In June of 2008, New York Legislature passed a new bill that is offering tax abatements to building owners who install green rooftops. In doing so, the state hopes to encourage the adoption of green roofs by taking “green” one step further. Not only will buildings receive tax credits based on these newly passed incentives, they will also benefit from the other economic savings that green roofs provide.
Under this law, building owners in New York City who install green roofs on at least 50% of available rooftop space can apply for a one year property tax credit of up to $100,000. The credit would be equal to $4.50 per square foot of roof area that is planted with vegetation, or approximately 25% of the typical costs associated with the materials, labor, installation and design of the green roof.
We know we have to protect the environment, and the number one contributor to global warming, in terms of pollution, is not emissions from automobiles, as many people think – it is buildings. Green roofs significantly reduce a building’s carbon footprint. – Assemblyman Ruben Diaz, Jr.
Green rooftops can save New York City residents more than $5 million in energy cooling costs, cut greenhouse gas emissions and reduce overflows of raw sewage by easing pressure on the city’s overburdened sewer system, which will help to achieve swimmable and fishable waterways in neighborhoods throughout New York City. – Larry Levine, Natural Resources Defense Council