To understand why some Landlords like Anthony Malkin in New York are choosing to retrofit their buildings by incorporating green technology, it’s important to have an understanding of green technology or initiatives and what its goals are.
New York City green initiative took hold when Mayor Bloomberg announced his PlaNYC 2030 in 2007. Officially known as the sustainability plan, its formation is centered around improving the life of New Yorkers by focusing on six main areas – Land, Water, Transportation, Air, Energy and Climate Change. From that plan, green technology was born; its main goal is to ensure a livable and healthy environment for its residence, by implementing environmental practice throughout the city. These practices we meant to improve the city neighborhoods and minimize carbon footprint. PlaNYC intended to put into action, practices that created better indoor and outdoor living. With that goal in mind, New York City became the leader of green technology.
Since the implementation of PlaNYC, numerous landlords have made the decision to improve existing buildings by adding, or incorporating processes, to improve their systems; changes which range from installing more energy efficient windows, to incorporating better performing water systems. Called retrofitting, its goal is to reduce carbon reduction by identifying and making adjustments that will contribute to the environment, decrease operational cost, increase value, while attaining a healthier more comfortable environment to live and work.
The decision to include green technology in the operations of structures such as buildings is important because of their ability to impact on our natural resources. Consider this startling statistic: In the United States alone buildings impact 68% of the electricity we consume and 39% of the energy we use.
While the environmental impact may be an important reason to initiate green technology in today’s buildings, there are other benefits to consider. The federal, state and local government has recognized the need to implement changes that will contribute to a better environment, and they are willing to offer tax incentives to those willing to extend efforts toward green initiatives, some of these incentives include:
The American Recovery and Reinstatement Act of 2009 – Those willing to make the green effort can reap the financial benefits. Some 2.3 billion in tax credits are slated to be awarded to qualified investments in improving our energy consumption.
The Efficient Commercial Building Deduction – Included in the Reduction Act, this deduction also provide incentives for landlords willing to use materials that’s qualified under its guidelines.
Rebates – In addition to the tax savings advantages building owners can receive, there are other money-saving credits being offered by utility companies to businesses that’s willing to make their buildings more energy efficient.
Another impact green technology may have is on our economy. Employing green technology can improve and streamline processes that reduce waste of energy and materials, while seriously impacting our economy. In fact, supporters of green technology points out that the more green technology is used, the more likely it will contribute to economic growth by creating new businesses and jobs.
PlaNYC and the initiatives New York City has made towards incorporating green technology is the wave of the future. More and more building owners are choosing to retrofit their building, or using green technology to build new ones. They know that making that discernible decision will impact not only how we live today, it will also influence the way we live tomorrow.