California’s new homes go green

California’s new homes go green

California’s new homes go green
California has started of 2020 by implementing several new laws that will require the state’s homebuilders and residents to go green. As of January 1, all newly constructed homes and low-rise apartment buildings in the state are required to be built with solar panels.

The Golden State is the first in the nation to require a renewable energy source on all new residential construction. The California Energy Commission states that this new building code could increase the cost of construction by up to $9,500 per home.

While this is likely to increase the price tag for newly built homes in the state, homeowners are estimated to save $19,000 in energy and maintenance costs of 30 years by going solar.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.