Things are about to get real in California’s real estate industry.
In a bold push towards increased sustainability, the five-member California Energy Commission recently voted in favor of requiring solar panels on the construction of most new homes. The new mandate won’t take effect for another two years, however it’s already making waves throughout the Golden State’s construction, real estate, and solar industries.
California has long been considered a national leader and trendsetter in clean energy initiatives, and this most recent piece of legislation is aimed to set the bar even higher. Although it will add thousands of dollars to already high housing costs – one of California’s most pressing issues – lawmakers and environmental advocates say the added expense will be more than made up for in long-term clean energy savings.
“You can bet every state will be watching to see what happens,” Bob Raymer, senior engineer for the California Building Industry Association, said before the vote.
Raymer is right – all eyes are on California, the world’s fifth largest economy. New York state is closely watching too, especially Western NY, where there is great potential for both residential and commercial solar real estate.
Although Western NY is far from implementing legislation that requires solar panels on the construction of most new homes, solar has already made its mark on the local real estate industry and economy in a number of positive ways. This is especially true when it comes to commercial solar real estate.
Solar energy systems offer commercial real estate and property owners a variety of generous environmental, financial, and professional growth opportunities. Clean, local energy savings can boost cash flow in a number of ways. Solar can dramatically reduce utility costs, and properties with underutilized land or roof space can lease these areas to solar installers. Hosting a solar array provides several immediate and long-term benefits. This is especially true for manufacturers and those in the industrial sector, who can greatly benefit from creating a more sustainable environmental footprint.
In addition, solar facilitates closer ties with tenants and their respective client base. Current consumer trends favor companies that honor ethical and sustainable business practices, and solar can be used to create a strong point of differentiation between businesses and their competitors. Similarly, the community also benefits from commercial solar real estate through job creation and reduced fossil fuel emissions.
Thanks to the increased affordability of solar panel prices and an abundance of lucrative solar incentives, there’s never been a better time for commercial solar real estate. So what are you waiting for?