Co-op boards in Harlem and throughout Upper Manhattan spend a lot of time reviewing their building’s current budget and making plans and projections for the future.
Make sure you’re factoring in the rebates you may be eligible to receive from the government and other agencies.
In many situations, what you can get back will often depend on the size of your building, its age, and the homeowners who live there. Here are three rebates that are likely available to you and your association in one form or another.
Consider Investing in Solar
A lot of buildings in New York are making some major improvements to energy consumption and efficiency, thanks to new local laws that aim to make the city a bit greener and closer than ever to zero waste.
If you decide to upgrade to solar energy, there’s some money that may come back to your building.
The financial incentives available to buildings that invest in solar come from the federal government, state government, and local government. Talk to your Harlem property manager about installing a solar electric system. Your co-op can earn a 26 percent federal tax rebate and an additional state tax rebate.
In New York City, you’re eligible for a four-year five percent tax abatement when you go solar. You’ll get that rebate for four years, totaling 20 percent. Note: abatements are capped at $62,500 per year or $250,000 total, and your building will need to hire an architect or professional engineer registered in the state of New York.
Rebates for Energy Efficiency in Harlem Buildings
Whether you’re thinking of a more efficient HVAC system, appliances in your communal laundry rooms with a higher Energy Star rating or other upgrades based on reducing the consumption of energy and water, there may be rebates available.
Rebates and incentives are constantly being tweaked and updated by NYSERDA (New York State Energy Research and Development Authority). The NYSERDA program has been especially friendly to co-ops and condos, providing a Multifamily Performance Program that can award thousands of dollars back to associations that make energy-efficient improvements.
Participants choose from a list of approved contractors when they’re making upgrades, and together they draft an energy reduction plan that will save around 15 percent of resources. Bonus incentives and rebates are available when buildings exceed their projected energy savings.
Cooperative and Condominium Tax Abatement
The Co-op Tax Benefit Letter is an annual letter that’s sent to boards and management companies from the New York City Department of Finance. In this letter, each homeowner’s savings for personal exemptions and co-op abatements are outlined. These are sent at the end of the year and the figures can be updated throughout the year if changes occur. These savings will be appreciated by your homeowners. As a board, you’ll need to file the necessary notifications on behalf of your new homeowners.
These are just a few of the programs and rebates available to your co-op. If you’d like to talk about what other savings may be available, contact us at Harlem Property Management. We’d be happy to take a personalized glance at what your association can do to save more money.
Harlem Property Management is the authority on co-op and condo building management in Upper Manhattan and a member of the Real Estate Board of New York. We specialize in managing condos, co-ops, and multi-family buildings up to 99 units.