2023 Summer Issue of Urban Land - 44

OUTLOOK FOR
Building Electrification
RON NYREN
How will the real estate industry navigate the
transition to all-electric buildings?
ExpErts discuss best practices for incentivizing
property owners and developers to
switch to all-electric buildings, ways to ensure
the transition is equitable for low-income
communities, challenges to the widespread
implementation of building electrification, and
other innovations and trends.
What best practices should the public
sector follow to incentivize building
electrification in existing buildings as
well as new construction?
CHRISTINA McPIKE: The public sector should
consider both carrots and sticks to encourage
building electrification. Sometimes the
carrots, or incentives, are not as effective
as the sticks-codes and policies. Policies,
mandates, and possible financial penalties
move the market. However, we need to avoid
unfunded mandates. Public policy should
educate the industry and the marketplace,
offer technical assistance and training, and
help with workforce development. Most
importantly, we need to deliver adequate
rebates, incentives, and no-interest long-term
debt to get projects funded because electrification
in existing buildings is very expensive.
ELLEN McCREADY: Electric conversion of
existing buildings will not be easy or cheap.
First off, education is essential. Property
owners need to understand the fundamentals
of why electrification is beneficial to the
climate and the health of building occupants.
Then, significant financial incentives such as
tax credits, rebates, and beneficial financing
mechanisms will need to be offered to
incentivize electric retrofits of existing buildings.
Lastly, the public sector can implement
electrification requirements as a condition of
CONTRIBUTING THEIR INSIGHTS:
Andy Gunion
Managing partner, East
West Partners, Snowmass
Village, Colorado; member,
ULI Sustainable Development
Council
Ellen McCready
Senior project manager, East
West Partners, Snowmass
Village, Colorado
Christina McPike
Director of energy
and sustainability,
WinnCompanies, Boston,
Massachusetts
Ben Myers
Becca Timms
Senior vice president,
sustainability, Boston
Properties, Boston,
Massachusetts; member,
ULI Sustainable Development
Council
Director of ESG, Jamestown,
Atlanta, Georgia
44
URBAN LAND SUMMER 2023

2023 Summer Issue of Urban Land

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