Turning Colorado's Regulation 28 into an Opportunity for Building Owners
Navigating Colorado's Emissions Standards
Colorado's Regulation 28, enacted last year, has sparked concerns among building owners and property managers as compliance deadlines draw near. With around 8,000 buildings falling under its scope, including commercial, multifamily, and public structures of 50,000 square feet or more, the pressure is on to meet stringent emissions reduction targets.
Similar to New York City's Local Law 97, Regulation 28 mandates reductions in carbon emissions over the coming decades. While the goals are ambitious, they align with broader environmental aims, such as cutting greenhouse gas emissions by 90 percent below 2005 levels by 2050.
Despite the initial challenges, this regulation heralds an opportunity for building owners to contribute meaningfully to Colorado's sustainability objectives while reaping financial benefits.
Opportunity Without Financial Burden
Important to note, amongst the pressure, the role that tax incentives play in fueling efforts under Regulation 28. The legislation earmarks some $200 million in tax incentives over the next several years to promote electric bicycle, car and truck purchases, as well as geothermal, heat pump, industrial clean energy, and other initiatives. These serve as catalysts for investment in sustainable technologies, easing the financial burden on building owners while fostering a culture of innovation and environmental responsibility.
With tax incentives in place, building owners have a unique opportunity to innovate and implement cutting-edge solutions to reduce emissions. These improvements not only align with regulatory requirements but also present tangible benefits for building owners themselves. By embracing new technologies, they can enhance the efficiency and value of their properties, ultimately leading to increased profitability and market competitiveness.
Unexpected Benefits in New Technologies
Governor Polis, in an interview with The Denver Post, underscored more than just climate action potential with Regulation 28; he highlighted the possibility of routine cost savings on utilities. "My goodness, when we had our January and February (energy) bills, who wouldn’t want a low-cost reliable alternative that doesn’t fluctuate in cost because of the global commodities market?" This emphasis on utility cost savings underscores the broader potential benefits of sustainable solutions beyond emissions.
Solutions like advanced carbon capture technologies can provide efficient means to reduce emissions and optimize energy usage, translating to energy cost savings. For instance, Carbon Reform’s Carbon Capsule retrofits into utilizing infrastructure and operates as a comprehensive scrubber, removing carbon dioxide (CO₂), volatile organic compounds (VOCs), particulates, and pathogens from indoor environments. The cleaned air can be recirculated through the building for better indoor air quality, but also significantly decrease energy demand, cutting HVAC costs by up to 40% and building-wide energy costs by 16%.
Concerns about the time and resources required for renovations can also be alleviated through retrofit technologies like these. By utilizing existing infrastructure, these technologies minimize disruption and offer tangible benefits in terms of efficiency and long-term savings.
Reaping the Rewards
Ultimately, numerous solutions await for enhancing buildings that prove advantageous for both the environment and building owners striving to meet compliance. Retrofit technologies, with their tangible benefits in terms of efficiency and cost savings, present building owners with a compelling opportunity to invest in sustainable solutions. These solutions not only align with the requirements of Regulation 28 but also bolster the long-term financial viability of buildings, ensuring a win-win scenario for both environmental stewardship and economic prosperity.
