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With the data obtained from benchmarking, owners and operators can assess opportunities for improvements that reduce water and energy consumption, as well as realize additional benefits in the form of energy cost savings, reductions in greenhouse gas (GHG) emissions and property appreciation.
The law defines a commercial property as any building with Class 4A (commercial) or Class 4C (apartment) tax assessment classifications. New Jersey provides a publicly available “Covered Buildings Spreadsheet” that can be consulted to determine whether a building or facility is covered under the mandate.
In order to comply with the law, submissions must be made using the ENERGY STAR® Portfolio Manager, a tool for tracking and assessing energy and water use that’s utilized by property owners and managers representing nearly 25 percent of US commercial building space.1
Covered buildings should have received a notification from the Board of Public Utilities by July 1, 2023. While there are no financial penalties for noncompliance at this time, the board has stated it may revisit the issue depending on the voluntary compliance level achieved.
Contact Mazars' Sustainability Practice to formulate mid- to long-term sustainability strategies in ESG metrics and to hedge against the potential of future regulations and other risks.
Authors
Kajsa Ralston, Sustainability Manager
Ryan Elivo, Sustainability Consultant
1. Benchmark Your Building Using ENERGY STAR® Portfolio Manager®. https://www.energystar.gov/buildings/benchmark.
The information provided here is for general guidance only, and does not constitute the provision of tax advice, accounting services, investment advice, legal advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal or other competent advisers.
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