With New York City's climate law, Local Law 97, going into effect on January 1, 2024, now is the time to go on offense.
The avoidance of LL97 fines provides an additional incentive to invest in solar. That's on top of Federal and NY State incentives that are in place to encourage solar generation investments.
New York already has some of the best incentives for solar in the country, offering the quickest paybacks and best rates of return for solar investments. Local Law 97 provides one more reason (a big reason) for properties to invest in solar.
Solar generation offers NYC properties the dual benefits of:
1️⃣ Increased cash flows in perpetuity from a reduction in how much utility provided electricity buildings require
2️⃣ Reduces exposure to Local Law 97 fines since, unlike utility provided electricity, solar doesn't emit CO2 (LL97 prices excess CO2 emissions at $268 Per Metric Ton)
Highest ROI Energy Upgrade Project
For low rise properties, solar will commonly be the best performing energy upgrade, benefiting properties over the 25,000 square foot LL97 threshold.
Solar + Heat Pumps
And, after installing solar systems, the economics of heat pumps become much more favorable too, providing a one-two punch to generate incremental cash flows from energy savings & stay ahead of Local Law 97 fines.