We know being a landlord is often a challenging task. There are many things to consider, but at Thomas Morris, we believe that energy-efficiency is one of the most critical aspects for a landlord to consider.
When you have an energy-efficient rental property, it provides short and long-term benefits to landlords and tenants.
Of course, there are compliance issues for landlords to consider. Tenants have the right to live in a warm and suitable rental property. Also, rental properties must comply with Energy Performance Certificate (EPC) standards.
While improving EPC standards can be expensive, help is available. Landlords should familiarise themselves with the Green Homes Grant Scheme.
How much can landlords get with the grant?
The Government website states;
“Vouchers will cover two-thirds of the cost of eligible improvements, up to a maximum government contribution of £5,000. If you, or someone in your household, receive certain benefits you may be eligible for a voucher covering 100% of the cost of the improvements. The maximum value of the voucher is £10,000.”
Can I claim the grant?
The grant is on offer to in England to people who meet the following criteria:
You own your own home (including long-leaseholders and shared ownership)
You own your own park home on a residential site (including Gypsy and Traveller sites)
You’re a residential landlord in the private or social rented sector (including local authorities and housing associations)
Therefore, residential landlords should be interested in the scheme. With the Green Homes Grant Scheme having been extended, landlords now have an additional year to apply for support. A 12-month extension has been implemented after complaints from builders who said thousands of projects wouldn’t be completed by the initial deadline.
The initial deadline for the project was March 2021, but landlords and property owners have until March 2022 to ensure their projects are completed.
Landlords should apply sooner rather than later
It should be noted funding for the scheme hasn’t been extended, so landlords should apply for the scheme as quickly as possible.
Examples of work which is covered by the schemes can be seen below:
The insulation of walls
The insulation of roofs
The insulation of floors
Upgrading windows to double or triple glazing
Installing low carbon heating systems
The Green Homes Grant scheme comes just as the government is - separately - raising the minimum energy efficiency standards for rental homes to C grade or higher from April 2025 for new tenancies unless they have a valid exemption.
Climate change minister Lord Callanan said; “The Green Homes Grant scheme gives homeowners and landlords right across the country a cheaper way to make their homes more energy efficient and cut their bills – all while making their contribution to tackling climate change.”
Lord Callanan continued by saying; “Today’s announcement means an extra year to take advantage of this new scheme, helping households and tradespeople who can plan their workload and create new jobs in their communities.”
If you are looking for help with any matter of the property or lettings market, it is best to speak to property professionals. You can book a sales or rental valuation appointment directly on line at a time and date of your choice by clicking here or alternatively click here for individual branch contact details.