For Co-op and Condo Boards, Many Paths to Electrification
New York City's impending carbon emissions law has co-op and condo boards exploring different approaches to electrification, utilizing clean electricity to meet the 2024 caps requirement. The substantial cost of electrification, which can range from $10,000 to $40,000 per apartment when accounting for boiler replacements and other expenses, has led experts to advocate for a more gradual and cost-effective approach. Rather than immediately adopting heating electrification, industry leaders emphasize starting with energy-efficient measures like roof insulation. Beyond the cost concerns, co-op and condo boards have another compelling reason to embrace gradual electrification. As heat pumps and other electrification technologies become more widely adopted, economies of scale are expected to kick in, resulting in reduced costs over time. The consensus among experts is that energy efficiency should be the primary focus, enabling co-op and condo buildings to lay the groundwork for a more sustainable future. Electrification is seen as a longer-term strategy, with multifamily buildings potentially starting by electrifying their hot water systems before addressing heating, as the technology involved is more manageable and adaptable. With carbon regulations approaching, co-op and condo boards are carefully weighing their options to strike a balance between environmental responsibility and financial practicality.