Refinancing Without Equity?

“No!” you say.  “Impossible!”  Well, apparently, it can be done.  Even if you haven’t missed payments or aren’t in financial trouble.  If you are one of the millions of people who are both underwater and have a really unattractive loan, the HARP program may be able to help.  I know just a few of the details (like your loan must be owned by Fannie Mae or Freddie Mac), but Eric Nelson of Silicon Valley Funding knows them all.  If you or a loved one find yourself in this situation, shoot him an email and see if he can help.  If you just want to read up on it, click here.

The California Report – Extended Tax Credit for Buyers

California lawmakers have voted to extend a $10,000 tax credit for first-time homebuyers.

The bill allocates $100 million for qualified first time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. The eligible taxpayer who closes escrow on a qualified principal residence between May 1, 2010 and December, 31, 2010, or who closes escrow on a qualified principal residence on and after December 31, 2010 and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010, will be able to take the allowed tax credit. This credit is equal to the lesser of 5% of the purchase price or $10,000, taken in equal installments over three consecutive years. Under AB 183 purchasers will be required to live in the home as their principal residence for at least two years or forfeit the credit (i.e. repay it to the state).”

The bill received bipartisan support in the Assembly and Senate on Monday and was signed by Governor Arnold Schwarzenegger on Thursday. California had recently passed a tax break that capped the total credit available at $100 million on new homes purchased between March 1, 2009, and March 1, 2010. This bill extended that coverage to include “used” homes and also doubled the funding.

 

To read more, click here.

Refresher on the Federal Tax Credit

First-Time Homebuyer
As long as you haven’t owned your primary residence in the last three years, you are considered a first-time homebuyer. If you did own your primary residence, but it was outside the United States, you still qualify. For married couples, each spouse must meet this criterion. For two unmarried individuals purchasing a home, only one need qualify (and that one should claim the credit). The credit is worth 10% of the purchase price, up to a maximum of $8,000.

Long-Time Homeowner
Because of changes to the homebuyer tax credit made in November 2009, long-time homeowners can now qualify for a tax credit as well. Homeowners who have lived in the same home as their principal residence for five consecutive years out of the last eight years can claim a tax credit of $6,500, if they choose to buy another home.

Some married couples are not eligible for the long-time homebuyer credit because the credit only applies to married couples where both spouses have lived in the same house together for five consecutive years out of the last eight years.

Long-time homeowners do not have to sell their current residence to qualify for the credit. They could buy a new home and keep the old home as long as the new home was used as their principal residence. They could then rent out the old home or use it as a second home.

Buy New Construction
Under both programs, as a first-time buyer or long-time owner you do not have to purchase an existing home to qualify for the credit. You can claim the credit on the purchase of a new home, as long as you have signed a legally binding construction contract by April 30, 2010, and occupy the home by June 30, 2010. The date of purchase for a new home is considered to be the date the homebuyer occupies the new home.

Make Sure You Qualify
Whether you’re a first-time homebuyer or long-time homeowner, you’ll have to meet the following criteria to claim the credit.

• You must be at least 18 and you must not be claimed as a dependent on anyone else’s tax return to qualify for the credit.
• You can’t purchase the home from a close relative, which the IRS defines as a parent, grandparent, spouse or child.
• The home’s purchase price cannot be higher than $800,000.
• Your income can’t be too high. This credit applies to single taxpayers with modified adjusted gross incomes (MAGI) up to $125,000 and married taxpayers with MAGI up to $225,000. Single taxpayers with income between $125,000 and $145,000 and married taxpayers with income between $225,000 and $245,000 are eligible for a reduced credit. (Just because you are in love doesn’t mean that a joint return is best for both of you. Check out Happily Married? File Separately!)
• Houses, condos, townhomes, co-ops, house trailers and houseboats are eligible as long as they will be used as the buyer’s primary residence. Thus, vacation homes, second homes and investment properties are not eligible for the credit.
• Some government employees serving overseas, such as members of the armed forces, have an additional year to qualify for the credit.

Claim the Credit
You’ll have to attach form 5405 to your return and you must file a paper return (no e-filing allowed). The IRS also requires you to attach your HUD-1 or other settlement statement (if one of these forms wasn’t involved in your purchase transaction, for mobile homes, a detailed retail sales agreement will suffice, and for new construction, a detailed certificate of occupancy will work). Make sure to sign whichever document you submit if it doesn’t already contain your signature.

Long-time homeowners must also attach their proof of long-term homeownership in the form of five consecutive years’ worth of property tax statements, mortgage interest statements or homeowner’s insurance statements.

For homes purchased in 2010 (before the 2010 deadline), homebuyers can claim the credit on either their 2009 or 2010 tax returns. Someone who purchased a home on April 30, 2010, would not have to wait until 2011 to claim the tax credit on her 2010 tax return; instead, she could file an amended 2009 tax return to get the credit sooner.

Unlike the 2008 tax credit of up to $7,500, which has to be repaid in 15 equal installments starting with the taxpayer’s 2010 tax return, the 2009 and 2010 tax credits do not have to be repaid unless you sell the home within 36 months of purchase. In that case, you would have to repay the entire credit.

Be sure to check with your own specifics with yur tax preparer!

Provided by Susan Reber of Mission Hills Mortgage Bankers.

Home of the Week: It Doesn’t Get Any Greener Than This!

I was wowwed!  LEED Certified Platinum construction meticulously designed by Handel Architects.  The development is called NOVE and it contains nine homes, each with outdoor space, direct connect parking (not a common garage), bright white modern finishes, private outdoor spaces and views and lots of bright sunlight.

My favorite features were the shiny orange epoxy garage floors and the completely real looking artificial grass in the “backyards.”  That and the fact the solar panels are cleverly integrated into the curved roof design to catch more of that south sun.

These 3 and 4 bedroom homes are all designed on two levels and are well located on Guerrero between 21st and 22nd (where the Palm Broker used to be).  Just the right place for a low-carbon footprint pedestrian lifestyle.  Bargain priced at between 1.1MM and 1.6MM, but they seem to be going fast.  the two top corner townhomes are already sold.

Please let me know if you want to take a look!

Taking Good Care of Your Credit Score

Susan Reber of Mission Hills Mortgage Bankers provided this great list of suggestions and I thought I would pass it along.  Susan can be reached at sreber@mhmb.com.

Most home buyers know little about the whole credit scoring process. Borrowers often find themselves at a loss when trying to find ways to upgrade their credit history. While credit repair is necessary for some, it’s not the only way to increase your credit score. Even if you have stellar credit, you can enhance your score through these steps:

 Evenly distribute your credit card debt to change the ratio of debt to available credit. Let’s say you have a credit score of 665. If you have debt on only one card, and four additional credit cards with zero balances, evenly distributing the debt of the first card could move you closer to that ideal bracket. 

• Keep your existing zero balance accounts open and active; not doing this means you lose the benefits of a long-term credit history and increase your ratio of debt-to-available credit. The bottom line is don’t close those old accounts! 
• Keep credit inquiries to a minimum. Each inquiry into your credit history can impact your score anywhere from 2-50 points. When it comes to mortgage and auto loans, even though you’re only looking for one loan, multiple lenders may request your credit report. To compensate for this, the score counts multiple auto or mortgage inquiries in any 14-day period as just one inquiry, so try and stay within that time frame. 

 

 Remember, credit scores don’t change overnight; get the ball rolling at least three months prior to applying for home financing. 

Thanks Susan!

What’s Going to Happen Next?

The San Francisco Home Market: Bounce Back or Double Dip?

 

 

Yesterday, an extended piece on The Today Show rated San Francisco as the #1 housing market ripe for recovery. To see the video, go to http://today.msnbc.msn.com/, scroll down the page to the “Tech & Money” section, then click on the video “5 Housing Markets Ripe for Recovery.”

 

The following criteria for evaluating areas that are stabilizing and poised for recovery:

 

-affordability

-low rate of foreclosures

-appreciation (per National Assocation of Realtors)

-strong job market and low unemployment

San Francisco was the # 1 pick, in front of Pittsburgh, Phoenix, Memphis, and Charleston WV.

I hope the Today Show’s expert Barbara Corcoran is right!

Unfortunately, she may not be.  We live in a constant storm of analysis and opinion as to what is happening and will happen in real estate. Due to national statistics in December (and other economic indicators), some have predicted a nasty “double dip” in the home market subsequent to the recovery which began last spring. But the market goes into hibernation in December: there are far fewer transactions, mostly by first-time buyers purchasing at lower price points, while families and upper-end buyers generally withdraw for the holidays. When the data is reduced and skewed, it’s less reliable. January isn’t much better because it takes a while for the market to wake up.

 

Data is from sources deemed reliable but may contain errors, and is not warranted. Sales not reported to MLS, such as many new-development condo sales, are not reflected in these statistics. Median price is that price at which half the sales are above and half are below.

 

 

 

Therefore, the market data for February, as seen in the charts below, is of particular interest. While it’s unwise to make too much of one month’s data (a failing of many pundits), it is surprising how sharply February’s statistics indicate a strengthening market. That is not to say a double-dip isn’t possible — the state, national and world economies are still fragile — just that we are not yet seeing indications of one here in San Francisco. Those who have spent the last year waiting eagerly for further price declines have so far waited in vain. (For the record: according to the Case-Shiller index, home values in the 5-county SF Metro Area have increased 4 – 5% in 2009, but the city accounts for only a small percentage of those sales.) It will be interesting to see if the trends seen below continue, as spring gets under way — and what implications that might hold regarding price movements.

click for larger image	Home Listings Accepting Offers Considering February is a short month (with 2 national holidays), market demand was comparable to the highest levels we’ve seen in the past 18 months. February’s number was 50% higher than January, 80% higher than one year ago (during the market’s dark days), and 12% above February 2008.
click for larger image	Median List Price of Homes Accepting Offers The most recent market data available is of listings accepting offers. (Sales prices are 30-60 days behind the market, as they reflect when the offer was accepted.) And the median list price of homes accepting offers is generally within a few percentage points of the final sales price. Assuming the steep December/ January drop was a seasonal anomaly, this chart shows little indication of either significantly increasing or decreasing prices. Indeed, the definitive trend is how stable the overall SF median price for homes under contract has been since spring 2009: $700,000 plus or minus about 3%.
click for larger image	Market Activity by Property Type House and condo sales dominate the SF market, with TICs and 2-4 unit buildings far behind. The low number of closed sales in February reflects the reduced offer activity of the holiday season, and February’s accepted offers will close mostly in March and April. The average time it took for sold houses to accept an offer (59 days) was lower than that for condos (75 days), TICs (109 days) and 2-4 unit buildings (110 days), which reflects the heat of each market segment.
click for larger image	New Listings Coming on Market New inventory has been increasing since early January, but as can be seen in the other charts, it is not keeping up with buyer demand. We may see a greater surge of new listings with the beginning of spring – certainly the hope of many buyers. This is a week by week chart of the past 6 months.
click for larger image	Homes for Sale (w/o Accepted Offers) Despite the increase in new listings, the number of active homes for sale — house, condo, TIC — over the last 3 months has been lower than at any time in the past 2 years. This reflects the anecdotal word from the field: strong buyer demand; lots of buyers touring open houses; very limited supply of appealing, well-priced homes to buy; often leading to multiple offers on those that do appear on market.
click for larger image	Percentage of Listings with Accepted Offers At over 22%, February had the highest percentage of San Francisco home listings with accepted offers of any month over the past 2 years, indicating a market heating up. When looking at homes between $500,000 and $700,000 — the price range with most sales in SF — the percentage increases to over 24%, the highest percentage for that price range in the past 2 years.
click for larger image	Average Days-on-Market for Homes Accepting Offers The lower the days-on-market, the faster listings are accepting offers. February saw a big plunge in average days on market (to 47 days) for homes accepting offers. In fact, the change was so dramatic, it may be anomalous — or it may simply reflect pent-up demand, as buyers returning from the holidays jump upon an insufficient supply of inventory. It is the lowest average days-on-market number in the past 2 years.
click for larger image	Months-Supply-of-Inventory (MSI) MSI is defined as that number of months required to sell the existing inventory of available homes at the current rate of sale: the lower the MSI, the stronger the demand as compared to supply. At an MSI of 3.1 months, February had the lowest MSI figure for SF homes of the past 2 years. The MSI for SF homes between $500,000 and $700,000 is an even lower 2.7 months. Usually MSI figures this low would be considered a clear “Sellers’ market,” but with difficult financing conditions and uncertainties regarding the economy, the balance of power between qualified buyer and motivated seller is currently more complicated.
click for larger image	Inventory Absorption: SF Home Market The longer gray lines delineate “residual inventory”, i.e. that number of listings actively for sale on the last day of the month which were listed prior to the first day of the month: simply put, listings which have not accepted offers within 1 month of going on market. January and February saw the lowest amount of residual inventory in the last 2 years. Also the ratio of properties which have accepted offers to residual inventory is at the highest level in 2 years. Two more statistics indicating a strengthening market.
click for larger image	Sold Listings vs. Expired Listings The green bars indicate sold listings and the purple bars the expired/ withdrawn listings in any given month. (Again, the low number of sales in January and February reflect the low number of accepted offers during the holidays.) Even with the relatively strong demand in SF since last spring, for every 3 homes that sold, another 2 listings expired without selling. The current market is unlike our (very hot, perhaps irrational) market of 2 – 3 years ago, when it seemed that virtually everything sold quickly. Most Buyers now ignore listings they consider overpriced, and homes not priced within 5% – 8% of perceived fair market value usually don’t even receive offers.
click for larger image	Luxury Homes Accepting Offers This 2-year chart delineates the number of San Francisco homes priced $1,500,000 and above which accepted offers in any given month. Luxury home sales rebounded in February 2010 from the doldrums of the holiday season, back up to the highest levels seen in the past year — but still substantially below the activity seen before the market meltdown in September 2008.
click for larger image	Luxury Homes: % of Listings with Accepted Offers At 19%, February saw the highest percentage of high-end listings ($1.5m and above) with accepted offers since July 2008, an obvious indication of increasing demand amid relatively low supply. A year ago, the percentage was a very low 7% (following the crash in the luxury home market after September 2008), and 2 years ago, during the hot luxury market, the percentage reached a high 28%.
click for larger image	Mortgage Rates As March began, the average rate for 30-year fixed-rate loans once again fell below 5%, which is very low. Many analysts believe rates will increase after the Fed ends its bond buying program at the end of March, and though opinions vary, the consensus forecasts an approximate 1% increase by the end of 2010. 6% is still a low rate historically, but the increase would add significantly to the carrying cost of home ownership.

Sitting on the floor, watching the world get sold

At a rate of about one property every 2.5 minutes, bank owned properties are going, going, gone…the tuxedo clad, high energy, “auction assistants” are coaxing bids out of a poker faced crowd.

I am indeed sitting on the floor because it is a full house here at the Doubletree Hotel “grand” ballroom off Arden way in Sacramento at the REDC auction you can find out more about at http://www.auction.com. Most properties seem to be selling for between 3 and 4 times the opening bid, which is still a good deal if you believe the “previous values” listed on the program.

In my market, very, very few properties have gone to this type of auction. If, however, you are interested in Sacrameto real estate, there’s plenty here to choose from. There’s even a slightly tempting 19 acre parcel in Oak Run where my good friends Tom and Wendy live.

About 20% of properties for which the gavel comes down are being reauctioned a few minutes later for reasons of the buyers failure to qualify or prove funds to close. This qualification takes place at a bank of laptops at the far end of the ballroom. A number of the properties are proclaimed “sold, pending seller approval.”. I’ve been told this means that the bank which owns the property has 14 days in which to approve or reject the deal as the reserve was not met and that about 80% of these actually proceed to closing.

My client is hoping to buy a bank owned property in Tuolomne county that he already tried to buy twice through a normal mls sale. Both times the bank rejected the deal. We are going to be up toward the very end of the auction-only about 25 more properties to go. Wish us luck!!

(Oak Run parcel just sold for 17,500 for 19.8 acres.)

Home of the Week: Little Miss Broadway Anyone?

In a quick survey of adults I have taken, it appears that most of you have forgotten all about the 1938 Shirley Temple classic “Little Miss Broadway.”  In this fine film, Miss Temple plays an orphan (of course) who is adopted by the manager of a hotel populated by show business people.  She lives on the top floor (or is it the wealthy villian who does?).  In any event, drama and tap dancing ensue before the predictable happy ending.  While I never wanted to be an orphan, I did covet the real estate.

The Hamilton reminds me of this film because it is a 1930, 21 story, Art-Deco hotel that now houses 185 gracious studio condos and one gigantic, fabulous, full-floor penthouse.  While showing a studio last summer, I was told by one of the residents that the penthouse had a lap pool on the east end.  Naturally, when it came on the market, I needed to go check!  As you can see from the picture of the atrium at right, there is no pool, but there is one heck of a 360-degree view.  Add to this original marble and parquet floors, tromp o’lei backdrops and “wallpaper,” his and hers master baths (with matching view bathtubs carved of a single piece of Carrera marble), antique fireplace mantles, an outdoor space with fountain, two car parking, and a wonderful gourmet kitchen and you have over 3,800 square feet of sophisticated urban living.  Any takers?

Are your property taxes too high?

It’s a good news/bad news situation. If your home is worth more than you paid for it, most people would agree that that’s a good thing. And if your home is worth more than you paid for it, you are likely paying the right amount of tax and so are not eligible for the scenarios described below. However, if your current assessed value is more than the fair market value of your home minus $7,000, you may be eligible for a reduction in your assessed value for the purpose of property tax calculation.

If you believe your home may be eligible for a reduction in property taxes based upon a decline in value, there are two ways you might proceed: an Informal Review by the Assessor’s office and/or a Formal Appeal with Assessment Appeals Board. The Formal Appeal, in particular, can be a complicated and time consuming process. Generally speaking (it all depends on the neighborhood and other details of your purchase), homes purchased 2005 through mid-2008 have the best cases for a property tax reduction. Declines from Peak Value (whenever that occurred) typically run in the 15% to 25% range. If your appeal is successful, the reduction in assessed value only applies to the 7/1/10 – 6/30/11 tax year. A decline-in-market appeal is only good for 1 year, the year for which it is filed. The Assessor’s “valuation date” is January 1, 2010 and any sales comparables submitted must have closed before March 31, 2010.

Informal Review

The SF Assessor’s Office has announced that they will now accept “Requests for Informal Review of Assessed Value” for tax year 2010/2011. Such requests must be filed by March 31, 2010 and apply only to single-family dwellings, residential condominiums, townhouses, live-work lofts and cooperative units. Last year 3,432 requests for informal review resulted in 1,683 reductions of assessed values for SF properties in tax year 2009/2010.

One can email the Assessor’s office with questions (Assessor@SFGOV.ORG), as well as call or visit the Assessor’s office to speak with the appraisers that are on duty (415-554-5596). And the SF Assessor’s website offers information regarding Decline-in-Value Informal Reviews: http://www.sfgov.org/site/assessor_index.asp?id=115404 

FAQs as Posted by the SF Assessor’s Office

Q1: I BELIEVE THE MARKET VALUE OF MY PROPERTY IS LESS THAN MY CURRENT ASSESSED VALUE. HOW DO I PROTEST MY VALUE?

First, check your current assessed value at http://gispubweb.sfgov.org/website/sfparcel/index.htm. Second, if the assessed value is higher than the market value, you have the following options:

1. REQUEST AN INFORMAL REVIEW (single family dwellings, residential condominiums, townhouses, live-work lofts and cooperative units only) – From January 4, 2010 to March 31, 2010, the Assessor will accept requests to review the market value of your property. Your request must be in writing by completing an application or submitting your request online with supporting evidence of your opinion of value. If you were granted a reduction for the year 2009-2010, we will automatically review your assessment for the year 2010-2011 to determine whether a reduction is still warranted, Send your request to: Assessor-Recorder, ATTN: Prop. 8, 1 Dr. Carlton B. Goodlett Place, City Hall – Room 190, San Francisco, CA 94102. Mail-in requests for an informal review must be U.S. postmarked by the March 31, 2010 deadline. By Fax: (415) 554-7915 or E-mail: InformalReviewRP@sfgov.org. Be sure to keep a copy for your records.

2. FILE AN ASSESSMENT APPEAL (All property types) – From July 2, 2010 to September 15, 2010 you may file an Application for Changed Assessment with the Assessment Appeals Board (AAB), an independent body established to hear and resolve valuation disputes between the Assessor and taxpayer. A $30.00 filing fee due at the time of application and the AAB will schedule a hearing for you at a later date. Applications may be obtained by contacting the Assessment Appeals Board – Clerk of the Board at 1 Dr. Carlton B. Goodlett Place, City Hall – Room 405, San Francisco, CA 94102, by phone: (415) 554-6778 or directly from their website: www.sfgov.org/AAB.

Q2: CAN I, AS THE OWNER OF A SINGLE FAMILY DWELLING, DO BOTH PROCEDURES?

Yes. If upon the receipt of your annual Notice of Assessed Value, which will be mailed at the end of July 2010, you disagree with the assessed value, you .can file an assessment appeal with the Assessment Appeals Board. Please see instructions above.

Q3: WHAT DOES MARKET VALUE MEAN?

Market value is the price a property would sell for when the property is put up for sale in a competitive and open market.

Q4: WHAT IF MY CURRENT ASSESSED VALUE IS BELOW MARKET VALUE?

The Assessor is required to enroll the lesser of your factored base year value (assessment) or the market value. For example, if the market value (what you could sell your house for) of your property as of January 1, 2010 is $500,000 and your assessed value is $200,000 the Assessor would enroll the $200,000 as your taxable value. You would not qualify for a lowered assessment.

Q5: WHAT TAX YEAR AM I APPEALING?

The assessed value being appealed will cover the fiscal year from July 1, 2010 to June 30, 2011.

Q6: WHAT TYPE OF INFORMATION WILL I NEED TO PROVIDE TO SUPPORT MY CLAIM?

You will need to submit sales information and/or an appraisal performed by a licensed real estate appraiser to support your claim. The sales information or appraisal’s date of valuation should be near the January 1, 2010 lien date but no later than March 31, 2010.

Q7: IF THE ASSESSOR OR THE ASSESSMENT APPEALS BOARD AGREES TO REDUCE MY VALUE, WILL THE NEW ASSESSMENT BE PERMANENT?

No. The reduction is temporary and only applies to the tax year being appealed. Once a reduction is made, the assessor is required by law to annually reappraise the property until its fair market value exceeds the factored base year value.

Q8: WHY ARE TENANCY-IN-COMMON (TICs) UNITS EXCLUDED?

Unlike residential condominiums and cooperative units, TICs do not have separate parcel numbers. A review of a single TIC unit is more complex. TIC owners can appeal their taxes by filing an Application for Changed Assessment with the Assessment Appeals Board beginning July 2, 2010 thru September 15, 2010.

Q9: WHEN WILL I BE NOTIFIED OF THE RESULTS OF MY INFORMAL REVIEW REQUEST?

Homeowners will be notified of the results of their informal review in the annual Notice of Assessed Value which will be mailed at the end of July 2010.

Making a Formal Appeal

The next open formal appeal filing period for San Francisco will be July 2, 2010 to September 15, 2010 — to appeal the 2010/2011 assessed value of your property. A formal appeal can be made for multi-unit and commercial properties, as well as for houses, condos & cooperative units.
It is possible to attend assessment appeals board hearings for other people to see how they work. They are open to the public. These 3 online resources offer important details regarding the filing of a formal appeal:

1. SF Assessment Appeals Board: http://www.sfgov.org/site/assessment_index.asp

2. Publication 30: “Residential Property Assessment Appeals”: http://boe.ca.gov/proptaxes/pdf/pub30.pdf

3. Informational Videos on Property Tax Appeals: http://sanfrancisco.granicus.com/MediaPlayer.php?publish_id=458

Warning on Scams

There are a number of property-tax-appeal service companies, who have been sending out their solicitations on stationery that suggests a government agency affiliation. SF Assessor-Recorder Phil Ting has stated the following:

“We’ve received reports from dozens of taxpayers who have received a letter from companies offering to facilitate the property tax reassessment for $179 [or more]. This is unnecessary and deceptive. Taxpayers can fill out a simple, one-page application for a review of their property in my office, free of charge… There is no need to pay for this service.”
All information is from sources deemed reliable but subject to error and omission, and not warranted. Interested parties should contact the appropriate government agency to confirm all pertinent guidelines and procedures.

Going Green is Easy

…But it has taken a long time!  Remember back in 2008 when I posted that Stefan and I had signed up for a solar lease program with Solar City?  Well, I know I barely can think that far back, but the installers showed up bright and early Monday morning and the panels are going in today!  They installed a power converter box in the garage, reinforcements to our attic framing and then commenced installing the grid on the roof.  We will save a tiny bit of money each month over the cost of the lease, but the real incentive to participate is simply that we will be doing something to reduce carbon emissions using a part of our house we never even see – the roof!

The experience with Solar City has been slow, but not painful.  They have taken care of the plans and the permits.  Also, during the waiting period, the size of our system has increased from a 2.0 kilowatt system to a 2.7 kilowatt system for the same price, so we and the environment have benefitted from the delay.

The next steps are the city inspection, PGE inspection and turning the system on!

For more information on installing solar panels on your house, I recommend contact Jeanine at Luminalt at (415) 564-7652  (Luminalt is a local company located in the Sunset District using solar panels manufactured by the employer of Client In The Know Tanya Baker!); or Jesse Brennan at Solar City  650.963.5140.  It can’t hurt to check it out!