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Tax Credits For Green Rooftops In NYC

green_roof.jpgBuilding owners in New York City who install green rooftops on at least 50 percent of available rooftop space can apply for a one-year property tax credit of up to $100,000, Storm Water Infrastructure Matters (SWIM) reports.

Under a new bill passed by the New York legislature, the credit would be equal to $4.50 per square-foot of roof area that is planted with vegetation, or approximately 25 percent of the typical costs associated with the materials, labor, installation and design of the green roof.

Building owners can apply for the credit starting Jan. 1, 2009, under the pilot program that will expire after March 15, 2013, unless it is extended.

According to SWIM, the environmental benefits of the legislation are measurable. Each 10,000 square foot green roof, for instance, can capture between 6,000 and 12,000 gallons of water in each storm event, the evaporation of which will produce the equivalent of between a thousand and two thousand tons of air conditioning — enough heat removal to noticeably cool 10 acres of the city, SWIM says.

Green roofs are taking root in other areas too. The green roof industry in Germany is now annually worth $77 million, CNN reports.

Green roofs at the Metro-North Railroad’s Harmon Yard Support Shop, the MTA Bus Far Rockaway Depot, and the B&T Queens Midtown Tunnel Service Building Annex; and a white roof at the LIRR Hillside facility were among interim recommendations released by the Commission on Sustainability formed last summer to create a plan for reducing the agency’s ecological footprint by Earth Day 2008.

Green roofs are also catching on with businesses and organizations, from banks to libraries.

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3 thoughts on “Tax Credits For Green Rooftops In NYC

  1. I have begun the process of rescuing (2) landmark buildings in Watertown, NY. Both are a century old and are in dire need of a sustainable re-use plan (currently being mapped out). They will require substantial investment funds from grant sources 3-5 million each – but are huge structures that cannot be replaced. Please forward available information to me. I will use this in the numerous meetings scheduled this year with city and state officials. The green roof concept I am aware of and makes sense considering the overall savings in installation and long-term energy costs. Plus – helping to cool downtown which – due to over use of the wrecker’s ball – has resulted in a sea of parking lots where stately buildings use to stand.
    Garrett McCarthy
    Henderson Historical Society Director
    “Masters Square Arts Center” Initiative Coordinator

  2. Hello , my building is located in 1825 Madison Av,It have 92 apartments. We decided to go green building a Rooftop Garden. Could we get
    any grant in order to build our Rooftop Garden?, Which organizations give help, orientation , with whom we can contact? I wrote a few weeks ago one of these organization who whas promoting green trougth their website never answered it.
    Truly appreciate help me to GO GREEN in building our Rooftop Garden which I called already The Heaven Garden’s of Madison Plaza. I truly appreciate your answer.

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