Sourced from Public News Service
Some building owners in New York City now have added incentive to create a green space on their roof.
A green-roof tax abatement has been available in the city for several years, but few owners have taken advantage of it. In an effort to change that, a new state law tripled the tax break from $5 to $15 per square foot in community districts where sewers overflow during rainstorms and that lack green spaces.
It also extends the existing tax abatement through July 2024, said Emily Nobel Maxwell, director of The Nature Conservancy's New York City program.
"The green-roof tax abatement offers an opportunity for landowners to install green roofs," she said, "which will in turn help make our city more flood resistant, more heat resistant and more biodiverse."
Maxwell said putting a green roof on a building can be expensive, but the tax abatement can help defray the cost of installation and maintenance. She noted that green roofs not only absorb stormwater but also have insulating properties that increase a building's energy efficiency and cut down on heating and cooling costs.