The Intended Goal of Local Law 33<\/strong><\/p>\nLocal Law 33 was passed with the expectation that it will prompt building owners across the city to improve their buildings\u2019 energy efficiency. Essentially, it is taking benchmarking to the next level. Benchmarking was established with the hopes that increased transparency will reward better-performing buildings through higher rents and decreased vacancies. However, this is only possible when potential renters are fully aware of the building\u2019s energy use. Under the new law, they will now have immediate access to that information.<\/p>\n
When every building will be plastered with a grade, potential renters will stop and look. They may not know what that grade means, but they will know whether they are walking into a \u201cC\u201d building, an \u201cF\u201d building, or an \u201cA\u201d building. And if they have a choice, they\u2019ll likely prefer to rent a unit in an \u201cA\u201d building. Hopefully, this line of thinking will achieve its intended goal of increased energy efficiency in NYC\u2019s buildings.<\/p>\n
The Scoring System<\/strong><\/p>\nThe awarded grades will be based on the building\u2019s Energy Star scores as follows:<\/p>\n
A: 90 or above<\/p>\n
B: 50 \u2013 89<\/p>\n
C: 20 \u2013 49<\/p>\n
D: 0 \u2013 19<\/p>\n
F: buildings that have failed to submit the required benchmarking information<\/p>\n
N: buildings that are exempt from benchmarking or are not covered by the Energy Star program<\/p>\n
Every energy label will include the letter grade as well as the numerical Energy Star Score in order to narrow the scope between grades. For example, two buildings may have scored 50 and 89, respectively. There is a huge gap in those two numbers, but both of these buildings will be marked with a \u201cB.\u201d By posting the numerical grade as well, potential renters can determine if the building falls towards the higher or lower end of the letter\u2019s range of scores.<\/p>\n
Is It Working In Europe?<\/strong><\/p>\nEurope is years ahead of New York in this area; buildings in Europe have been required to affix energy labels at their entrances since 2002.<\/p>\n
It is difficult to ascertain whether the implementation of a publicly posted energy label has successfully increased energy efficiency in Europe, as there is very little public data available to analyze. There are <\/em>a number of studies that show the energy labels affected rents and sales in some areas, but these studies are not broad enough to offer any definite conclusions.<\/p>\nWe can only hope this new law will bode well for our own city in the years to come.<\/p>\n
What Does This Mean For Me As A Property Owner?<\/strong><\/p>\nIt\u2019s time for you to renew your efforts in making your property as energy-efficient as possible. Review your current benchmarking results and look for problem areas throughout your building that may be leaking or wasting energy. Do what you can to improve your energy use now so that your building is awarded with an \u201cA.\u201d<\/p>\n
Still not sure how this new law will impact you as a landlord? We can help! Call, click, or stop by Jack Jaffa & Associates to learn all you need to know about Local Law 33 and the NYC Compliance Code.<\/p>\n","protected":false},"excerpt":{"rendered":"
Knowing Your Grade and What Local Law 33 Means for You Report cards aren\u2019t just for school kids anymore! Thanks…<\/p>\n","protected":false},"author":20,"featured_media":2322,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","jetpack_publicize_message":""},"categories":[141],"tags":[107,228,140],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paXmTO-Bm","_links":{"self":[{"href":"https:\/\/www.jackjaffa.com\/wp-json\/wp\/v2\/posts\/2316"}],"collection":[{"href":"https:\/\/www.jackjaffa.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jackjaffa.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jackjaffa.com\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jackjaffa.com\/wp-json\/wp\/v2\/comments?post=2316"}],"version-history":[{"count":1,"href":"https:\/\/www.jackjaffa.com\/wp-json\/wp\/v2\/posts\/2316\/revisions"}],"predecessor-version":[{"id":33064,"href":"https:\/\/www.jackjaffa.com\/wp-json\/wp\/v2\/posts\/2316\/revisions\/33064"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.jackjaffa.com\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.jackjaffa.com\/wp-json\/wp\/v2\/media?parent=2316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jackjaffa.com\/wp-json\/wp\/v2\/categories?post=2316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jackjaffa.com\/wp-json\/wp\/v2\/tags?post=2316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}