S.F. No. 5533 - Building Energy Performance Standards

• Establishes a building energy performance standards program requiring certain public and private buildings to meet energy use and greenhouse gas emission reduction targets by 2043-2045, with different timelines based on building classification and ownership.

• Sets final performance standards requiring aggregated energy use intensity reductions of 30 percent and greenhouse gas emissions reductions of 90 percent from 2005 baseline levels by 2045.

• Creates interim performance standards that covered buildings must meet every five years beginning in 2028, calculated on a straight-line trajectory toward final standards.

• Provides exemptions and extensions for buildings in financial distress, those with less than 50 percent occupancy, and multifamily affordable housing until refinancing; exempts buildings subject to more stringent state or local standards.

• Imposes annual compliance payments on non-compliant buildings based on excess greenhouse gas emissions valuation or energy use intensity, with collected penalties funding building performance improvement grants to assist owners in achieving standards.