Do you want to reduce the energy use of your building and cut down on related expenses? If this is true, the 2024 benchmarking NYC law offers assistance for both living spaces and business places larger than 50,000 square feet. Dive into this guide to grasp the significance of establishing standards for electricity consumption and discover the particular rules associated with it.

A Brief Overview

The goal of making laws for benchmarking is to set rules that buildings must obey about using electricity and consuming water. When these regulations are correctly applied, they help make things clear and support efforts to keep the environment healthy for a long time. Under NYC building benchmarking, the standard measurements assist owners of properties in evaluating their performance with other similar places.

The set standards aid in motivating the owners of buildings to take up practices that are friendly to the environment. It goes beyond just helping separate properties. Following these rules properly will make sure that New York City’s future is more sustainable and better for the environment.

The Defining Characteristic of Benchmarking in 2024

For NYC building owners, 2024 stretches beyond being a milestone in the calendar. It is a critical juncture because the first Local Law 97 compliance period started on the first day of this year. Therefore, the dual challenge of compliance and competitiveness has emerged for property owners in New York City. Since benchmarking is all about assessing the energy and water consumption of a building against similar establishments, it will help navigate past this challenge. It will serve as a powerful tool, offering increased guidance beyond compliance. 

The Benefits of Benchmarking

By embracing the benchmarking, building owners will stop struggling with the complexities of the NYC Local Law. Check out the reasons behind its elevated importance in 2024:

• Easy Compliance: Accurate measuring and reporting of energy use will enable building owners to seamlessly adhere to the laws and avoid penalties. This proactive task shows the willingness to abide by regulations and protect the environment at the same time. 
• Operational Efficiency: Benchmarking will highlight areas of energy waste and enable individuals to take targeted actions. It will reduce energy consumption, contributing to cost savings and improving the bottom line. 
• Stronger Market Position: Since NYC heavily prioritizes sustainability, buildings focusing on benchmarking will gain a competitive edge. It will help in enhancing the value of the property and bring more financial opportunities in its way. This will also help in attracting more tenants and increasing revenue. 
• Informed Decision-Making: Detailed insights into building performance will enable owners to undertake smart initiative regarding retrofits and upgrades. The strategic approach will lead to occupant satisfaction and enhance the value of the establishment. 

Navigating the Benchmarking Process

After you get a good grasp of what is benchmarking, it’s important to concentrate on the way to meet the standards.

Become Familiar with the Requirements

Begin with learning the requirements of the 2024 rules. It assists you in knowing which data to gather and put into your report based on your industry. Always remain updated with changes in metrics, submission deadlines, and more for guaranteed compliance.

Gather Accurate Energy Usage Data

It is important to know how much electricity your home or business uses so you won’t have problems with rules that must be followed. Look at how much energy similar places use to see if your own usage is more or less the same. 

The Portfolio Manager tool by the EPA will help you in collecting accurate data. As you regularly monitor your building’s performance, it is possible to identify where there are inefficiencies and start improving these areas right away. 

Use the Right Tools

The city authorities will offer different resources to accurately report your data. You should become familiar with the benchmarking portal and all the software solutions that can aid you in the process. 

Seek Expertise

Try teaming up with energy consultants and service providers with a specialization in benchmarking and sustainability. With their expertise, you will be able to streamline the compliance process and get deeper insights about energy management. 

Make Future Plans

You shouldn’t see benchmarking solely as a tool for compliance. The process will also help in ensuring long-term sustainability. As the world is becoming more green-conscious, your building is likely to succeed through this process. 

What Can You Do After Understanding Your Energy and Water Consumption Rates?

Benchmarking will provide you with a detailed idea of your energy and water consumption patterns. See what you can do with it. 

Implement Upgrades

After finding where you can get better, you need to decide which alterations will make the use of energy more efficient. Then, it becomes necessary to carry out different improvements across your place. These modifications can be something as simple as lighting retrofits.

Owners of some buildings may have to put in better HVAC and insulation systems. Putting in improvements is mainly about promoting the use of power coming from renewable resources to increase sustainability.

To implement these changes well can cost a lot. Owners of properties should search for financial support from the government.

Engage and Educate Residents

People living in the building must be involved in the plan for sustainability. Begin by sharing the goals for saving energy that you want your building to reach. You need to motivate the people living in your property to make better use of the resources they have. Also, it is important to show them how to save these resources and avoid using too much.

In business structures, it is important for staff and laborers to be knowledgeable about saving energy. If we hold training workshops and offer learning resources, they can improve in recognizing their part in following these practices.

Keep Track of Performance

You must keep checking how your place uses resources. By doing this often, you can write full reports and choose the best ways to use less resources and stop wasting them.

Stay Updated About the Latest Announcements

To meet the standards, we must begin by adhering to the 2024 benchmarks today. New York City plans to continue updating its building benchmarking regulations by adding tougher rules and higher fines if these are not followed. If you keep up-to-date with the most recent news, you can make necessary changes and avoid paying big penalties.

Conclusion

Following the set standards is important to reduce the electricity consumption of your home and cut costs on energy bills. For assistance with obeying related regulations, The Cotocon Group can help. When you compare how well your building uses energy with others that are alike, our specialists can assist in making sure you meet rules and standards. Therefore, please reach out to us now without waiting any longer.

FAQs:

Which building owners should comply with benchmarking requirements?

This regulation applies to every building in New York City that is larger than 25,000 square feet.

What should energy benchmarking reports include?

These particular reports must contain information on the yearly usage of water and electricity for big commercial as well as residential structures.

What is the penalty for failing to submit a NYC benchmarking report?

You must pay a fine of $500 if you do not provide detailed reports by the deadline. If this happens more than once, there could be extra fines every three months.