BUILDING GREEN IS SUCH A DEAL

Building Green Doesn't Always Cost More, Says Report
Charlotte Cuthbertson, October 7, 2009 (Epoch Times)

"Building sustainably is a growing trend, but there is a prevailing perception that it costs more to go green. Not true, says [The Cost of Green in NYC] by global construction consultants Davis Langdon and the Urban Green Council…[The study results] debunked the cost myth with a comparison of the average cost per square-foot for certified green and non-certified construction.

"Throughout 2008, data were gathered on 107 projects throughout the five boroughs of New York, 63 of which were either pursuing or had achieved Leadership in Energy and Environmental Design (LEED) certification…Data points included construction costs, design fees, LEED design fees, LEED additional fees, and commissioning fees. The average square-foot construction cost for a high-rise residential building without LEED certification was $436; while the average cost with certification was $440…"

Studies also show LEED buildings sell better and for more than non-LEED buildings... (click to enlarge)

"In New York City, nearly 5,000 permits for new construction projects were issued in 2007…But only around 200 of those projects registered for LEED certification…Proving statistically that green is not more costly is significant in increasing the market share for green building…[T]he uptake for green construction [is expected to] snowball as a critical market mass drives material costs down, and clients demand more sustainable features. Many of the additional costs currently associated with LEED are dropping as LEED-compliant materials, systems, and processes become more common…"

...And rent better and for more than non-LEED buildings. (click to enlarge)

"A McGraw-Hill research paper released earlier this year stated that green will likely reach the mainstream of the global marketplace and achieve critical mass…[It found that 70 percent of consumers would buy a green home and]… 56 percent of construction industry firms foresee rapid sales and profit growth related to green projects over the next five years…

"The LEED certification has levels of sustainability that include certified, silver, gold, and platinum at the top end…Some of the projects in the study achieved a gold or platinum LEED rating for a lower cost than ones with a silver rating or no rating at all—an unexpected result that the experts say requires further study…"