HUD last Thursday announced that it will require new homes financed or insured by its subsidy programs to follow the 2021 International Energy Conservation Code standard. The nonprofit International Code Council sets what are supposed to be model energy building standards every few years, which states and municipalities can adopt.
Many governments have declined to adopt the 2021 standards because of their higher costs. The National Association of Home Builders says the energy rules can add as much as $31,000 to the price of a new home. It can take up to 90 years for a buyer to realize a payback on the higher up-front costs through lower energy bills.
These incentives include a $5,000 per unit tax credit for “zero energy” multifamily construction that meets prevailing-wage requirements that also raise building costs. HUD adds that builders may also “take advantage of certain EPA Greenhouse Gas Reduction Fund programs, especially the Solar for All initiative” and an investment tax credit that can offset 50% of a solar project’s cost.
Notwithstanding these taxpayer handouts, HUD estimates that the new standards will raise the cost of a single-family home by $7,229 and the average annual mortgage payment by $439, assuming a 5.3% mortgage interest rate. But mortgage payments will increase by much more at today’s 7% to 8% interest rates and could easily offset notional savings on energy bills.
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