#USA #Energy Efficiency #New York City #Local Law 97 #Cotocon Group

Impending Deadline Forces NYC Buildings to Comply with Local Law 97

As the deadline looms just 60 days away, the urgency surrounding Local Law 97 compliance is palpable in New York City. The Cotocon Group, a prominent player in energy compliance and sustainability, is sounding the alarm for building owners to initiate immediate actions to avoid severe annual penalties beginning later this year. This law, part of the Climate Mobilization Act, mandates that buildings exceeding 25,000 square feet reduce their greenhouse gas emissions, but many property owners have not yet taken the necessary steps.

Jimmy Carchietta, Founder and CEO of The Cotocon Group, emphasizes the importance of investing in energy efficiency. He states, "The greatest return for building owners is investing in energy efficiency. This isn't just about checking a box—it's about reducing operating costs, protecting asset value, and avoiding long-term financial risk. The clock is ticking." With the compliance window rapidly closing, it is now or never for many building managers.

Recent Developments

The enforcement landscape has changed dramatically, with the NYC Department of Buildings intensifying its efforts to ensure compliance. Audit flags and violation notices are already being issued, and failing to adhere to the regulations could lead to fines exceeding $268 per metric ton of CO₂e. For some properties, this could translate into hundreds of thousands of dollars in penalties each year.

Immediate Steps for Building Owners

To stay ahead of the penalties, building owners must take several actions without delay:

• - Confirm emissions thresholds and compliance obligations: It's essential to clearly understand the specific emissions limits that apply to their buildings.
• - File Article 321 report or request an extension: If applicable, owners need to ensure that required documentation is submitted on time to avoid penalties.
• - Engage a qualified consultant: Partnering with experts can help avoid costly misreporting and mismanagement of compliance efforts.

Conclusion

The Cotocon Group has been instrumental in guiding the preparation for LL97 through comprehensive emissions analysis and strategic planning. They have seen an uptick in late-stage inquiries, reflecting the growing concern among building owners facing impending deadlines. However, the firm warns that the final stages of compliance—filings, audits, and implementations—require careful planning that cannot be relegated to the last minute.

This is not merely an administrative obligation but a pivotal moment for property owners to rethink their sustainability strategies, enhance their asset values, and avert financial pitfalls. As the deadline approaches, the choice to act decisively could make the difference between compliance and financial strain.

About The Cotocon Group

The Cotocon Group specializes in energy compliance and sustainability advisory services in New York City. They focus on complying with Local Laws 97, 84, 87, and 88, offering tailored energy strategies that help building owners reduce emissions while avoiding penalties and meeting future demands for a lower carbon footprint.