Associated Renewable Offers Free Local Law 87 Compliance for Buildings in NYC

NEW YORK, Sept. 24, 2014 /PRNewswire/ -- Associated Renewable is now offering free energy audits and retro-commissioning for all buildings in New York City that need to comply with the Local Law 87 mandate. Local Law 87 requires that all buildings above 50,000 square feet must conduct an energy study and retro-commissioning (fine-tuning) of existing energy equipment, or risk facing fines and other violations.

Energy audits and retro-commissioning are the first steps toward making buildings more efficient. An energy audit assesses how a building uses energy, recommends potential energy conservation measures, and provides cost estimates to install those measures in a comprehensive report. Retro-commissioning involves making minor adjustments to equipment that is already in place, unlike retrofitting, which actually involves replacing or upgrading that equipment. Since energy audits and retro-commissioning alone do not decrease energy usage, a retrofit must be completed to obtain the energy savings identified in the report. Typical equipment that can be retrofitted includes lighting, boilers, heat distribution systems, chillers, cooling towers, air conditioners, heat pumps, air handlers, ventilation systems, co-generation systems, pumps, drives, building envelope, energy management systems, and renewable energy equipment including solar panels and wind turbines.   

Off-balance sheet funding for energy retrofits now available through Associated Renewable: Even though energy retrofits make great financial sense, the large up-front capital expenditure (capex) requirements deter building owners and property managers from moving projects forward. Other barriers include cash flow issues, internal budget approval and external credit approval. To remove these hurdles, Associated Renewable now provides energy retrofit funding with no up-front capital requirements. Unlike traditional financing and loans, the savings pay for the project, making this an operating expense that is completely off-balance sheet. In addition, Associated Renewable's funding structure does not add additional debt or affect the building's existing mortgage.  

Institutional accredited investors and registered investment companies can participate with Associated Renewable: With buildings consuming 49 percent of all the energy used in the U.S., the market for energy efficiency retrofits, green building and cleantech is growing exponentially, presenting new opportunities for institutional investors. According to Navigant Research, $959 billion will be invested in commercial building energy efficiency retrofits from 2014 through 2023. To capitalize on this, and to meet the enormous market-driven demand for energy retrofit projects, Associated Renewable has partnered with several strategic institutional funds, and for a limited time will seek additional accredited investors who are looking to capitalize on the growth of this market.

Manoj Patel, CEO of Associated Renewable, is an innovator and thought leader in the energy efficiency, renewable energy, energy supply and cleantech markets. Patel says that many building owners look at Local Law 87 as an expensive burden, but in fact, compliance can produce many benefits. 

"To eliminate the financial burdens, we now offer Local Law 87 compliance for free," says Patel. After completing Local Law 87 compliance, building owners can choose to implement potential energy-saving measures through a retrofit. "Associated Renewable's expertise in energy management benefits multiple stakeholders," says Patel. "When a building conducts a retrofit through our fund, not only do they receive new equipment with no up-front costs, they also significantly reduce their operations and maintenance costs. Over time, building management will see improved facility performance, greater tenant comfort, lower greenhouse gas emissions, and an overall lower carbon footprint. We see this as 'Energy Efficiency as a Service'. It's a win-win situation for building owners, property managers, Associated Renewable and its investors."

About the company and CEO: Associated Renewable (www.associatedrenewable.com) is a leading full service, end-to-end energy management solutions company. We analyze building energy performance, install energy-efficient equipment, implement renewable energy technologies, supply energy, and offer innovative financing & funding options. Our mission is to become the leading end-to-end energy solutions provider for organizations seeking to reduce their energy costs, comply with regulatory requirements, and improve their sustainability profile. CEO Manoj Patel is an early mover in the energy industry. News media may contact him for comment.  For further information on Local Law 87, call (212) 444-8215, visit www.local-law-87.com , or email [email protected].

Media Contact – Local Law 87: 
Hansika Shergill 
Corporate Communications & Compliance Associate 
Associated Renewable Inc. 
1 (212) 444.8215 
[email protected]

Media Contact – Investor Relations: 
Manoj Patel 
CEO 
Associated Renewable Inc. 
1 (212) 729.1152 
[email protected]

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SOURCE Associated Renewable