A $23 billion market opportunity incites increased NOI driving cap rates and real estate values in NYC

Mayor Adams’ City of Yes zoning initiatives are modernizing New York City’s zoning regulations to move the city towards more equitable and sustainable living. The landmark legislation, which features a Carbon Neutrality zoning amendment (COYCN), was passed into law this week relaxing restrictions on solar developments, furthering both the city and state’s efforts toward carbon neutrality.

The new zoning regulations abolish the coverage and setback restrictions for rooftop solar installations which have historically hampered the expansion of clean energy developments. With the setback regulations pardoned for solar installations, huge swaths of real estate which were not previously viable for solar development will be made available – in some cases as much as doubling the square footage available on one rooftop. This will result in millions of additional kilowatt hours of clean electricity over the lifetime of systems. In addition, the law will allow for solar canopies to be installed over the city’s 8,500 acres of parking lots, adequate space hundreds of additional megawatts of clean energy production – enough to power tens of thousands of homes and apartment units in New York City.

Provisions to the zoning laws also offer a boon to property owners in the city. Lower utility costs associated with the installation of solar which will increase profits and drive real estate values.

Commenting on passage of City of Yes Brooklyn SolarWorks’ founder and CEO, T.R. Ludwig said, “This is a landmark moment in New York’s effort to boost green technologies and support carbon neutrality. Solar energy’s potential will now be fully realized as a renewable energy resource for all New Yorkers. By removing zoning restrictions that held back installation of solar panels on many homes, thousands more New Yorkers will be able to enjoy the benefits of solar energy. We applaud Mayor Adams and City Council for taking this historic step forward towards a greener and more energy efficient future.” 

T.R. Ludwig is a clean energy leader with over a decade of experience in various management and executive roles within the solar industry. He is the CEO and co-founder of both Brooklyn SolarWorks and Brooklyn Solar Canopy Co. and serves as Treasurer for New York Solar Energy Industry Association (NYSEIA), a trade group representing the solar industry. He has led solar companies both large and small, with a focus on sales, marketing, and finance, and helped pioneer solar lending in the Northeast market. T.R. received his MBA from the Maastricht School of Management in the Netherlands and was among the first solar professionals in the United States to become NABCEP Technical Sales certified.

To learn more about Brooklyn SolarWorks, contact us at info@brooklynsolarworks.com.

If you’re a property owner wondering how these zoning updates affect your solar potential, schedule a consultation with us!

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