Will Last Week’s Event Impact Your Costa Mesa Utility Bill?
Costa Mesa utility bills are headed upward—with nobody expecting them to head in any other direction. Last week, the Bureau of Labor Statistics reported that their Energy Index increased 32.9% for the year ending last month—and that was the good news, since June’s 12-month increase had been 41.6%! Costa Mesa utility bills didn’t need to match those pain-producing national averages for the writing on the wall to be evident: household utility bills are bound to become big news—with some predictable real estate repercussions.
There are also actions Costa Mesa homeowners can take—most of which are well-publicized (and common sense, anyway). But last Tuesday, an event took place that could rate refiguring the cost-benefit analysis in one energy-consumption area that affects most Costa Mesa homeowners.
The signing of the controversial Inflation Reduction Act made meaningful changes to the IRS’s solar tax credit. That provision was slated to gradually phase down from the current 26% to a 22% tax credit next year, but IRA provisions reversed that. The credit will now be increased to 30%. The new provisions—which also apply to battery storage equipment—will also be extended to remain in effect for the next ten years.
As an example, Costa Mesa homeowners who decide to order $25,000 rooftop solar arrays for delivery in 2023 would now receive a $7,500 tax credit instead of $5,500. As always, homeowners should consult their professional tax advisor to confirm details and applicability. The amount of the impact that solar power generation will have on any given Costa Mesa home’s electric bill is an individual matter—but since supply and installation issues are bound to result in scheduling delays, getting an order in the works is probably a good idea.
Especially for homeowners who plan to ultimately put their home on the market, it’s becoming increasingly important to be able to demonstrate the property’s economic utility expense profile. It’s not unusual for potential buyers to ask to see utility bills covering the past couple of years—and you can bet they will compare those costs with other properties. You can prevent a last-minute scramble to assemble those bills by recording them regularly. And if energy consumption shows a demonstrable drop with the adoption of solar technology, that should be an upgrade with broad appeal. Call us for other promotable energy-saving ideas—as well as for any questions dealing with other Costa Mesa real estate matters.
We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at info@thel3.com
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