Local Law 97 penalty estimate
721 East 5th Street may pay $24,193/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, 721 East 5th Street will be 90 tons over the cap.
- Penalty is $268/ton over the cap, $24,193 total
0Cap: 171 tons262 tons emitted
What is the estimated penalty for 721 East 5th Street right now?
$3,245/year
- NYC caps a building's yearly greenhouse gas emissions.
- 721 East 5th Street is 12 tons over the emissions cap.
- Penalty is $268/ton over the cap, $3,245 total
0Cap: 284 tons296 tons emitted
Why does the penalty change in 2030?
- The emissions cap will be lowered by 40% in 2030, from 284 to 171 tons.
- NYC's grid will become cleaner by 2030, reducing this building's projected emissions from 296 to 262 tons.
- Energy use is held the same.
- Tons over go from 12 to 90 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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