New York City has long had favorable conditions for solar, and recent legislation will boost the financial returns even further. NYC’s recently passed Climate Mobilization Act creates additional incentives to install solar as it aims to reduce carbon emissions from buildings by 40% by 2030.
Where Are We Now?
In NYC, financial incentives already reduce the cost of solar by more than 60%, through federal investment tax incentives, a NY-State rebate, and NYC property tax abatement. Furthermore, solar slashes your energy bill, which in NYC is one of the highest in the country.
The centerpiece of the new legislation, Local Law 97, establishes strict penalties on real estate owners, penalties that can be mitigated with on-site solar. The law will impose significant penalties on buildings if their carbon emissions exceed a certain limit. However, onsite solar, a clean energy source, will reduce or even cancel out entirely the penalties you’ll be forced to pay. As a building owner, installing solar now enables you to capture current financial incentives, cut your energy bill, and shield yourself against the upcoming fines from Local Law 97.
Anything Else I Should Know?
The new legislation goes further for new buildings. Two other components of the new Act are Local Laws 92 & 94, which went into effect in November. These laws require that newly constructed buildings install rooftop solar or a green roof.
Installing solar in New York City has never made more sense, and in some cases, it’s required. As a New York City-based company, SolarKal is excited to work with our neighbors to maximize the economic benefit of going solar.
Yaniv Kalish is the CEO of SolarKal, an award-winning commercial solar advisory, that helps companies navigate the transition to solar, from the first site visit to the final installation. •
Copyright © 2019 SolarKal, All rights reserved.
New York, NY 10038