Whether you live in Boston or not, this new set of regualtions has the potential to impact homeowners across the country that live in older buildings.
From The Greater Boston Real Estate Board:
The Boston City Council is considering a new ordinance that will act like a new tax on condominiums, require reporting of utility and water bills to your condo association, and impose fines on condo associations which fail to conduct energy audits and report results to city hall regulators.
10 Things You need To Know About Bostonâ€™s Building Energy Disclosure Ordinance
- Captures apartments/condominiums of 25,000 sq. feet or 25 or more units.
If you fail to turn over gas, electric and water bills you will face fines.
Condo associations can be fined as much as $73,000 ($200/day) per year. Each day of non-compliance is counted as a separate violation.
The City may seek a court order compelling condo owners or associations to comply.
- Costly energy audits will be required in buildings deemed inefficient.
- Poor energy efficiency scores could stigmatize properties at time of sale and result in lower property values.
Condo fees will rise due to additional resources required by associations to meet requirements of ordinance including future retrofitting/upgrades to meet the city's standards.
The results will be made public by city regulators on-line.
- There is no research that this type of mandate improves energy use.
Utility bills already include a surcharge to pay for energy audits and improvement programs.