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In September, ULI hosted experts on the potential impact of anti-inflation laws on the commercial real estate industry. Panelists will discuss tax incentives, deductions, and deductions to encourage building owners to deploy clean energy and energy efficiency projects, and how various sectors and industries are participating in this opportunity. We discussed what we were planning to do.
Listen to the webinar on ULI’s Knowledge Finder.
Of the 18 tax credits, there are four that Duane Desiderio, senior vice president and counsel at the Real Estate Roundtable, believes speaks to the commercial real estate sector.
The first incentive goes beyond the ASHRAE 90.1 code for energy efficient buildings by changing the 179D tax credit. Now, the deductible is being updated “to encourage retrofit projects in existing buildings and to encourage new buildings to be more energy efficient,” Desiderio said.
Desiderio has broken down the rest of the incentives. The Real Estate Roundtable also publishes a policy toolkit and fact sheet describing incentives.
“The second incentive we participate in is the Article 48 Investment Tax Credit…. It aims to encourage the deployment of clean energy and renewable energy projects in facilities, including buildings. These include solar panels, combined heat and power, etc. The IRA will be added to the list of investment tax credit technologies, energy storage and dynamic glass.”
“The third incentive to watch is the 30C tax credit, which encourages the installation of electric vehicle charging stations…. The EV charging station tax credit applies only to buildings and projects located in low-income has a project in the Opportunity Zone, they may be available [this]”
“The fourth incentive is a 45L tax credit for energy efficient homes, new construction and major rehabilitation. The incentives here are applicable to single-family and multi-family homes.”
Regarding how these tax credits work together, Desideiro said: all these things. There is a relationship between IRA credits and labor wages. …if a typical wage is paid to a project worker, the amount of the incentive he is multiplied by five. ”
Finally, we may transfer these credits to third parties.
Webinar participants (clockwise from top left) Daniel Egan, Managing Director, Real Estate – ESG Americas, Blackstone; Moderator Billy Grayson, Executive Vice President, ULI Centers and Initiatives. Mr. Nicholas Burger, Deputy Director, Department of Energy and Environment, DC. Duane Desiderio, Senior Vice President and Attorney, Real Estate Roundtable. Suzanne Fallender, Prologis’ vice president of global ESG, said:
The panel turned to consider the benefits of IRAs from the public sector, represented by Nick Burger, Deputy Director of Energy, Management and Environment, DC Energy and Environment.
“…CLEAN ENERGY DC AND CLIMATE ACTION LAW [that] Committed to reducing greenhouse gas emissions by 60% by 2030, [be] We need to be carbon neutral by 2045. Large commercial and residential buildings are by a large margin the largest contributors, so it is appropriate to consider this group when meeting these climate targets. ”
At the local level, Berger said the problem-solving of multiple intersecting problems must be combined.
“The pandemic has really expanded the potential for telework and the district has one of the highest rates in the country…we are asking ourselves how to revitalize these spaces. How do we recycle? We want to think about how we can reach these goals and achieve our energy and climate goals together.”
Aside from building more energy efficient homes, the IRA provides an opportunity for collaboration to solve these problems.
“The renewable energy tax credit [Duane Desiderio] What is mentioned is important. We are looking for ways to meet our district’s solar power goals and produce solar energy in our district. We want to extend the benefits of solar power to households that do not have access to solar power, such as multi-family homes. Perhaps one of the most effective pieces of this bill is the Greenhouse Gas Reduction Fund. So this is up to $27 billion to be deployed in various mechanisms, and I’m not entirely sure how this works. ”
Burger concludes that there are other questions the district has and would like to know more about.
“For example, appliance and upgrade rebates [are] Intended for individual homes. But there may be ways to take advantage of these rebates on a residential scale. If your building meets certain affordable housing standards, this may be something the building owner can take into account. ”
Suzanne Fallender, Vice President of Global ESG at Prologis, shared the company’s interest in being more sustainable.
“Prologis has a long history of sustainability, from green buildings to solar power to building certification. We are a global leader in logistics real estate. % is going through our network, we think it [both] How do you think about reducing emissions in terms of responsibility? How do you think about that built environment and what can you do in it for innovation? We also know there are more opportunities to make a real difference by supporting climate goals. ”
Regarding the IRA, Prologis has looked to increase its investment in electric vehicles and reduce emissions around the port.
“Our goal is to reach net zero across our operations and value chain by 2040. One of our key interim goals is to increase our investment in solar power. We have megawatts of solar power, increasing to 1 gigawatts by 2025.” Fallender thinks the IRA is well timed. This intersects with Prologis’ upcoming builds and renovations to reduce tenant energy use.
Blackstone — A $577 billion global real estate investment business spanning opportunistic, core plus and debt investment strategies and funds, Blackstone is represented by Daniel Egan, Managing Director of Real Estate ESG Americas.
“When IRAs are mentioned, I see the potential to enhance the role that private sector real estate can play in the decarbonisation and energy transformation. Energy savings, in addition to emissions reductions, real estate is driven by distributed generation, dispatchable energy assets, certainly onsite solar and energy storage, and real estate can play an important role as a more reliable partner for demand response.”
Regarding Blackstone’s interest in an IRA, Egan said Blackstone has a “15% emission reduction target in the first three years of the investment if it manages its energy usage” and would consider joining if given the opportunity. said he was interested in
Webinar recordings are available in ULI’s Knowledge Finder.
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