Local Law 97 penalty estimate
401 West 16th Street may pay $912,473/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, 401 West 16th Street will be 3,405 tons over the cap.
- Penalty is $268/ton over the cap, $912,473 total
0Cap: 1,311 tons4,716 tons emitted
What is the estimated penalty for 401 West 16th Street right now?
$825,478/year
- NYC caps a building's yearly greenhouse gas emissions.
- 401 West 16th Street is 3,080 tons over the emissions cap.
- Penalty is $268/ton over the cap, $825,478 total
0Cap: 2,174 tons5,254 tons emitted
Why does the penalty change in 2030?
- The emissions cap will be lowered by 40% in 2030, from 2,174 to 1,311 tons.
- NYC's grid will become cleaner by 2030, reducing this building's projected emissions from 5,254 to 4,716 tons.
- Energy use is held the same.
- Tons over go from 3,080 to 3,405 tons.
How much would the building need to cut its emissions to avoid the penalty?
73% less emissions than today
- This building must emit 73% 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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