556 Fifth Ave: Local Law 97 penalty estimate: $4,622,955
What is the estimated penalty for 556 Fifth Ave right now?
$4,622,955/year
- NYC caps a building's yearly greenhouse gas emissions.
- 556 Fifth Ave is 17,250 tons over the emissions cap.
- Penalty is $268/ton over the cap, $4,622,955 total
330 ton cap17,250 over
What would the estimated penalty be in 2030, assuming nothing changes?
$4,467,473/year
- Beginning in 2030, the city drops the emissions cap by 46%.
- At the same energy use, 556 Fifth Ave will be 16,670 tons over the cap.
- Penalty is $268/ton over the cap, $4,467,473 total
177 ton cap16,670 over
Why does the penalty change in 2030?
- The emissions cap will be lowered by 46% in 2030, from 330 to 177 tons.
- NYC's grid will become cleaner by 2030, reducing this building's projected emissions from 17,580 to 16,846 tons.
- Energy use is held the same.
- Tons over go from 17,250 to 16,670 tons.
How much would the building need to cut its emissions to avoid the penalty?
99% less emissions than today
- This building must emit 99% 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 are still being checked
- ○The match of this property type to the city's category is still being checked
- ○The compliance route the city assigns is not confirmed
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