nZero, the premier carbon management and accounting platform, is offering a free carbon emissions assessment to help buildings comply with Local Law 97 in New York City. This initiative aims to assist properties in preparing for the upcoming reporting requirements and emissions compliance, as Local Law 97 will impose substantial penalties for non-compliance.
According to the Real Estate Board of New York (REBNY), nearly 20% of properties currently exceed the Local Law 97 caps set for 2024, and approximately 76% of properties exceed the caps set for 2030. As a result, an estimated 3,700 properties could initially face non-compliance penalties amounting to over $1 billion per year, potentially exceeding $3 billion annually by 2030.
To address this challenge, nZero is introducing a free carbon emissions assessment. This assessment serves as a carbon check-up for buildings struggling to calculate their carbon footprint and become compliant with the new reporting standards. By benchmarking emissions and providing insights into future compliance requirements, nZero’s assessment offers a decarbonization roadmap tailored to each building’s unique needs.
Buildings are responsible for approximately two-thirds of greenhouse gas emissions in New York City. To achieve carbon neutrality goals, Local Law 97 has introduced emissions requirements for buildings over 25,000 square feet, as well as for two or more buildings on the same tax lot with a combined size exceeding 50,000 square feet. Non-compliant properties face penalties of up to $268 per metric ton of emissions, with larger buildings potentially facing fines greater than $1 million per year.
The nZero platform offers frictionless, automated data collection, emissions calculations, and compliance reporting specifically designed for Local Law 97. Buildings opting into the free trial will receive baseline emissions measurements and insights through remote utility meter readings. Additionally, nZero leverages artificial intelligence and machine learning to develop a cost-effective decarbonization plan through its Insights & Recommendations Engine, creating a sustainability roadmap for the future.
nZero’s platform stands apart from others by offering Local Law 97-approved time-of-use (TOU) emission factors. Its 24/7 tracking technology provides accurate and audit-ready hourly emission factors, allowing buildings to understand how electricity costs vary each day. This granular data enables early identification of potential Local Law 97 violations, ensuring that buildings utilizing nZero’s carbon emissions management and accounting services maintain emissions levels well below the set carbon caps.
As emissions regulations become more prevalent across the United States, many cities and states are implementing their own reporting requirements for buildings. For example, Colorado recently passed the Energy Performance for Buildings law, mandating owners of buildings over 50,000 square feet to report energy use to the Colorado Energy Office. To accommodate these various regulations, nZero can offer assessments to buildings in their local markets using the same technology applied to Local Law 97 compliance.
By providing accurate emissions data, nZero aims to assist buildings in understanding their current emissions levels and making necessary changes without fear of financial penalties. The platform’s comprehensive approach supports buildings in both reducing costs and carbon emissions while preparing for the evolving reporting requirements. nZero’s commitment to enabling organizations to accelerate their journey to net zero has earned them recognition as a leader in sustainability and a recipient of multiple prestigious awards.
With nZero’s free carbon emissions assessment, New York City’s property owners and managers have an opportunity to proactively address their emissions footprint and ensure compliance with Local Law 97. By taking advantage of this innovative platform, buildings can work towards a sustainable future while mitigating financial and environmental risks. To learn more about nZero and its offerings, visit their website at https://nzero.com/.
