The City of New York Local Law 97: Plan Now to Comply with Emissions Caps and Avoid Fines
To reduce carbon emissions from buildings, the City of New York enacted Local Law 97 (LL97) in 2019 as a part of the Climate Mobilization Act. This leading-edge law places carbon caps on most buildings larger than 25,000 square feet—roughly 50,000 residential and commercial properties across NYC. These caps start in 2024 and will become more stringent over time, eventually reducing emissions 80 percent by 2050.
NORESCO’s LL97 Compliance Guarantee
To help clients meet this ambitious emissions legislation, NORESCO offers our LL97 Guarantee. If a building owner does not comply with LL97, fines in the amount of $268 per ton of CO2 emitted per year may apply. For a 25,000 square foot office building with an energy use intensity (EUI) of 175 kBtu/sqft/yr, annual fines could be as much as $28,000 or $1 million for a one million square foot facility with the same EUI. With NORESCO’s unique service, NORESCO offers to evaluate and implement measures that guarantee carbon savings under its LL97 Guarantee. NORESCO’s LL97 Guarantee is designed to mirror the LL97 fine structure, so that if promised savings are not achieved, customers could be eligible for compensation for these fines.
We invest in energy efficient technology and optimize the building’s performance. Our investment is paid from the energy saved or potential fines avoided based on the LL97 fine structure, thus shifting decarbonization efforts from a capital expense to an operating expense.
The time to act for carbon caps starting in 2024 is now. For details, contact us at [email protected].
Incentives and Energy Project Reimbursement
Applying for and securing funding for energy conservation improvements are often crucial to the success of our clients' projects. As a result of our experience, we help clients uncover potential sources of funds, including programs specific to the New York market.
Mastery of the Local Law 97 Process
NORESCO has long-provided energy audits, retro-commissioning, and other services to help NYC building owners comply with local law requirements. Our New York City presence keeps us well-positioned to advise urban buildings owners as local laws and building requirements evolve.