Money for Landlords Ending Energy Waste

New York landlords are getting some green incentive to "go green" - a portion of $1 billion in new mortgages or refinancing to fix wasteful energy and water systems in their buildings, reports The New York Times.

The Community Preservation Corporation, a 35-year old non-profit lender, is offering the credit to small building owners and those properties receiving public subsidies. The initiative is built on the assumption that the savings realized from retrofitting a building will be large enough to cover the loan, perhaps with profits left over.

Rather than install new-fangled green technology the first order of business is to identify, and then correct, flaws in a building that contribute to wasteful energy use. The changes made allow older buildings to remain viable as well as valuable for both tenants and owners. Proposed New York City regulations would require annual energy audits and benchmark efficiency for buildings, or, owners risk fines.

Great for New Yorkers, but are similar sorts of programs are available elsewhere?

The short answer: yes.

Database of State Incentives for Renewables & Efficiency (DSIRE) is a collaborative effort to collect and organize energy-efficiency financing and grants available at the federal and state level. It also includes some local utility incentives to make energy-efficient upgrades. Search for your state and see what is available. You could pass along the information to your landlord.

Some states have more of a "fix it first" policy when it comes to development and growth. Like the retrofitting of older apartment buildings in New York, these states reason that fixing older buildings is more environmentally sound than razing and building new. States with this thinking tend to offer a combination of historic preservation districts, tax benefits, and other incentives that support retrofitting. For example, Massachusetts, New Jersey, and Maryland have implemented "fix it first" policies to attend to the needs of existing communities.

For more environmentally-related apartment news, check out Apartment Earth posts here at Rented Spaces.
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