This midterm election, New York State has put a proposition (prop 1) on the ballot known as the “Clean Water, Clean Air, Green Job Environmental Bond Act of 2022.” This act involves selling $4.2 billion worth of bonds in order to invest in our infrastructure to both protect against climate change and reduce carbon emissions. In my time as a building representative helping with retrofits, this is the closest I’ve seen the state come to helping owners pay for the work necessary to lower building emissions and comply with Local Law 97. This is a great step for New York. Below, we breakdown what this proposition entails and how it could benefit your building project.
What does the Bond Act on the ballot entail?
The “Clean Water, Clean Air, and Green Jobs Act” authorizes the sale of state bonds up to $4.2 billion dollars to fund environmental protection, natural restoration, resiliency, and clean energy projects. Of the $4.2 billion, there is at least $400 million that will be provided to green building projects. This includes several types of projects, but the one we’re the most excited about is the retrofits that need to happen for buildings to achieve compliance with Local Law 97. The funding will help with costs associated with green building projects, projects that increase energy efficiency, and costs associated with greenhouse gas emission reductions.
What does this mean for property owners?
If passed, prop 1 will make it much more affordable for property owners to reduce building emissions and comply with Local Law 97. The bond act also unlocks matching federal funds from the Inflation Reduction Act. With the incentives being provided at the City, State, and Federal level, it’s a great time to get your retrofit done before costs increase.
Allocation of Prop 1 Funds
|Dollar amount||Percentage of Total Bill||Description|
|At least||$1.1 billion||26.19%||Restoration & flood risk reduction|
|At most||$ 650 million||15.48%||Open space land conservation & recreation|
|At most||$1.5 billion||35.71%||Climate change mitigation|
|At least||$ 650 million||15.48%||Water quality improvement and resident infrastructure|
See you at the polls!
Green Potential helps New York City property owners retrofit their buildings in a sustainable, cost-effective way. Interested in improving or retrofitting a building? Sign up for a free 30 minute consultation to see if Green Potential is the right fit for your project.
Local Law 97 is one of the most ambitious plans for reducing emissions in the nation. Local Law 97 was included in the Climate Mobilization Act, passed by the City Council in April 2019 as part of the Mayor’s New York City Green New Deal. Under this groundbreaking law, most buildings over 25,000 square feet will be required to meet new energy efficiency and greenhouse gas emissions limits by 2024, with stricter limits coming into effect in 2030.