Regulation for NYC Building Owners
NYC building managers face some of the most stringent ecological regulation on the planet, with NYC’s Greener Greater Buildings Plan and Climate Mobilization Act creating an impetus for NYC building owners.
Building Retrofitting: A New Challenge
These regulations present a special challenge for building owners who must retrofit their current buildings to meet new standards by as early as 2024. By 2029, most building owners will pay fines of $268 per ton of carbon emission in excess of their cap.
For existing building managers, this challenge is compounded by the need to maintain building availability for tenants and stay profitable. While retrofit activity decreases both costs and carbon emissions in the long-run, the upfront cost and effort of these activities can be unclear or initmidating.
Furthermore, this isn’t just new territory for exiting building management – these regulations also create new challenges for retrofit service providers (e.g. HVAC) as well as the regulatory authorities themselves:
BlockApps see’s the root cause of these challenges as a data management issue. While everyone wants lower costs and emissions, informed retrofit, policy, and service offering decisions are delayed by laggard (annual, monthly) data.
We can tell this is a a crucial challenge to address because lots of work has already started to address it:
- Data Capture Frequency – ConEd is already installing smart meters in building and providing precise energy consumption on a monthly, daily or even hourly basis.
- Emissions Benchmarking – Both the public and private sectors are already using this new data source to build frameworks and tools to store building emissions data – check out the EPA’s Energy Star Portfolio Manager Tool and the Energy Scorecard Tool by Bright Power Inc. as a few examples.
- New Data Sources – New IoT devices and control centers are providing more diverse and frequent information that can be aggregated and analyzed.
- Existing Initiatives & Incentives – NYC has already started doing detailed research about effective building retrofit activity (see NYC’s Buildings Technical Working Group analysis) and is already trying to connect building managers to service provides via the NYC Retrofit Accelerator and building energy management resources.
Instead of ignoring these initiatives and starting anew, this STRATO solution would leverage these initiatives to enhance the platform.
Solution – GHG Data Ledger & Retrofit Marketplace
To address these challenges, BlockApps defined a two-part STRATO solution:
How It Works
At a high level, both solutions will have the same user types: building managers, regulators, and service providers. Each solution would be a separate application, but smart contracts and ledger data could be connected between the two at the network-level.
Building data and events such as meter readings, IoT data readings, marketplace bids and retrofit project progress could all be codified into smart contracts that interact with one-and-other.
While either solution alone could help address the challenges of retrofit activity in NYC, BlockApps sees a compounded benefit from building and connecting the two solutions together: whenever a retrofit activity from the marketplace is completed, regulators can officially validate the retrofit and add it back to a building’s profile on the GHG ledger.
The benefits of the solution stem from addressing the core issue spurred by the NYC regulation – laggard, unreliable, or non-existent data. This solution provides a trusted source of truth (and resources) for GHG data and retrofit activity and unlocks benefits for all parties involved:
Great question! To us, the question is more ‘Why STRATO?’ – while blockchains in general enable a ‘single source of truth’, this solution would not be possible – much less ‘value-add’ – without some of the enterprise-grade capabilities and features of STRATO.
STRATO unlocks the benefits of blockchain and the Ethereum protocol for a comprehensive solution