Eco Friendly Incentives in NYC Buildings
As real estate moves to become more sustainable, property manager Choice NY Companies is moving towards more eco-friendly buildings. Lawmakers on Wednesday passed a bill that will require construction projects submitted for approval after 2027 to stop using natural gas. Instead they will have to use an alternative to gas or oil — such as electricity — for heating, hot water and cooking. Some smaller buildings would have to comply as early as 2024. Currently heating, cooling and powering buildings accounts for nearly 70% of the city’s emissions of carbon dioxide and other heat-trapping gases.
For this change to happen, property managers like Choice NY Companies have to step up to the plate, and implement natural gas alternatives into and onto their buildings. This involves getting in contact with renewable energy distributors who source to NYC, and providing building appliances like electric stoves, that don’t rely on natural gas. Additionally, Choice NY companies believes in on-site intervention, including solar panels and small wind turbines on the roofs of their buildings. “We are getting ahead of local law 97 and working with real time energy management platform ‘get savvy’ to make sure that buildings above 25k sq ft are meeting their carbon emission cap” says Kristian Mundija, Chief Compliance Officer at Choice.
Choice has been ahead of property trends in the past, providing top notch surface sterilization services to their properties during the pandemic. They also pushed for utilizing community office spaces during this time, as they saw trends showing residents preferred shared workspaces to excessive gyms in their buildings. “Expanding the offerings of residential buildings to match hybrid working needs of NYC tenants is imperative,'' says Choice NY Companies CEO Michael P. Feldman. As more and more buildings become eco-friendly, Choice will move to provide their properties with the best natural gas alternatives, like solar powered heating and cooling, as well as water or wind powered electricity.
Solar, wind and water are not only better for the environment, they could also yield up to several hundred million dollars in ratepayer savings by 2040, due to avoided spending on new gas connections. Mundija explains “Once we figure out our buildings inefficiencies, Choice will engage NYSERDA in order to receive incentives for retrofits. This benefits building owners because their out of pocket cost is minimal plus they get new LED lighting and new controls for their mechanicals.” As Choice looks towards a sustainable future, they will look to provide the most sustainable options for their buildings, at the best cost to renters as well as their clients.