Local Law 97 penalty estimate
1800 Ocean Parkway may pay $48,545/year in fees starting in 2030
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Why is this property expected to pay a fee beginning in 2030?
- Beginning in 2030, the city drops the emissions cap by 40%.
- At the same energy use, 1800 Ocean Parkway will be 181 tons over the cap.
- Penalty is $268/ton over the cap, $48,545 total
0Cap: 348 tons529 tons emitted
What is the estimated penalty for 1800 Ocean Parkway right now?
$0/year
- NYC caps a building's yearly greenhouse gas emissions.
- 1800 Ocean Parkway is 9 tons under the emissions cap.
- So it may not owe a penalty.
0Cap: 577 tons568 tons emitted
Why does the penalty change in 2030?
- The emissions cap will be lowered by 40% in 2030, from 577 to 348 tons.
- NYC's grid will become cleaner by 2030, reducing this building's projected emissions from 568 to 529 tons.
- Energy use is held the same.
- Tons over go from 0 to 181 tons.
How much would the building need to cut its emissions to avoid the penalty?
35% less emissions than today
- This building must emit 35% less to avoid penalties.
- Owners can utilize energy efficiency upgrades or switch from gas or oil to electric.
How reliable is this estimate?
- This is a planning estimate, not the city's official number.
- Owners report their own energy use, and reports can have mistakes.
- The city makes the final call.
- ✓Energy use comes from the building's own 2024 report to the city
- ✓Emissions rates for 2024 to 2029 match the law
- ✓Emissions rates for 2030 on match the city rule
- ✓The property type is matched to the city's category
- ○The compliance route the city assigns is not confirmed
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