Whether you are considering a new construction project, substantial renovation, or the operations and maintenance of an existing building, the benefits of incorporating green building and sustainable practices should not be overlooked. There are incentives on the federal, state and local level for building green and these should be factored into a project in the early planning stages to maximize benefits. The federal government offers a deduction available through 2013 known as the Commercial Building Tax Deduction, which grants a tax deduction based on energy efficient improvements installed in the building envelope, HVAC system and lighting system. The State of New York offers the Green Building Tax Credit, which is potentially available for buildings that meet certain green building regulations.
Also available are various other grants and incentives related to energy efficiency and use of sustainable energy in new and existing buildings. In addition to the incentives discussed above, there are numerous other green building issues which should be considered including green lease provisions, green bonds and other financing mechanisms, and contracting issues with respect to design professionals and contractors involved in green building projects.