Starting this year, thousands of New York City buildings must begin reducing their carbon footprint. But before that happens, owners need to understand how much pollution they are creating.
According to the U.S. Energy Information Administration, electricity alone accounts for 60% of the total energy use in commercial buildings. There are many tools that can convert your electricity bill into an estimated carbon footprint, but many are based on rough estimates. With the proliferation of intermittent wind and solar power, knowing when you're using electricity is just as important as how much you're using.
That's why carbon tracking startup Nzero has developed a new algorithm to provide building owners with a report that estimates carbon pollution by the hour.
Some owners whose buildings are equipped with advanced meters and sensors already have that data, but many do not. “Better data will lead to better results, but it shouldn't be a barrier,” John Rula, Nzero's chief technology officer, told TechCrunch.
This problem can be particularly troubling for a type of real estate investment trust (REIT) favored by investors known as triple-net leases. REITs are responsible for their buildings' emissions, but owners have little idea about the pollution their buildings generate because they don't pay their utility bills.
“They're begging customers to give them this data, with little success,” Lula said.
Using the building address and additional information the owner can provide, such as square footage and the type of heating and cooling system used, Nzero can generate more accurate estimates than owners were previously able to make. .
From there, the company's software helps building owners identify the most cost-effective upgrades and renovations while reducing emissions.
“There are different steps and hurdles, like data collection is one thing and compliance reporting is another, but those aren't the end goals, right?” Lula said. “The ultimate goal is to facilitate and accelerate decarbonization.”