New strategies are providing unprecedented options—and challenges—for multifamily operators.
These days, multifamily owners and developers have a vast menu of energy-efficient strategies to pick from. LED lighting, Energy STAR-rated appliances, and energy audits are mainstream. Formerly obscure strategies are gaining traction, low-cost sustainable features are the norm, and organizations that advocate greener practices are seeing interest soar. Options range from on-site solar and green space to smart technology.
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On the East Coast, New York City is moving forward with a series of watershed regulations. Under Local Law 97, buildings larger than 25,000 square feet face a carbon emissions cap starting in 2024, followed by further reductions starting in 2030. Owners and co-op and condo boards are required to make efforts to reduce greenhouse emissions.
“Developers are going to need to double down on the high-performance and energy-efficient aspects of the multifamily buildings they’re developing now to meet those future limits,” noted Samuel Biele-Fisher of Bright Power, which provides energy and water management services to multifamily real estate owners. “Otherwise, they’ll end up paying hefty fines.”
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