10 Things Your Boss Expects You to Know About NYC Benchmarking
New Year's Eve is right around the corner. And 2015 will bring many things including fresh resolutions, new opportunities, and your Local Law 84 (LL84) compliance deadline. Dazzle your boss by getting a jump on what you need to know about LL84 heading into the new year.
While the due date isn’t until May, now's the perfect time to prepare for the compliance process. We know that LL84 compliance can be confusing. In fact, research finds that 20% of the reports submitted have errors. But complying also provides valuable information for property managers that leads to real energy reductions and savings. So if compliance is your responsibility then WegoWise is here to help!
Want to impress your boss? Here are 10 things that you need to know about submitting your LL84 compliance reports this year.
- What's the purpose of LL84? Around 71% of the New York City’s GHG emissions come from buildings. The goal of LL84 compliance is to benchmark a majority of these buildings to gauge their overall energy and water performance. This gives the city a starting point to determine how much energy the buildings use and what can be done to improve their overall sustainability. It also provides a baseline to measure energy and water improvements over time. Since the Mayor has a plan to reduce NYC’s GHG 30% by 2030 this is crucial!
- Who is impacted by LL84? Any building in the five boroughs >50,000 square feet (sq. ft.) or two buildings on the same lot >100,000 sq. ft.
- When is the deadline? May 1, 2015. In order to submit on time, start preparing early in the year so you have all the data you need. The deadline is easy to remember - it’s always May Day!
- What are the fines? $500 each quarter up to $2000 per building.
- Data isn’t free. Compliance requires full building data so if your tenants are paying their utility bills, you will need to request and purchase this data through the utility provider. ConEd costs $102.50 per BIN (Building Identification Number).
- What building info do you need? Building characteristics including age, square footage, # of units, heating/cooling system, utility account information, etc.
- How to use Portfolio Manager. The EPA’s Portfolio Manager® is the free online tool used to submit the compliance report. It also can provide you with an ENERGY STAR® score. WegoWise syncs with Portfolio Manager so we can help you submit the reports and keep Portfolio Manager up to date moving forward.
- Who can help you? You are not alone! You can outsource compliance reporting to a third party like WegoWise. We partner with Steven Winter Associates, a New York City-based energy consultant to submit your compliance reports. Plus you get a free year of the WegoWise platform and a benchmarking report from Steve Winter to find energy savings opportunities.
- Rule changes in 2016. The law currently requires all buildings >50,000 sq. ft. to submit their energy usage but there is a widespread belief that the threshold will decrease to include all buildings >25,000 sq. ft. in 2016.
- I benchmarked my buildings. Now what? Benchmarking not a pointless exercise! Benchmarking your buildings is a valuable activity that can provide actionable information about your portfolio. You will now know how your buildings stack up to other similar buildings and what operational areas could be improved.
Now take your energy benchmarking to the next level! Energy consultants can perform deeper analysis using your benchmarking data and recommend which types of upgrades or retrofits will give you the biggest ROI. These improvements to your building will lead to less energy usage, lower bills for you and your tenants, and improved NOI. So fully utilize this information for the greater good!
Hopefully you're now on the path to becoming an LL84 compliance pro. Knocking your compliance report out of the park is a new year’s resolution you can keep! If you think you'd rather hand compliance over to the experts, we can help. Just complete this form to learn more about our NYC LL84 compliance service (it includes utility data retrieval, report submission and a benchmarking report to help you prioritize energy upgrades).