Boards are scrambling to undertake energy retrofits to avoid hefty fines for carbon emissions, with some opting for mortgage refinancing or lines of credit to fund the projects, while others are allocating a portion of maintenance to the reserves and imposing flip taxes, sublet fees, and alteration fees. (Print: Energy Upgrade: A Step-by-Step Strategy)
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“Local Law 97” returned 4 articles
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New York City Boards Face Financial Challenges as LL97 Carbon Caps Tighten
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Compliance Updates
New Local Law 97 rules offer incentives for NYC buildings pursuing decarbonization retrofits, outlining good faith efforts, emission credits, and compliance measures.
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Pushing the Boundaries of Electrification
420 Beekman Hill co-op pioneers large-scale heat pump tech to meet Local Law 97 emission goals, using Con Ed and NYSERDA incentives.
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Fines or Retrofits?
Co-op and condo boards are concerned about reducing energy consumption to comply with Local Law 97 by 2024 to avoid fines. Switching to electric boilers and LED lighting are common strategies, but the costs can be significant. Many boards are considering whether it is more cost-effective to pay fines or invest in energy-efficient upgrades.
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