5 Tips for board members on discussing Local Law 97 with owners and shareholders

Board member education
Calendar Icon - GoRead Webflow Template
April 4, 2023
Clock Icon - GoRead Webflow Template
min read
5 Tips for board members on discussing Local Law 97 with owners and shareholders

Local Law 97, while an important step in our collective push toward a greener world, is cause for  many a board member’s headache. From merely understanding what needs to be done, to knowing where to start and who to trust, to presenting it to your owners and shareholders in a way they’ll understand themselves - it can all be quite overwhelming.

We get it, it’s tough to talk to your building neighbors about - what could be - major renovations and energy upgrades. As property managers working closely with our own board members, we’ve got a few tips to help you help them see the benefits of a brighter, greener building life.

1. Talk about the benefits

It’s human nature to dwell on the negative. So, it’s no surprise your owners and shareholders focus on what energy upgrades are going to cost them without taking the time to really understand all the benefits. When talking with your residents, be sure they see the full picture, not just that initial price tag. Some positive impacts for your building include:

  • Cost savings on utility bills
  • Improved indoor air quality
  • Increased property value

2. Highlight the environmental impact 

Many people are motivated to take action on climate change, and energy upgrades can help reduce greenhouse gas emissions and improve air quality. By emphasizing the positive environmental impact of energy upgrades, you can show them that the choices they make in their personal life and in the health of their building can actually contribute to a more sustainable future.

3. Explain the potential risks as well as the benefits

In addition to the detrimental environmental consequences of inaction, Local Law 97 will impose significant penalties on buildings that do not meet emissions targets. You and your neighbors could face some pretty serious financial and reputational damage if you don’t start acting now. By making sure your condo or co-op owners/shareholders understand these potential risks as well as the benefits, you can help mitigate these risks.

Numbers talk. Owners and shareholders may be more likely to support a project if they understand the financial implications - including expected costs and savings, potential fines, available rebates and tax incentives, and more. Providing detailed information on these numbers can be a big help. 

4. Share success stories

What if it doesn’t work? What if we do all this work and we still don’t comply to Local Law 97? It can be helpful to share examples of other buildings that have undergone energy efficiency upgrades and are enjoying the benefits, as it can help build confidence during planning. 

5. Engage owners and shareholders early in the process

Condo and co-op owners/shareholders are more likely to support energy upgrades if they feel they understand what’s going on. By engaging stakeholders a little earlier and being transparent about your decision-making process they’ll feel they have a bit more say in the project. By working with your property management company to keep everyone on the same page, you can gain support early on and ensure everything goes a bit smoother. 

Final thoughts

Overall, communicating your Local Law 97 plan in a clear, transparent, and easy-to-understand manner is crucial to securing buy-in from owners and shareholders for your energy efficiency upgrades. By providing detailed information, addressing concerns, and engaging neighbors early in the process, you can energize your building for the future. 

Have specific questions about Local Law 97 and your building? Our team at Daisy, the tech-driven property management company that moves buildings forward, is always here to help. You can find more information and contact us here.

Subscribe to get the latest resources on property management straight to your inbox!