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Florida and California homeowners have been dealing with high property insurance premiums due to severe weather. Louisiana is now the third-most expensive state for insurance according to Insurify , an insurance comparison website. The average annual premium for Louisiana is $5,353, which is three times the national average homeowners insurance cost. Car insurance and flood insurance premiums are also rising within the state. Louisiana has the least affordable car insurance rates in the nation, according to the Insurance Research Council .

Persons: Mark Friedlander Organizations: Farm, Allstate, Service, Privacy, Insurance, Institute ., Insurance Research Locations: Florida, California, Louisiana, Wall, Silicon, Institute . Florida, Louisiana Louisiana, . Louisiana, Hawaii —

☆ Here are 3 costly financial surprises for first-time homebuyers — and how to prepare for them
▼ + stars: | 2023-09-01 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Jonathan Ernst | ReutersWith record-high home prices and soaring mortgage interest rates, homeownership has become increasingly unaffordable — and hidden costs can surprise first-time buyers, experts say. Here are three of the most common surprise homeownership expenses and how to prepare for each one, according to experts. Property taxesAs a first-time homebuyer, it's easy to overlook property taxes since you've never paid those levies directly. Home maintenanceThe cost of home repairs and maintenance can also be a hidden expense for first-time homebuyers. As a first-time homebuyer, you need to make sure you have a sufficient cushion for surprises — I'd argue 5% of the home's purchase price at least.

Persons: Jonathan Ernst, homeownership, Vince Darling, you've, Richard Auxier, Kevin Brady, — I'd, Nicole Sullivan Organizations: Reuters, Stonebridge, Urban, Brookings Tax, Wealthspire Advisors, Prism Planning Locations: Alexandria , Virginia, Zillow, Forest Lake , Minnesota, New York

A view of a damaged house after the arrival of Hurricane Idalia, in Cedar Key, Florida, U.S., August 31, 2023. REUTERS/Marco Bello Acquire Licensing RightsAug 31 (Reuters) - Florida-only insurers such as Citizens Property Insurance anticipate fewer losses from Hurricane Idalia than from previous storms in the state, even as industry experts expect further insurer pullback from the market. "This certainly will not help with ongoing challenges to Florida's insurance market, but it could have been a lot worse," said Steve Bowen, chief science officer at reinsurer broker Gallagher Re. The top 10 U.S. homeowners insurers such as State Farm and Allstate Corp (ALL.N) average only about 4.1% of their premiums in Florida, Moody's said. Reuters GraphicsThe exit of insurers from Florida comes amid a broader pullback from the market, including from reinsurers, according to an Aug. 24 Fitch report.

Persons: Hurricane Idalia, Marco Bello, Ian, Idalia, Moody's, Steve Bowen, Gallagher, Fitch, Noor Zainab Hussain, Manya, Matt Tracy, Shinjini Ganguli, Megan Davies, Matthew Lewis Organizations: REUTERS, Property Insurance, Hurricane, Reuters, Citizens, UBS, Insurance Information Institute, Gallagher Re, Farmers Insurance, Bankers Insurance, Lexington Insurance, AIG, Farmers, Bankers, Farm, Allstate Corp, Insurance, Institute, Manya Saini, Thomson Locations: Cedar Key , Florida, U.S, Florida, Florida's, Coast, Tampa Bay, Jacksonville, Idalia, USA, Lexington, reinsurers, South Carolina, Bengaluru, Washington

☆ Florida’s already-volatile insurance industry is bracing for Hurricane Idalia
▼ + stars: | 2023-08-29 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +5 min

New York CNN —As it churns toward the disaster-prone Sunshine State, Hurricane Idalia could be a litmus test for Florida’s increasingly volatile and expensive insurance landscape. Despite several insurance companies exiting Florida, experts say the state’s residents are still mostly covered this hurricane season. “Florida’s property insurance market remains very volatile, but the insurance industry is well-capitalized to pay Idalia claims,” he added. Enrollment in flood insurance has seen a steady uptick every month since October 2022, according to the latest FEMA data. While Florida has the highest flood insurance enrollment rate of any state, Friedlander said only 18% have flood insurance through either federal or private insurers.

Persons: ”, Matthew Carletti, It’s, Hurricane Ian, Ian, Mark Friedlander, Friedlander Organizations: New, New York CNN, JMP Securities, Jacksonville —, CNN, Hurricane, Swiss, Insurance, Institute, Insurance Information Institute, Farmers Insurance, Farmers, Federal Emergency Management Agency, FEMA Locations: New York, Sunshine State, Hurricane, Florida, Tampa, Gulf Coast, Gainesville, Jacksonville, “

☆ American homes are shrinking, but it isn't making houses any more affordable
▼ + stars: | 2023-08-28 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +4 min

Yet, the cost per square foot has markedly accelerated over the same period, data from John Burns Research and Consulting shows. We saw increased prices across the board, and that's showing up in that increased price per square foot." Not only are prices per square foot going up, data suggests that contractors are less likely to build homes with a lower price per square foot. AdvertisementAdvertisementFurther double-digit jumps in price per square foot are less likely to materialize in the current environment. But as floor plans get smaller, price per square foot could stay stubbornly high.

Persons: John Burns, That's, Chris Porter, demographer, Porter, Redfin Organizations: Census, John, John Burns Research, Consulting, Builders, Service, Homeowners, Wall Street Journal Locations: Wall, Silicon, Indiana, Zillow

☆ New home sales rose to a 17-month high in July
▼ + stars: | 2023-08-23 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —New home sales rose in July from the month before, beating estimates and reaching a 17-month high, as buyers continue to look to new construction as an option in the face of a historically low supply of existing homes. While new home sales have been trending higher over the past year, sales of existing homes have been down for the past few months. Sales in the Midwest surged 47.4% from a month ago and sales in the West were up 21.5% from June. Meanwhile, sales in the Northeast declined by 2.9% from last month and dropped by 6.3% in the South. “When existing homes are hard to find, new homes at the right price are a good substitute.”

Persons: Kelly Mangold, ”, George Ratiu, Odeta Kushi Organizations: DC CNN, US Department of Housing, Urban Development, Census, Real Estate Consulting, ”, Midwest, National Association of Realtors, “ Builders, Builders, First Locations: Washington, –

☆ Goldman Sachs: 20 Cities With Highest and Lowest Home-Price Growth
▼ + stars: | 2023-08-17 | by ( Laila Maidan | ) www.businessinsider.com time to read: +2 min

Goldman Sachs says determined home buyers aren't being deterred by higher interest rates. Strategists at Goldman Sachs no longer expect home prices to drop for the full year 2023. Homeowners who are locked into lower rates aren't likely to give that up in exchange for new property. Housing affordability has returned to its historic 2007 lows, according to Goldman Sachs' Housing Affordability Index. This means smaller, more affordable homes are increasing demand, leading to higher price growth in that part of the housing market.

Persons: Goldman Sachs, Roger Ashworth, Goldman Locations: Charlotte, Atlanta

☆ Tourists lost their summer vacations. Maui’s locals lost everything
▼ + stars: | 2023-08-15 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +8 min

In an aerial view, homes and businesses are seen that were destroyed by a wildfire on August 11, 2023 in Lahaina, Hawaii. In an aerial view, homes and businesses are seen that were destroyed by a wildfire on August 11, 2023 in Lahaina, Hawaii. CNN Business Writer Catherine Thorbecke (center) with her late grandparents in Lahaina, Hawaii, circa 2013. People looking down to downtown Lahaina from Lahaina Bypass in Lahaina, Hawaii on August 13, 2023. A woman digs through rubble of a home destroyed by a wildfire on Friday, Aug. 11, 2023, in Lahaina, Hawaii.

Persons: Rick Avila, ”, –, ” Avila, Avila, Justin Sullivan, Mike Cicchino, “, Cicchino, Catherine Thorbecke, Josh Green’s, Mengshin Lin, ALICE, Rick Bowmer, it’s, ” Gionson, “ It’s Organizations: CNN, Lahaina, ”, Washington Post, “, Aloha United Way, Bank of Hawaii, Hawaii’s Department of Commerce, Consumer Affairs, Hawaii Tourism Authority Locations: Lahaina , Hawaii, Lahaina, Maui, Kingdom of Hawaii, Okinawa, Japan, Hawaii, Maui County, Las Vegas, Oahu, –

☆ Retailers take center stage in the week ahead, as Wall Street turns to the consumer for a much-needed boost
▼ + stars: | 2023-08-11 | by ( Sarah Min | ) www.cnbc.com time to read: +8 min

A raft of economic data and big retail earnings reports next week will give traders insight into the strength of the consumer after a mixed batch of inflation data. "Next week is all about the consumer," said Shannon Saccocia, investment chief at NB Private Wealth. The Nasdaq Composite fell for a second straight week for the first time in 2023 after mixed inflation data this week, as well as Moody's downgrading several regional banks. July's consumer price index came in weaker than expected, but continued to show some underlying stickiness. Housing data expected to show strength Investors will also watch data on what has been a strong housing market.

Persons: Shannon Saccocia, Saccocia, —, we've, John Porter, it's, Wealth's Saccocia, Kate Spade, Stuart Weitzman, Versace, Jimmy Choo, Michael Kors, That's, Sam Stovall, Stovall, CFRA's Stovall, Estee Organizations: Home Depot, Walmart, Federal Reserve, Nasdaq, Dow Jones, Newton Investment Management, FactSet, . Discount, TJX Companies, Ross, Homeowners, Price, Retail, Health, Home, Agilent Technologies, Housing, Manufacturing, TJX, Target, Cisco Systems, Philadelphia Fed, Applied, Deere, Co, Companies, Palo Alto Locations: U.S, NAHB, Housing States

☆ Why it's so hard to build homes in your neighborhood
▼ + stars: | 2023-08-05 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +12 min

Single-family homes in Arlington, Massachusetts. Around 75% of residential land in the United States is zoned for single-family homes only. This has had the effect of encouraging ever-larger single-family homes and limiting housing options, like smaller houses. “You can’t just do it all with zoning reform,” Walla Walla City Manager Elizabeth Chamberlain told CNN. The second wave of single-family zoning laws spread during the 1970s, historians say, and the policies became more restrictive.

Persons: Suzanne Kreiter, ”, Jenny Schuetz, “, —, Ben McCanna, Joe Biden’s, Richard Kahlenberg, Kathy Hochul’s, Elizabeth Chamberlain, “ It’s, Nancy Kaye, William Fischel, Fischel, Carlos Avila Gonzalez, Yonah Freemark, we’re, ” Freemark Organizations: New, New York CNN, Boston Globe, Brookings Metro, Republicans, Portland Press Herald, Getty Images, ”, CNN, Homes, “, Dartmouth University, Homeowners, San Francisco Chronicle, AP, Pew Charitable Locations: New York, Arlington , Massachusetts, United States, “, Maine, Getty Images Minneapolis, Arlington , Gainesville, Charlotte, Walla Walla , Washington, Oregon , California, Washington , Montana, Connecticut , Arizona, ” Walla Walla City, Cities, Louisville , Kentucky, Flushing , Queens, America, San Francisco, Los Angeles , New York City, Seattle, Chicago , Philadelphia, Portland, Washington, Walnut Creek , California, Minneapolis, Portland , New Rochelle , New York, , Virginia, Towns, Walla, Walla Walla

☆ Wall Street landlords are selling homes back to Main Street. Here's what it might mean for runaway housing prices.
▼ + stars: | 2023-08-03 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +8 min

The companies — Invitation Homes and AMH — have already sold 1003 homes this year, through July, to non-corporate buyers, according to Insider's analysis of data from real estate tracker Attom Data. The group, which has included Wall Street firms like Blackstone (which spun off Invitation Homes), has been blamed for exacerbating the housing shortage that has pushed real-estate prices sky-high. One exception might be in 2019 when Invitation Homes sold 785 homes to non-corporate buyers, versus 225 sales through July of this year. The lack of housing supply, which has kept prices high even as mortgage rates rise, makes selling homes in markets that cost more to operate rentals a profitable play. In reporting earnings last week, Invitation Homes increased its core revenue guidance for the rest half of the year because its rent prices actually outperformed expectations.

Persons: —, AMH, Jon Olsen, execs, Dallas Tanner, Tanner, Gary Beasley, Roofstock, Beasley, He's, Dave Singelyn, Singelyn Organizations: Attom, Wall, Blackstone, Invitation Homes, SFR, Invitation, MLS, Homes, Sun, Wall Street, Homeowners, Seller Services Locations: SFR, New York City, America

☆ New home sales dropped in June after May’s surge
▼ + stars: | 2023-07-26 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Homeowners with ultra-low mortgage rates are reluctant to sell and buy another home at a much higher mortgage rate. Sales of existing homes have been down for the past few months, while new home sales have been rising. This increase in mortgage rates cooled mortgage applications. New home sales boosted by low inventory of existing homesAlthough sales were down from May, the trajectory of new home sales is generally positive, said Kelly Mangold of RCLCO Real Estate Consulting. By comparison, the inventory of existing homes for sale at the end of June was only a little over 1 million homes.

Persons: Freddie Mac, Kelly Mangold, “ Buyers, ” Mangold, ”, George Ratiu, Charlotte , Organizations: DC CNN, US Department of Housing, Urban Development, Census, Real Estate Consulting, “, National Association of Realtors Locations: Washington, Houston, Dallas, Atlanta, Charlotte, Charlotte , North Carolina, Austin , Texas, Orlando , Florida, Southern

To calculate 28% of your monthly income, multiply your gross monthly income (that's your income before taxes) by 0.28. If you like to spend a large chunk of your paycheck on traveling, for example, a large monthly mortgage payment might not fit into your lifestyle. 1,000 ÷ 5,000 = 0.2To get a conventional mortgage, the maximum DTI you can have is typically 50%, including your proposed monthly mortgage payment. How much house can I afford frequently asked questionsHow much do you have to make a year to afford a $400,000 house? Mortgage interest rates can have a big impact on how much house you can afford.

Persons: you've, You'll, it's, Freddie Mac, Fannie Mae, you'll, homebuyers Organizations: National Association of Insurance, PMI Locations: Chevron, Arkansas, North Carolina

☆ US home prices are nearing new record highs as inventory drops to all-time low
▼ + stars: | 2023-07-17 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The median sale price clocked in at $426,056 in June, just 1.5% below the all-time-high. That's as the inventory of available homes for sale dropped to a record low last month. It marks the slowest decline in home prices the housing market has seen in five months. Buyers, meanwhile, have grown used to elevated mortgage rates, which has exacerbated the inventory shortage. With home prices back near record highs, buyers are also less worried that they'll buy a house that'll plunge in value."

Persons: That's, Daryl Fairweather, they'll, Robert Reffkin, Freddie Mac Organizations: Service, Mortgage, Association, Homeowners Locations: Wall, Silicon

☆ Renters are being hit harder by inflation than homeowners
▼ + stars: | 2023-07-12 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Renters and homeowners are experiencing inflation differently, according to new data from Bank of America — and, unsurprisingly, renters are taking the hit. Secondly, even if a typical mortgage payment is higher than a typical monthly rent payment, because renters’ income tends to be less than homeowners, more renters put a larger share of their income toward rent than homeowners put toward mortgage payments. Restaurants are the only sector where homeowners and renters are both still showing an increase in spending from last year, and homeowners significantly outpace renters. Even controlling for income — which is necessary because renters tend to have lower incomes than homeowners — renters are showing less spending strength than homeowners in their same income group in most spending categories. Looking ahead, however, this wedge between the spending of renters and homeowners may narrow, the report points out.

Persons: Bank of America —, Freddie Mac’s, —, Freddie Mac Organizations: DC CNN, Bank of America, Consumer, Federal Reserve, Joint Center for Housing Studies, Harvard University Locations: Washington

☆ Britain's house prices are slumping as mortgage rates soar — and there could be worse to come
▼ + stars: | 2023-07-07 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +4 min

The average U.K. property now costs £285,932 (£364,490), down from a peak of £293,992 in August 2022. The summer is likely to see price cuts become even more widespread, and we may well see house prices fall more significantly. The summer is likely to see price cuts become even more widespread, and we may well see house prices fall more significantly," she added. In its latest global housing index released Wednesday, the real estate company said U.K. house prices fell 3.1% annually in the first quarter. Mortgage rates continue to rise

Persons: Kim Kinnaird, BOE, Sarah Coles, Hargreaves, Hargreaves Lansdowne Sarah Coles, Hargreaves Lansdowne, Coles, Nathan Stirk, Sellers, Liam Bailey, Knight Frank Organizations: Bank of England, Anadolu Agency, Getty, Hargreaves Lansdowne, CNBC, Mortgage Locations: Halifax

☆ JPMorgan warns UK could see 'hard landing,' says interest rates could hit 7%
▼ + stars: | 2023-07-06 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +1 min

In June, the Bank of England increased interest rates for the 13th time in a row. The Bank of England could increase interest rates to 7% as it tries to tame inflation, according to JP Morgan, which said the risks of a hard landing for the economy are also rising. The analysis from JP Morgan Economist Allan Monks comes as U.K. homeowners face a significant jump in borrowing costs as they're usually linked to the central bank's main interest rate. In June, the central bank increased interest rates for the 13th time in a row, by 50 basis points — more than many expected — to 5%. He added: "This alone raises the risks of a hard landing next year, but we recognise that the policy rate required to control inflation is proving to be higher than most had expected."

Persons: JP Morgan, Morgan, Allan Monks, BOE, Monks Organizations: Bank of England Locations: U.S

☆ ‘Forever chemicals’ in water: Nearly half of the tap water in the US is contaminated with PFAS, government study finds
▼ + stars: | 2023-07-05 | by ( Jen Christensen | ) edition.cnn.com time to read: +8 min

CNN —Almost half of the tap water in the United States is contaminated with chemicals known as “forever chemicals,” according to a study from the US Geological Survey. Experts say it’s important for people to understand their risk of exposure through tap water. Water filters may help somewhat if tap water is contaminated, and there are moves to regulate some PFAS chemicals in US drinking water. This US Geological Survey map shows the number of PFAS detected in tap water samples from select sites across the nation. In August 2023, the EPA said it is conducting the “most comprehensive monitoring effort for PFAS ever” at large and midsize public water systems and hundreds of small water systems.

Persons: Jamie DeWitt, There’s, ”, DeWitt, They’re, Graham Peaslee, Dr, Sanjay Gupta, “, Peaslee, ” Peaslee Organizations: CNN, Geological Survey, National Institutes of Health, US Environmental Protection Agency, Survey, Eastern Seaboard, Environmental Health Sciences, Oregon State University’s College of Agricultural Sciences, Utilities, EPA, of Physics, University of Notre Dame, CNN Health Locations: United States, Great, Central, Southern California

☆ Fireworks cause $59 million of property damage a year. Your insurance policy may cover it
▼ + stars: | 2023-07-04 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Renphoto | E+ | Getty ImagesWhat homeowners and renters insurance likely coverThe typical homeowners insurance policy has two coverage areas. The second is for liability; this covers you if you're liable for injury or property damage to another person, perhaps a friend or neighbor harmed by an errant firework. Fireworks caused $59 million in direct property damage in 2021, according to the most recent data from the National Fire Protection Association. Homeowners policies generally cover fire damage, whether to the house, patio furniture or other property, Passmore said. Insurance policies generally carry exclusions.

Persons: Robert Passmore, Passmore, they're, Kochenburger, Peter Kochenburger Organizations: National Fire Protection Association, American, Casualty Insurance Association, NFPA, University of Connecticut Locations: U.S

☆ 5 US cities seeing the biggest home price gains and the 5 suffering the steepest declines as some pockets of the market become red-hot again, according to Redfin data
▼ + stars: | 2023-07-02 | by ( William Edwards | ) www.businessinsider.com time to read: +2 min

US home prices are now down only 0.9% from this time last year, Redfin reports. The housing market continues its momentum, with home prices up every month since February. After falling 5% between June 2022 and January 2023, home price are now down just 0.9% year-over-year, according to Redfin data published Thursday. "Home-price declines are shrinking," said Dana Anderson, a data journalist at Redfin, in the report. Below, we've listed the five cities that have seen the biggest year-over-year price growth, as well as the five cities that have seen the steepest declines, according to Redfin.

Persons: Dana Anderson Organizations: Cincinnati, NSA Locations: Providence , Milwaukee, Miami, Fort Lauderdale, Redfin, U.S

☆ 3 reasons it can be smarter to rent, even if you can afford to buy
▼ + stars: | 2023-06-29 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

"If you can't commit to being there [at least] three years, don't buy," said Elliott. Benefits of ownership are 'vastly overstated'Richard Newstead | Moment | Getty ImagesThe financial benefits of homeownership are "vastly overstated," Boudreaux said. For one, a financial assessment of affordability is incomplete if consumers only compare monthly rent and mortgage costs. Secondly, a tax deduction for mortgage interest isn't as valuable as it once was, Boudreaux added. Jude Boudreaux senior financial planner with The Planning CenterIn a general sense, it's also more difficult to get the financial benefits of a tax deduction.

Persons: Kamila Elliott, Elliott, Boudreaux, Guido Mieth, There's, landscapers, Richard Newstead, Trump, Jude Boudreaux, it's, Laurie Goodman, Christopher Mayer Organizations: Wealth Partners, Urban Institute, Columbia University . Home Locations: Atlanta

Washington, DC CNN —New home sales surged in May, as buyers looked to new construction as an alternative to the low inventory of existing homes for sale. Homeowners with ultra-low mortgage rates are reluctant to sell and buy another home at a much higher rate. Sales of existing homes have been down for the past few months, while new home sales have been rising. Mortgage rates reached as high as 6.79% at the end of May as uncertainty moved through the financial industry due to the debt ceiling standoff. This increase in mortgage rates cooled mortgage applications.

Persons: “, ”, Nancy Vanden Houten, Ryan Sweet, Eugenio Aleman, Raymond James, ” Aleman Organizations: DC CNN, US Department of Housing, Urban Development, Census Bureau, Oxford Economics, Federal Reserve Locations: Washington, Northeast, South, West

☆ Ray Dalio just named which major economy presents the biggest investment opportunity
▼ + stars: | 2023-06-24 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

This morning we have stories on Ray Dalio, the topsy-turvy housing market, troubled commercial real estate, and more. Ray Dalio said India presents the next big investment opportunity. Troubled assets in the sector just reached $64 billion, climbing 10% in the first quarter of the year. The housing market suggests that the US economy dodged the recession bullet. According to Carson Group, recent strength in housing starts and building permits indicates that construction groups are confident about demand.

Persons: I'm Phil Rosen, Ray Dalio, topsy, Buckle, Eoin Noonan, it's, There's, Warren Buffett, Melinda Gates, Fundstrat's Tom Lee, Phil Rosen, Jason Ma, Nathan Rennolds Organizations: Getty, Berkshire Hathaway, Melinda Gates Foundation, Carson Group, Manheim, Homeowners, Bank of America Locations: India, China, Russia, Ukraine, New York, Los Angeles, London

☆ Central banks around the world just made borrowing costs more expensive
▼ + stars: | 2023-06-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

The central banks of the UK, Turkey, Norway, and Switzerland all raised interest rates yesterday. The Bank of England is the UK's central bank. Let's start with the Bank of England's decision to raise interest rates by 50 basis points and bring borrowing costs to 5%. Turkey's central bank, meanwhile, raised interest rates by 650 basis points to 15%, which was somehow less than markets expected. Just to cover our bases: Norway's central bank raised its core lending rate by half a percentage point, and Switzerland's policymakers hiked its benchmark rate by a quarter point.

Persons: Phil Rosen, Powell, Myron Jobson, Recep Tayyip Erdogan, Spencer Platt, Jerome Powell's, Goldman Sachs, David Rosenberg, it's, Warren Buffett, Jason Ma, Nathan Rennolds Organizations: Bank of England, Bank of, Interactive, New York Stock Exchange, U.S . House, Dow, Getty, Apogee Enterprises, Homeowners, Apple, Microsoft, Nvidia, S3 Partners, BMO Capital Markets, Berkshire Hathaway, Gates Foundation Locations: Manhattan, Turkey, Norway, Switzerland, Maremagnum, Turkey's, New York City, U.S, New York, Los Angeles, London

☆ US solar power installations soar in Q1 on easing panel import gridlock
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake/File PhotoJune 8 (Reuters) - U.S. solar energy installations soared 47% in the first quarter, according to an industry report published on Thursday, as easing panel supplies alleviated industry gridlock and allowed many stalled big projects to be completed and connected to the grid. The solar industry had its best first quarter ever, installing 6.1 gigawatts (GW), an analysis by research firm Wood Mackenzie and the Solar Energy Industries Association (SEIA) trade group found. As a result of the strong quarter, SEIA raised its forecast for the year slightly to 29 GW from 28.4 GW. The report said 12 GW of solar modules were imported in the first quarter compared with 29 GW in all of 2022. The industry, however, is seeing a slowdown in many states due to economic uncertainty, SEIA said, and residential solar installations are only expected to rise 8% this year.

Persons: Mike Blake, Wood Mackenzie, SEIA, Joe Biden's, Nichola, Marguerita Choy Organizations: Hanover Olympic, REUTERS, Solar Energy Industries Association, Homeowners, Thomson Locations: Hanover, Los Angeles , California, U.S, Florida, California

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