Requirement of Green Roofs on NYC Buildings
Requires the inclusion of a green roofing zone in new construction and for buildings undergoing certain major renovations. This roofing zone must be comprised of a photovoltaic (PV) electricity generating system (Solar Panels) or a green roof. Buildings with greater than 200 square feet of usable roof space must install a minimum of 4kW PV electricity generating system. If a building is unable to install a PV electricity generating system, a green roof system must be utilized.
These package of bills aim to significantly reduce New York City’s greenhouse gas emissions and fight against climate change. The NYC Climate Mobilization Act includes local laws, introductions, and resolutions. We can only hope that these bills as well as property owners compliance will lead to a productive and positive outcome for our planets future.
The Cotocon Group believes firmly in a sustainable environment and works side by side with developers, building owners, and property managers to guide them into compliance. For any questions or information, please call us at, (212) 889-6566.