When most people enter the housing market, their ideas are generally the same, plenty of space, natural light, a sturdy home, new appliances. Fewer people consider the implications of owning and operating an energy efficient home. This is a detail that can pay dividends over the years, of saving money on utilities like oil and electricity.
As climate change looms on the horizon, many states are already starting to create regulations about efficiency standards. For example, California is requiring all new homes to be built with solar panels included, a feature which over 15,000 new homes already utilize, but will jump to 80,000 after the law is passed.
In New York, buildings that are more than 25,000 square feet will be required to make fixes, such as upgrading boilers and installing new windows and insulation, to become more energy efficient, with the goal of cutting greenhouse gas emissions 40% percent by 2030 and 80% by 2050.
If these regulations aren’t followed, the fines can be hefty. This bill and others that are part of the Green New Deal are almost sure to impact real estate markets. Many of these regulations can be tough on builders, adding additional costs to an already substantial investment. However they could be great for rental property owners who will cut their utility costs.
Rather than try and play catch up with these regulations, it’s smart for potential builders and buyers to get in front of this opportunity. If you need assistance looking to buy an energy efficient home, feel free to reach out at Castles Unlimited.