Could Homes Soon Be Powered by Google?

The Internet giant is increasing its stake in the solar home power business with a $75 million “initial investment” to buy and own solar-panel generators on roofs of thousands of homes, The Wall Street Journal reports.

Google is investing in Clean Power Finance, a start-up company that matches solar-panel installers with investors willing to buy rooftop solar-panel systems. “With Google’s investment, solar-panel installers can find home owners who want solar panels on their roofs but don’t want to have to pay several thousand dollars to own the system,” The Wall Street Journal article notes.

"We're excited about the opportunity to really help accelerate residential solar," says Rick Needham, Google's director of green business operations.

The latest investment will likely help fund up to 3,000 home rooftop solar systems. In June, Google made a $280 million investment in residential rooftop solar-panel installations with SolarCity Corp. Google’s total investment in renewable energy has been more than $850 million.

Rooftop solar demand is growing, and home owners are finding paybacks too. Earlier this year, a study by Lawrence Berkeley National Laboratory found that solar panels not only saved home owners money on electricity bills but also helped boost a home’s resale value, particularly for existing homes.

Source: “Google Invests $75 Million in Home Solar Venture,” The Wall Street Journal (Sept. 27, 2011)

Provo, Ogden outpacing cities nationwide in job growth

By Jasen Lee, Deseret News

SALT LAKE CITY — Two Wasatch Front cities registered the best jobs number in the nation during the second quarter of 2011.

Provo and Ogden added jobs faster than any other major metros in the country, according to this month's edition of the Mountain Monitor produced by Brookings (Institution) Mountain West at the University of Nevada at Las Vegas.

Both northern Utah municipalities posted impressive quarterly job gains of 1.9 and 1.8 percent, respectively. By contrast, Colorado Springs lost nearly 1 percent of its jobs as employment levels fell to new lows.

The nation's overall job gains during the second quarter measured 0.3 percent, the report indicated.

Meanwhile, Salt Lake City was one of three Mountain West metropolitan areas that recorded employment growth of 0.2 percent — along with Boise and Phoenix. Elsewhere in the region, employment climbed 0.5 percent in Tucson and 0.4 percent in Las Vegas for a second straight quarter of job growth.

The jobs situation in Albuquerque ticked up slightly at 0.1 percent, while employment in Denver declined slightly.

"Employment gains in Provo were driven by education and healthcare, manufacturing and trade, transportation and utilities," said Kenan Fikri, senior research assistant and co-author of the report. "Outside of these sectors employment remained stable, so those modest gains were pure wins."

He attributed the second quarter employment gains in Ogden to expansion in manufacturing as well as leisure and hospitality industries.

In Salt Lake City, gradual increases in employment across the board have accumulated to produce a respectable jobs recovery, although employment still remains 4.4 percent below peak, he added.

The report described the overall jobs picture in Ogden, Colorado Springs and Salt Lake City as "comparatively bright," with Utah and Colorado metros standing closest to recouping jobs lost during the recession. The trio of Utah cities in the report all registered fewer jobs than at their peak employment periods before the recession — Ogden was down 3.2 percent, with Salt Lake City 4.4 percent below peak and Provo was down 4.9 percent.

"To some extent, Provo, Ogden, and Salt Lake City’s high rankings on this measure are a testament to just how dire the situation is elsewhere in the country," Fikri said. "But the fact that employment has remained stable across sectors for several quarters now means that the worst looks solidly behind Utah’s metros."

Buying A Home As A Couple: What Changes, What Doesn't and What Can You Expect...

According to a 2010 report by the National Association of Realtors, 58% of all homebuyers are married couples, 20% are single women, 12% are single men, 8% are unmarried couples and 1% falls into the "other" category. Unmarried couples often must decide between continuing to rent, having one partner buy a home, or entering into a home purchase together. Since buying a home is the largest single investment that most adults will ever make, it pays to consider the financial and legal details before buying a home as a couple. (For related reading, also take a look at Top 10 Tips For Buying Your First Home In 2011.)

Down Payment
Following the recent financial crisis, many banks are now requiring larger down payments when purchasing a home, often for as little as 0% to 3.5% to as much as 20% of the home's value. Some banks also want the money for the down payment to have been earned by the homebuyer(s), and not come from other sources like a gift or inheritance. Depending on the situation, a couple buying a house together may be able to afford a larger down payment and be able to qualify for a better mortgage.

Mortgage
Some couples may decide to base a mortgage loan on only one income if one partner has poor credit or in case one person becomes unemployed, ill or loses a monthly income source. Having only one partner on the mortgage can sometimes lead to a better deal on the loan. However, the bank may require both homebuyers to be on the mortgage. In addition, the couple may want the security that comes from having both names on the mortgage and being jointly responsible for the debt.

Title
The title to a home expresses the type of legal ownership and how the property is transferred in the event of death. Married couples may automatically acquire title as a tenancy by the entirety or as joint tenants with rights of survivorship, depending on the state where the home exists. Unmarried couples, however, will likely have to make this distinction in order to protect the rights of the surviving partner. The most common ways for unmarried couples to hold title are as joint tenants or as tenants in common. In the event that only one partner is listed on the mortgage or title, the other may have little rights in the event that the couple splits or if one partner dies.

Home Buying Partnership Agreement
As an unmarried couple, it is important to put all financial agreements into writing. A qualified real estate lawyer can write a home buying partnership agreement (or other document) that clarifies how finances will be handled, including how much each partner will contribute to the down payment, monthly mortgage payments, and for repairs and maintenance.

The agreement should also identify what happens if the partners decide to go their separate ways. Things to consider include who would keep the home in the event of a split, how a listing agent would be selected, how to determine the asking price for the home, how proceeds from the sale of the home would be divided, and what to do if the home remains on the market for an extended period. A written agreement will help protect the rights of both partners.

The Bottom Line
Many couples today decide to purchase a home to avoid paying rent and to build equity. If one partner decides to purchase the home, it may benefit the couple to openly discuss the finances, outlining any contributions that the other partner will make towards the down payment, mortgage, utilities and upkeep of the property. If the partners choose to purchase a home together, a home buying partnership agreement can help protect the rights of both partners, and outline all the financial details involved in buying a home as a couple. (For additional reading, also check out Getting Help With Your Down Payment.)