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Summary
Con Edison has proposed a New York pilot study to reduce carbon emissions through the construction of a thermal energy network (TEN) that uses geothermal energy to power homes.
The TEN project is separately subsidized and funded through regulatory assets. All newly installed TEN equipment will be at no cost to customers, and participation is fully voluntary. If the five-year pilot proves successful, customers can continue and pay a thermal energy fee or return to their previous non-renewable energy source.
Koumoullos explained that one of the main reasons Con Edison has begun considering whether thermal energy is a sustainable initiative they should supervise is due to Local Law 97. Nearly 70% of New York City’s carbon emissions come from the fossil fuels used to heat, cool, and power buildings, but the law aims to make New York City carbon neutral by 2050. Under LL97, most buildings over 25,000 gross square feet that exceed emissions limits will face annual fines beginning in 2025.
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