Although it’s lit up the Manhattan skyline with green before, the Empire State Building is about go green in a whole new way; it’s owners have announced plans for an eco-focused renovation that will begin this summer and will be completed in 2013 . The greenovation will add an extra $20 million to the $500 million renovations that are currently being completed on the landmark.

The costs of retrofitting older buildings with more energy efficient features is often a deterrent to building owners, but the savings in annual energy costs  can quickly pay off the renovations and go on to save money. In this case, the Empire State Building is expected to save about $4.4 million in annual energy costs once completed and potentially charge higher rent for the green features.

The shrunken carbon footprint will also be incredibly beneficial—especially in a city where the vast majority of greenhouse gas emissions come from the buildings (and in commercial buildings, specifically from the use of electricity and natural gas). The retrofit is hoped to have the Empire State Building producing 105,000 less metric tons of carbon emissions per year. Much of the focus of the environmental renovation will be on heating and cooling elements. For example, extra insulation will be added to the windows and behind radiators and the chillers will be rebuilt in the basement cooling plant.

While the Empire State Building may be the most well known building to go green in the Big Apple, it won’t be the first or the greenest. The billion dollar Bank of America Tower at One Bryant Park (which is expected to be completed soon) is expected to be the first skyscraper to achieve platinum LEED certification and is comprised of recycled and recyclable materials. As a new building, the Bank of America Tower has an advantage over the Empire State Building—where the 1930s landmark must be altered to fit a more eco-friendly focus, the Bank of America Tower has been created for energy efficiency, with features like floor to ceiling insulated windows for natural heating and light.

If you’re in the process of building a new home or considering renovations on your existing residence, let both buildings be an inspiration about the benefits of thinking green. The upfront costs may discourage you slightly, but factor in the long term energy savings and sustainable design may even be cheaper than conventional methods (and it shouldn’t cost you anywhere near the $20 million it’ll cost the Empire State Building).

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