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NEW YORK CITY-While energy prices have become much more volatile over the years, commercial real estate owners and managers still have the power to achieve cost-savings and reduce overhead. In navigating different legislation from around the country, participants during the 2012 BuildingsNY conference at the Javits Center discussed how real estate operators could obtain funding for green retrofits at the federal, state and local levels for office, industrial and multifamily properties.

Michael D’Onofrio, managing director of West Palm Beach, FL-based Engineered Tax Services, said under the Energy Policy Act of 2005, Congress passed legislation to encourage property owners to build energy efficient real estate properties to promote reduction in energy consumption. As part of section 179D of the act, federal tax deductions are available for the design of energy-efficient upgrades for lighting, HVAC, building envelope and new construction, which allows to a value of $1.80 per square foot.