California Passes Mandate Requiring Solar on All New Construction

Based in Springfield, Massachusetts, Demetrios Panteleakis is the president of MacMillan Group, LLC, a full-service commercial real estate firm. There, Demetrios Panteleakis has managed a number of projects related to solar power. Both large-scale and residential solar installations continue to grow in popularity, as more and more states set ambitious goals related to energy usage. Last year, the state of California passed a mandate that will require all new homes, major remodels, and low-rise multifamily homes to incorporate solar power in their construction. 

The California Energy Commission passed a resolution in May 2018 that will require all new homes under three stories to incorporate solar capabilities in their design by the year 2020. With each new building or structure producing 2-3 kilowatts of energy, they will essentially attain net zero energy status, producing enough energy individually to avoid having to purchase energy from outside sources.

Long recognized as a leader and trendsetter in goals related to clean energy, California’s unanimously-adopted resolution is the first of its kind in the nation. Officials predict that the measure will ultimately benefit consumers by increasing their energy independence. Though the average initial investment will fall between $8,000 and $18,000 for each residence, experts believe that homeowners will earn that money back in accumulated energy savings.

Order No. 841 Incorporates Storage Facilities as Viable Power Source

Real estate executive Demetrios Panteleakis is president of MacMillan Group, LLC, a full-service real estate firm assisting clients with development, brokerage services, and project management. As part of his work at MacMillan Group, LLC, Demetrios Panteleakis developed an innovative underwriting process to mainstream the financing of utility scale solar installations. He maintains an interest in solar energy and its impact on the nation’s energy resources. 

At the beginning of the year, the Federal Energy Regulatory Commission (FERC) issued Order No. 841, an ordinance that required energy grid operators to reconfigure their markets to allow energy storage facilities to participate more fully. The move will enhance competition in the wholesale energy market and allow stored renewable energy to be used in an efficient, cost-effective manner. Energy grid operators were given until Dec. 3, 2018, to comply with Order No. 841.

Energy experts have lauded Order No. 841 as an important step in modernizing the nation’s energy wholesale energy markets. By incorporating batteries and other storage technologies capable of rapidly switching between charging and discharging energy, renewable energy will be more accessible and will contribute more effectively to the energy needs of markets across the country. These technologies, when incorporated successfully, will contribute to the large-scale use of renewable energy by expanding transmission and increasing operational flexibility.

Prior to Order No. 841, ISO New England, the independent regional transmission organization responsible for the distribution of power in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont, already had been working toward incorporating storage facilities as a viable energy source. This fall, ISO New England filed revisions with FERC outlining its proposed changes, signaling the organization’s commitment to meeting FERC’s December deadline for compliance.

As Boston Area Real Estate Rises, Other Regions Offer Affordability

A Western Massachusetts business executive, Demetrios Panteleakis directs Macmillan Group, LLC, and seeks out value-driven real estate opportunities. Business focused, Demetrios Panteleakis remains apprised of regional trends spanning a full range of property types, including commercial, industrial, and residential.

A recent MassLive article drew attention to supply and demand dynamics that have led to an escalation of rent prices in desirable Boston neighborhoods such as Back Bay and Seaport. The most expensive zip code regionally is a part of Boylston Street adjacent to the Boston Public Library, which has a median gross monthly rent exceeding $3,000. With traditionally less expensive neighborhoods such as Roxbury and Somerville having gentrified as well, renters and purchasers are increasingly seeking out affordability in cities such as Providence, Rhode Island.

Affordable units are also still available in cities such as Worcester, Fall River, and Springfield, with an $839 median rent in the latter community. This stands well below the state median and is in a price range that promises to generate further real estate activity among those who find the Boston area to be cost prohibitive.

The Sustainability of Solar Energy

Demetrios Panteleakis has served as principal of Icarian Real Estate Advisors since 2009 and president of Macmillan Group since 2016. Beyond his work in real estate, Demetrios Panteleakis stays abreast of developments and news related to solar sustainability.

Solar energy is one of the more sustainable forms of energy available today, particularly when compared to fossil fuels. Solar power, of course, draws energy from the sun, the earth’s single most sustainable resource. Leading energy and sustainability experts agree that the sun represents the planet’s most vital source of energy, particularly in light of the United Nations’ definition of sustainability, which calls for energy that meets the needs of the present day without impairing the success of future generations.

Indeed, solar energy checks off every major box in regard to sustainability. It is highly renewable, with one Scientific American study finding that 40 minutes of daylight represents enough energy to meet the entire planet’s electrical needs for a full year. Furthermore, solar energy is most often collected through solar panels, which create no waste products or noise pollution.

As solar panels become more economically sustainable, households and businesses are encouraged to take advantage of the long-term savings and environmental benefits provided by solar energy.