How Can Building Owners Maximize IRA Incentives with Smart Radiator Technology?
The Imminent Challenge: NYC’s Local Law 97
NYC Building owners are facing an imminent challenge. NYC’s Local Law 97 mandates a substantial reduction in carbon emissions by 40% come 2030. Such an ambitious goal becomes especially daunting for owners of legacy buildings, primarily those built before 1975. But with Kelvin’s innovative solution, “The Cozy”, paired with utility incentives and tax credits from the Inflation Reduction Act (IRA), there’s an affordable solution.
The City’s Carbon Culprit: Legacy Buildings and Inefficient Heating
New York City’s built environment is a significant contributor to the carbon problem, with buildings accounting for upwards of 75% of carbon emissions. A deeper dive into the city’s heart reveals that a staggering 80% of these buildings rely on steam radiators, leading the city to waste $2 billion annually on gas due to inefficient heating mechanisms.
Tapping into the Inflation Reduction Act (IRA) Incentives
The IRA offers direct financial incentives for retrofit projects, tax credits to encourage sustainable initiatives, and deductions for those keen on adopting energy-efficient systems. Kelvin has made its mark by retrofitting over 120 buildings and seamlessly integrating over 15,000 Cozys. The results are a testament to the effectiveness of The Cozy, boasting energy savings from 25% to 40%. Furthermore, with hybrid electrification Kelvin can provide the advantages of electrification, achieving 90% of the environmental benefits at just 10% of the regular expense.
Kelvin has made its mark by retrofitting over 120 buildings and seamlessly integrating over 15,000 Cozys. The results are a testament to the effectiveness of The Cozy, boasting energy savings from 25% to 40%. Furthermore, with hybrid electrification Kelvin can provide the advantages of electrification, achieving 90% of the environmental benefits at just 10% of the regular expense.
Simplifying the Complexity of the IRA: Kelvin’s Tailored Analysis
The vast array of opportunities within the IRA can be overwhelming. Kelvin simplifies this process. Kelvin offers a comprehensive Energy Savings Analysis to help building owners gauge their emissions metrics effectively, evaluate how ready they are for the demands of Local Law 97, and decipher the numerous benefits of the IRA.
Kelvin’s flagship product, The Cozy is included in the New York State Technical Resource Manual, giving building owners a way to calculate energy savings and utility incentives. The Cozy is eligible for benefits from ConEd and National Grid in New York. Its alignment with the IRA incentives ensures that building owners tap into a broader spectrum of advantages.
Beyond our product, we believe in forging a partnership with building owners. Our unique no-money-down subscription guarantees more than just energy savings. We’re committed to ensuring maintenance, providing actionable insights through dashboard data, sending timely alerts for optimal efficiency, and driving carbon and operational cost reductions.
Sustainable Future with Kelvin and IRA Advantages
The journey to a sustainable future, with its many challenges, requires a navigator with expertise and innovative tools. Fortified with The Cozy and an in-depth grasp of IRA incentives, Kelvin stands ready to be that reliable partner. Contact us to learn how you can benefit from IRA incentives.