With today’s condo and HOA residents much more conscious of their impact on the environment and looking for ways to reduce it, smart boards and property managers are looking to help. Simple tasks like turning down thermostats, shutting off air conditioners during the day, and shutting lights when not in use all help, but there’s more that can be done. More and more buildings and associations are deciding to invest in greener equipment and devices that use less energy and leave a smaller environmental footprint.
New York City Mayor Michael R. Bloomberg got the ball rolling in 2009, when he launched New York City’s Greener, Greater Buildings Plan (GGBP). The mayor’s push for green has in turn pushed the real estate market into a more environmentally-friendly direction.
“There are a number of different requirements that New York City is instituting to help buildings, including various local laws, such as Local Law 84 and Local Law 87, to monitor and benchmark their energy use against a baseline measurement,” Peter B. Zlotnick, a partner at the law firm of Kagan Lubic Lepper Finkelstein & Gold, LLP, who specializes in green building and renewal energy, says.
“That helps to improve how the electricity, the water usage and gas usage is done in buildings. In the long term, it will help enhance the value of the properties as well, because if you can operate a building at less cost, then there will be more capital available for the unit owners to put towards other types of amenities, such as enhancing the interior space of the buildings or adding other luxury items such as concierge services and the like. But it’s really a use of resources and cost savings.”
It is important to talk about all the benefits associated with installing energy efficient measures beyond the obvious energy and money savings. Often times, high efficiency equipment requires less maintenance, runs quieter, and improves overall comfort. These are quality of life improvements.