Since then, according to the Department of Buildings, exactly 11 buildings have applied for the property-tax credit through April, Crain’s reports.
The cost of retrofitting a brownstone or townhouse building with a relatively small roof starts at $65 per square foot, Burchell says, and can easily go beyond $90 per square foot.
Despite the daunting economics, new buildings and buildings that undergo a total roof replacement are now required, under Local Law 92-94, to install solar panels or a green roof, or a combination of the two.
Another financing option is a Property Assessed Clean Energy loan, a new program that launched with a bang this week when an $89 million PACE loan closed at a Wall Street office tower.
That would lure more consultants and contractors into the arena, she says, and give New Yorkers a better chance to experience the benefits of green rooftops.
In the end, it comes down to persuading the government that the benefits of the renovation projects exceed the upfront costs.