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RetroFix AI recently launched!
"Automatically apply for and maximize government subsidies for energy efficient equipment."
tl;dr: Building operations are responsible for around 1/4 of global energy CO2e emissions. We want to make it extremely easy for every building in the world to decarbonize and decrease this number. Currently, we're working on making it extremely easy for buildings to secure government subsidies to become more energy efficient, starting with New York.
Founded by Isaac Toscano & Daniel Portela! 👋 They met two years ago while studying at MIT, and now they are solving the problem of building decarbonization at RetroFix AI.
https://www.youtube.com/watch?v=v2AUIvrsmmE
The Problem 🌍
Building operations are the 4th largest global contributor to carbon emissions:
- Globally, they are responsible for around 26% of all energy and process-related CO2e emissions
- In the US, that number is approximately 29%
- In dense cities like New York, DC, Boston, and Philadelphia, they account for over 2/3 of all GHG emissions
Their Mission 🚀
Retrofix AI wants to make it dead simple for every building in the world to decarbonize. They are committed to accelerating the adoption of clean energy technologies in buildings all around the world. Starting by solving the largest barrier to decarbonization: money. Currently, they're working on making it extremely easy for buildings to secure government subsidies to become more energy efficient, starting with New York. 🏢
Why Start with New York? 🏙️
With the passing of NYC’s Local Law 97, which penalizes building owners for exceeding emissions thresholds, around 12% of all buildings in NYC are starting to get fined this year for non-compliance. In 2024 alone, $20M in fines are estimated for these building owners. If no action is taken, the fines are expected to increase to over $85M per year by 2030, with over 70% of buildings being non-compliant. 💸 These fines will continue to rise as emissions thresholds become more stringent over time. Consequently, investments to improve critical building infrastructure have grown substantially, along with the need for subsidies. Consolidated Edison (the largest utility in New York) alone has deployed over $2B in subsidies over the last 4 years! 💡🏢
Contractors in NYC often spend hours researching the latest requirements and regulations to submit incentive applications, which are often not done correctly. As a result, a contractor may promise a certain amount of incentives to a customer but potentially deliver a completely different amount. This volatility in subsidy money is problematic for contractors who focus on delivering the best pricing and service to their clients. Because subsidy programs are often tied to government entities, contractors and building owners are interested in understanding how to “stack” incentives, but are deterred by the required reading to understand how to do so. 📚❗️
The Solution ✅
RetroFix AI is starting by tackling the money problem by streamlining subsidy applications for energy-efficient equipment for buildings. Contractors no longer need to spend hours emailing or calling incentive programs, wondering when they'll hear back or if they did anything wrong! By using AI to understand regulatory constraints, they accurately identify the best incentives and provide a comprehensive list of required documentation. 📝 More time and money back in our contractors' pockets! They constantly update their software to ensure the most up-to-date information, so users remain worry-free. 😌 Contractors can rest assured they are submitting the right paperwork to maximize their clients’ incentives! The goal is to accelerate the energy transition while saving owners and contractors hundreds of thousands of dollars through low-cost sustainability improvements. 🌿
