- Green Building Incentives in New York, New Jersey and Connecticut
- October 15, 2009 | Author: Jared Eigerman
- Law Firm: Goulston & Storrs, A Professional Corporation - Boston Office
The reduction of greenhouse gas emissions to mitigate climate change is becoming a paramount policy concern at the local, state and federal levels. Stakeholders, including lenders, insurers, tenants, customers and employees, are coming to expect or even demand that companies operate sustainably. New regulations addressing climate change compel companies to examine their energy supplies and energy efficiency, while the current economic recession highlights cost reductions in all areas, including energy use.
In this context, green building, meaning construction and operation that minimizes environmental impact and is resource-efficient, may present attractive opportunities to your organization. Green building measures can include retrofitting or retro-commissioning your property to improve energy efficiency, as well as installing equipment to produce renewable energy on site.
Of course, there are many challenges. A common problem is securing adequate private financing. To reduce the “first costs” associated with green building measures, many government agencies and regulated utilities offer incentives. New incentive programs are being introduced monthly, and already include tax-exempt bonds, grants, rebates and loan guarantees, Renewable Energy Credits (RECs), and tax credits and deductions.
Incentive programs vary considerably by location.