Little has been said about it nationally, but home buyers in California, already facing some of the highest prices in the nation, will be paying a bit extra next year when the Golden State makes solar mandatory for new houses, notes Grumpy Editor.
The requirement could easily add $8,000 to $10,000 to the home’s price, according to the California Energy Commission (CEC).
The solar addition will increase the average monthly mortgage payment by $40, figures CEC. But, it adds, new home buyers will save an average $80 a month on heating, cooling and lighting bills.
Danielle Hale, chief economist at Realtor.com, tells CNBC's "On the Money" that the new solar requirement could undermine a segment of the real estate market that's struggled to add to new homes relative to demand.
Added costs could hit "the affordable side of the market," she mentions, where prices on available homes have been under pressure.
"It's a very different perspective depending on if you're looking for affordable homes, or pricier homes," she adds. “It's already difficult for builders to build, and I think this is just going to exacerbate that problem."
IN CASE YOUR FAVORITE NEWS OUTLETS MISSED THESE…
RUSSIAN INTERFERENCE REPORT DELAYED. Robert Mueller’s final Report on the two-year investigation of the so-called Russian interference in the 2016 presidential election, which media were awaiting this week, won’t be out after all, leaving print and broadcast outlets in suspense.
DOW POSTS NINTH STRAIGHT WEEKLY GAIN. The Dow rose above 26,000 again on Friday, gaining 181.18 points to close at 26,031.81 for the first time since Nov. 8 in posting its ninth consecutive weekly gain --- longest streak since May 1995.
MILLENNIALS TARDY ON AUTO LOAN PAYMENTS. A record seven million Americans are more than 90 days late on Auto Loan Payments and millennials are clearly leading delinquency rates, finds the New York Fed. It notes the number of new auto loans and leases appearing on credit reports last year reached the highest level in 19 years. Researchers note there was a “sharp worsening” in the number of delinquent auto loans held by borrowers under 30.
FOUR TERM MINNESOTA DOG MAYOR DIES. Duke the four-term ceremonial canine mayor of Cormorant Township, Minn., went to "doggy heaven" last week. The Great Pyrenees, 13 years old, made national news for being elected the dog mayor, acting as the village's ambassador to the public.
SEN. SCHUMER QUESTIONS HEDGE FUND WITH EYES ON GANNETT. Senate Minority Leader Chuck Schumer wants to know how many journalists Hedge Fund Alden Global Capital intends to lay off if it manages to take control of Gannett, publisher of USA TODAY.
SMOLLETT REAPS HEAVY COVERAGE IN MEDIA. Actor Jussie Smollett, gaining more media coverage than the President over the past week, was cut from this season’s final two episodes of Fox’s “Empire” after Chicago police charge him with filing a false report for allegedly staging a hate crime attack on himself.
SNOW HITS HOLLYWOOD. Last week's snow in the Hollywood Hills area of Los Angeles is the first such dusting since 1962.
