The clock is ticking – New York City’s Local Law 97 mandates landlords to decrease emissions or encounter penalties, effective this year, with the initial penalties slated for imposition in 2025.

Beginning next year, building owners failing to achieve a 25% reduction from the 2006 baseline in emissions could incur financial consequences. By 2030, a 40% reduction is required, or else fines of $268 per ton emitted beyond the threshold will be imposed. Although many owners are progressing toward meeting the short-term target, the city predicts that up to 80% of commercial properties may be non-compliant by 2030. Given the approaching deadline and increased capital costs, a low-interest lending option would likely be in demand.

Click Here to Learn More About C-PACE Financing Options

Contact us now to discuss financing options to keep your property/portfolio in compliance!

Blog by Robert Withers