PORT AUTHORITY SECURES $400,000 IN SAVINGS FROM ENERGY EFFICIENCY MEASURES AT ONE WORLD TRADE CENTER
WASHINGTON, D.C. – (RealEstateRama) — The Port Authority has realized nearly $400,000 in savings at One World Trade Center through a federal Energy Policy Act tax incentive that encourages the installation of energy efficient measures, agency officials announced today.
“The Port Authority continuously demonstrates its commitment to environmental sustainability by integrating green practices and design into its operations and construction,” said Port Authority Executive Director Pat Foye. “We hope to become a pacesetter for the industry, identifying innovative ways to reduce the cost of high-performance buildings in collaboration with our government and industry partners.”
The tax code provision, known as EPACT 179D, encourages energy efficiency and independence in the design and construction of public and private buildings. For public projects, it reduces the burden on taxpayers by lowering overall costs for installation of energy efficient equipment and systems, and over the lifetime of the systems.
The Port Authority has made significant investments in energy efficiency across the agency through 179D, not only at One World Trade Center, but also at the Port Authority Bus Terminal and Stewart International Airport. To date, the program has saved $660,000 overall, either through direct payments or credits on active projects.
The Port Authority’s Office of Environmental and Energy Programs (OEEP), working with the tax consulting firm Efficiency Energy LLC, is pursuing 179D benefits at other facilities, including Newark Liberty International and LaGuardia airports. The tax provision allows the Port Authority to provide its partners with an immediate tax deduction for the value of qualifying energy efficient systems.
Through such agreements, the tax-paying entity or “designer” of each energy savings project will share a percentage of any tax benefits it realizes with the Port Authority. The agency, in turn, will use the savings to lower overall projects costs.
“The result is a transparent method that serves the public interest and fosters construction of world-class, cost-effective infrastructure, while freeing up funds for reinvestment in sustainable construction,” said OEEP Director Christine Weydig.
One World Trade Center recently was awarded a Leadership in Energy and Environmental Design (LEED) Gold certification from the U.S. Green Building Council (USGBC) for its green building design, construction, operations and maintenance solutions.
The Port Authority established Sustainable Design Guidelines to integrate sustainability into the design and construction of all its projects. These design guidelines, in addition to the Port Authority’s Climate Resilience Guidelines for both buildings and infrastructure, seek to reduce the adverse environmental impacts, adapt to climate change and improve agency operations and assets.
Contact:
The Port Authority of New York and New Jersey
212-435-7777
Founded in 1921, the Port Authority of New York and New Jersey builds, operates, and maintains many of the most important transportation and trade infrastructure assets in the country. The agency’s network of aviation, ground, rail, and seaport facilities is among the busiest in the country, supports more than 550,000 regional jobs, and generates more than $23 billion in annual wages and $80 billion in annual economic activity. The Port Authority also owns and manages the 16-acre World Trade Center site, where the 1,776-foot-tall One World Trade Center is now the tallest skyscraper in the Western Hemisphere. The Port Authority receives no tax revenue from either the State of New York or New Jersey or from the City of New York. The agency raises the necessary funds for the improvement, construction or acquisition of its facilities primarily on its own credit. For more information, please visit http://www.panynj.gov.
