New York City, N.Y. – August 8, 2023 – The premier carbon management and accounting platform nZero is helping buildings in New York City prepare for the upcoming Local Law 97 reporting requirements and compliance. Local Law 97 will soon assess real, substantial consequences in the form of monetary fines for emissions non-compliance. Nearly 20% of properties are currently over the Local Law 97 caps set for 2024, while about 76% of properties are over the caps set for 2030. The Real Estate Board of New York (REBNY) estimates 3,700 properties could initially be out of compliance and face over $200 million per year in penalties—this could exceed $900 million annually by 2030. To help the city’s property owners and managers prepare, nZero is introducing a free carbon emissions assessment – a carbon “check-up” – for buildings struggling with how to calculate their carbon footprint and get compliant-ready.

Buildings account for approximately two-thirds of greenhouse gas (GHG) emissions in New York City. To cut emissions and meet city carbon neutrality goals, Local Law 97 introduces GHG emissions requirements on buildings over 25,000 square feet, and two or more buildings on the same tax lot with a combined size exceeding 50,000 square feet. Those who are non-compliant are at risk of a $268 per metric ton penalty, with the largest non-compliant buildings estimated to be facing fines greater than $100,000 per year. Initial reporting is due May 2025, based on 2024 building data, introducing an urgent need to future-proof buildings around the city.

The nZero platform provides frictionless, automated data collection, emissions calculations, and compliance reporting for Local Law 97. Buildings that opt into the free trial will receive baseline emissions measurements and insights through seamless remote utility meter readings. Further services include leveraging AI and machine learning to create a cost-effective decarbonization plan through nZero’s Insights & Recommendations Engine, building a sustainability roadmap for the future.

The only platform with Local Law 97-approved time-of-use (TOU) emission factors, nZero’s 24/7 tracking technology provides hourly emission factors to ensure data is accurate and audit-ready. Without TOU, buildings have no insight into how the cost of electricity varies each day. The granular hourly insights available from nZero’s 24/7 carbon emissions tracking and measurement technology lends itself to the platform's predictive capabilities, enabling early identification of potential Local Law 97 violations. Buildings utilizing nZero’s carbon emissions management and accounting services position themselves ahead of the curve, ensuring emissions levels are well below the carbon caps.

As conversations around emissions regulations increase, many other cities and states around the nation are implementing their own reporting requirements for buildings. Colorado recently passed the “Energy Performance for Buildings” law, requiring owners of buildings of 50,000 square feet or more to report energy use to the Colorado Energy Office. They are joined by states such as California, Washington and New Jersey who have implanted state-wide laws. nZero is making compliance simple, no matter the location, and is able offer assessments to buildings in their local markets using the same technology being utilized for Local Law 97.