Energy Efficiency Grants For Landlords

While all landlords should be aware of the importance of offering an energy-efficient property for tenants, many letting industry professionals are concerned about the cost of this work. Improving your home offers short and long-term benefits for landlords and tenants, but covering the cost is often a concern.

While all landlords should be aware of the importance of offering an energy-efficient property for tenants, many letting industry professionals are concerned about the cost of this work. Improving your home offers short and long-term benefits for landlords and tenants, but covering the cost is often a concern.

At Ariston Property, we aim to support landlords in North London as best as we can. You know your rental accommodation must hold an EPC for it to be eligible to be let. You also know that it should hold an E-rating or better.

You should take an interest in the Green Homes Grant, which promises to offer up to £5,000 in vouchers to support landlords.

Do you need help in improving your property?

Heather Powell is a property partner at Blick Rothenberg, and she said; “The applications for the grant will open in just over a months’ time so buy-to-let landlords need to assess their properties now and get their applications in as fast as possible because thousands of people will apply. It is also likely that the government will tighten energy efficiency regulations still further in 2021, making these works essential for many rental properties.”

The scheme is set to provide £2 for every £3 that is spent by a landlord. This will significantly lower the overall cost of the improvement work, hopefully helping landlords to justify their outlay.

Heather explained more about the scheme, saying; “Works can include wall and loft insulation, draught proofing and double glazing, all works that should improve the Energy Performance Rating (“EPC”) of a property. Landlords cannot let properties with an energy performance rating of F or G (unless they qualify for an exemption). Landlords should be planning to undertake works that can be done with the grant funding that is being made available. Their tenants will also benefit as they will get a reduction in their annual fuel bills.”

The UK needs to make changes in energy usage

While many landlords will see the benefits of energy improvements, there is a need for the UK to act on this matter. The United Kingdom aims to have net zero greenhouse gas emissions by 2050. A lot of progress needs to be made on this matter before then, so measures like this are very welcome.

Heather spoke about how the process will work, saying; “Online applications by landlords will be passed to “registered local tradesmen” to do the necessary works – which the chancellor expects to help generate a further 100,000 jobs in the “Green Sector. There are circa 2.2 million landlords in England, with an average of 1.8 properties each - a total of 3.96 million buy-to-let properties.”

Heather continued by saying; “If landlords applied for grants to improve the energy efficiency of just 25% of their properties, and got an average grant of £3,300 for insulation, the Green Homes Grant funding would be £3.27bn, and 990,000 homes would have been improved.”

We know these are challenging times, but if you have any questions about the local property market, please feel free to contact us. At Ariston Property, we aim to support the local community as best we can, and we look forward to assisting you in any way.