No More Free Electricity

As we wrote here in August, and suspected, Tishman Speyer will begin installing meters inside Stuyvesant Town and Peter Copper Village apartments, and have residents pay for their own electricity. An article in today's NY Post gave some details: "The metered system is expected to be announced to the complex's 19,000 residents in the next few days. It will be rolled out as part of a larger plan to reduce overall energy usage by 20 percent over the next three years."

Though the article doesn't mention it, there may be a possibility that Tishman Speyer will have to slightly lower rents by law, as this new metered system will take away a previous free offering. If this is so, there's a chance that residents who conserve energy may actually wind up paying a bit less rent each month, even with the additional electrical charge. But as of now, it is unclear whether a rent reduction will occur, and if it does, what that reduction will be. Rent stabilized residents who had a choice of installing air-conditioning must be particularly peeved, as when they made that choice (which raised their rent) they factored in free electricity.

While Stuy Town Reporter is not adverse to energy saving, it has to be noted that Tishman Speyer is most definitely "going green" (in more ways than one!) to put in place cost-saving elements in running this complex, even at the expense of its tenants. The recently installed Mac-Gray washing machines and dryers are a part of this greening of ST/PCV.