Local Law 84 Benchmarking requires owners of buildings greater than 50,000 square feet to benchmark their energy and water efficiency annually by May 1st, and disclose that ranking information publicly on the New York City Department of Finance’s website beginning no later than September 1, 2011 for City-owned buildings, September 1, 2012 for non-residential buildings and September 1, 2013 for residential buildings, so consumers can compare performance among buildings. See the LL84 2016 Non-Residential Properties Disclosure List and the NYC LL84 Benchmarking Report of August 2014.
Local Law 84 information may influence prospective buyers of co-ops, condos, multifamily rental and commercial buildings in New York City. There is a helpful guide by the Urban Green Council which you can download called the “Urban Green Energy & Water Use Benchmarking – NYC Local Law 84 Compliance Checklist & User’s Guide”.
What is the importance of benchmarking your building’s energy performance?
(Local Law 84/09)
- the benchmarking score (1-100) is another indicator of a building’s financial health and quality of management
- provides the owner with an energy performance baseline from which to measure improvement
- provides new information to building owners, managers, banks, appraisers, prospective buyers and tenants
- compares annual operating performance with other buildings
Remember – What the market values = Market Value
When compared to low scoring buildings, energy efficient buildings have
– higher rents and/or asset values
– lower vacancy rates/faster sales