Benefits for Building Owners & Developers
The goal of NYSERDA’s RetrofitNY program is to make net zero energy retrofits a reality in New York, at costs comparable to those of conventional rehabs. By continuing to build momentum and harnessing the collective buying power of affordable housing owners interested in net zero retrofits, we can stimulate cost compression on new technologies and reduce overall project costs so that the affordable multifamily market can reap a multitude of benefits associated with net zero performance.
Why Should You Consider Net Zero Performance with RetrofitNY?
Reduced Costs and Increased Cash Flow: With net-zero performance, your buildings will benefit from lower operating costs, including reductions in utility and maintenance expenses and over time in other expenses such as insurance. These savings will increase your net operating income, providing you with cash flow flexibility for future capital projects or improvements.
Increased Property Value: When you increase your building’s net operating income through efficiency upgrades, property value increases which may be reflected in an appraisal.
Gain an Advantage During Funding Cycles: When competing for affordable housing funding sources, a building with higher energy performance can help your application stand out to secure the funding needed for capital improvements.
Streamlined Renovation Process: The RetrofitNY approach allows your tenants to remain in their homes for the duration of your renovation project, minimizing disruption to their lives and avoiding lost rental revenue to owners due to temporary vacancies.
Improved Tenant Satisfaction: Your tenants can expect improved comfort and health, resulting in a reduction in tenant service calls. These benefits can show your commitment to your current tenants and act as a key differentiator when marketing your building to potential tenants.
Avoid Possible Future Penalties: Stay ahead of New York City’s Climate Mobilization Act and position your buildings to gain carbon credit value in future carbon trading markets.
Interested in Exploring RetrofitNY?
If you’re a building owner and interested in exploring RetrofitNY for your building or portfolio, please contact RetrofitNY@nyserda.ny.gov for more information.