Photo: Andrae Ricketts | Unsplash
New York City’s two million rental housing units account for nearly three-quarters of citywide emissions. But when it comes to energy-saving investments, building owners bear the costs of efficiency investments while tenants reap most rewards in the form of lower energy bills. Logical Buildings and financing partner Keyframe Capital plan to install and operate smart thermostats in thousands of rental units at low to no upfront cost for building owners in New York and New Jersey, in order to reduce electricity and heating energy. As well as reducing overall energy use, cloud connected thermostats also allow Logical Buildings to target times when cutting energy use is most valuable. Two ‘multibillion-dollar paradigm shifts’ make the plan possible - Con Edison’s investment in the thermostats, and New York City’s Climate Mobilization Act which calls for buildings over 25,000 square feet to cut carbon emissions by 40% by 2030 and 80% by 2050, with financial penalties for those that fail to meet targets starting in 2024.
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