Installation of solar power installation in California becomes mandatory this week. Within two years, the state will require all new homes to have solar power installation. California is the first state that is taking an exemplary action on renewable energy. On Wednesday, five members of the California Energy Commission unanimously approved the decision. The commission expects this decision to increase home building costs between $8,000 and $12,000 due to installation cost. However, the added cost is worth when you consider long-run turnover. Additionally, it’s environmental friendly action which should be taken more seriously than it’s now.
How much will Solar Power Installation in California add to my Mortgage?
Although it’s an excellent update for your house to become environmental friendly, many home buyers are concerned with the costs. The cost of solar power installation is directly related to the type and size you choose for your home. However, solar power installation in California should be around $40 extra for a 30-year mortgage in average. It’s not a huge amount of investment if you consider better outcomes and return of the solar panel installation.
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How much will I Save from the Bills after Solar Power Installation in California?
Home buyers worry about the mandatory rules of renewable energy installation into their homes due to expenses. However, home buyers save more with these installations in the long run. According to the Energy Commission, consumers will save monthly around $80 on heating, cooling and lighting bills. It’s a great deal in comparison to the added cost to the mortgage. Moreover, you will be helping to preserve the environment as a bonus.
How Will Mandatory Solar Power Installation Effect California Housing Market?
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California is already suffering from a shortage of affordable housing. Locals complain about the high prices of new houses. Apparently, mandatory solar power installation for new homes will slightly increase the prices in the market. However, home buyers will realize that they will save more in the long run.
There are few things home buyers should pay attention before purchasing a property in the California housing market. As the decision will be effective in the next two years, new houses should have solar panel installed. Though, installation of the solar power is not enough. Home buyers should conduct a research about the solar power installed in the property they are looking to purchase. The quality of the system is crucial for long term outcomes. In the end, this should be beneficial both for you and the environment, so make sure it’s worth it.