A recent report entitled Retrofitting Affordability analyzes newly available data in the New York City multifamily building sector to identify which buildings, and which energy efficiency retrofit measures, have the greatest potential for carbon reduction, and how these benefits relate to affordability and the City’s climate action plan. Due to a very low vacancy rate and a high cost of maintenance, building owners are primarily focused on the day to day concerns of operating their buildings, and energy efficiency has not been a high priority. As a result, these buildings represent a significant opportunity to save energy, cut costs, reduce carbon emissions, improve comfort, and make a meaningful contribution to a healthier, more resilient, and equitable community.
According to the study:
- Covered multifamily building audits identified a reduction of approximately 10% (over 18 TBTU), in total energy use and an 11% (0.8 MMTCO2e) reduction in GHG emissions, generating an annual savings of over $350 million
- Post-War buildings have more than half of the total identified GHG reductions, while representing less than 38% of the covered MF area, and 40% of the total estimated retrofit costs
- Just two categories of energy conservation measures, Domestic Hot Water and Heating & Distribution, provide 50% of the energy savings potential
- Over 75% of the recommended energy conservation measures have a less than ten year payback through savings on utility bills. More than 50% have a less than five year payback, and 26% will pay back in under three years
- Several communities, including the south Bronx and northeast Brooklyn, have a high concentration of affordable housing with buildings that have excellent potential for energy savings
- Future energy audits need to be more aggressive in order to reach our climate action goals. Measured projects demonstrate that a 15%–25% energy savings is possible through comprehensive retrofits
The City’s new “Retrofit Accelerator” program will help building owners and operators navigate these barriers to unlock energy savings potential. Account managers will provide coordinated assistance to buildings with high potential for energy savings to connect them to training, financial assistance and other resources, increase the number of retrofit projects, and smooth the way for projects already underway. This analysis is intended as an early road map for the Accelerator to identify which types of properties might be targeted in which communities to produce the greatest carbon emissions reductions while preserving housing affordability.
Read full coverage here.