Beginning in May, the City’s “Benchmarking” regulations will be expanded to include all
buildings over 25,000 square feet (under the earlier version of the law, buildings of less than 50,000 were not required to benchmark). As part of Local Law 133 of 2016, which expanded LL 84, owners must report water and energy consumption annually through the City’s online portal (https://www.energystar.gov/buildings/facility-owners-and-managers/existing-buildings/use-portfolio-manager). Failure to report can carry fines of up to $2000 per year. The City will use this information to create metrics to track and compare the energy efficiency of similar buildings, and ultimately will release a rating for each property, which will be available to the public.
A better rating will have a positive impact on property values, giving owners an incentive to take action to cut back on water and energy consumption, as part of the City’s goal to reduce greenhouse gas emissions by 80% between 2005 and 2050. We at DEPM care deeply about energy conservation and have instituted many improvements in our client buildings, including converting boilers from oil to gas, replacing incandescent lights with energy saving LED lights, installing new windows and more. Our managers are working with all their properties to implement conservation initiatives in the coming year. For more information on the City’s Benchmarking program, visit https://www1.nyc.gov/site/buildings/business/benchmarking.page