If you are a landlord, you have energy efficiency targets to hit by the end of next year. Here’s how you can secure energy grants to achieve your EPC objectives, save costs and improve living standards.
Energy efficiency is a high priority
Upgrading your property portfolio to a higher energy efficiency rating has always put landlords at an advantage:
It increases the value of your property
It increases the profitability of your portfolio
It makes your tenants more comfortable
Reduces energy costs
However, as of now, there’s a lot more to it than that.
All buy-to-let properties need to be upgraded to an EPC rating of C or above by 2025. This means if you’re a landlord, you have until the end of next year to implement new energy efficiency measures if your EPC doesn’t meet this threshold.
It is becoming more apparent with each passing month that building regulations and legislation will continue to focus on improving energy efficiency, particularly when it comes to landlords and social housing.
Now is the time to prepare for winter fuel payment challenges and beyond; make energy efficiency a top priority in managing of your property portfolio.
What is my EPC and how do I find it?
Your EPC is the government-recognised ranking system which determines the energy efficiency of your property and its overall carbon footprint. It rates your building based on energy efficiency performance, environmental impact and overall energy usage. It also provides recommendations on how you might improve standards at your property and how heat and electricity bill savings can be generated as a result.
As a landlord, your EPC is a legal requirement. Both landlords and property owners are responsible for providing access to valid up-to-date EPCs during the buying, selling or renting process.
Energy bill support scheme funding is available
According to the Office of National Statistics, as of last year, the median energy efficiency rating of properties in England and Wales was band D.
While the gradual increase in efficiency, particularly among social housing has been a positive sign, more needs to be done to achieve the energy efficiency rating needed by 2025. It is also instrumental in achieving the U.K.’s greater goal of Net Zero by 2050.
2025 may feel like a short deadline by which to turn things around. However, help is available. Landlords can seek government funding through a variety of helpful schemes, as detailed below. Talk to Residential Energy Services about any of these schemes and let us help you secure the funding you need.
The Great British Insulation Scheme
Due to launch this summer, the Great British Insulation Scheme (formerly known as ECO+) is targeted at the most fuel-poor households in the UK. It is aimed at reaching a wide customer base and implementing the fastest possible energy-efficient improvements through energy suppliers.
Housing that is overly dependent on energy-intensive heating technology or susceptible to high levels of heat loss can apply to receive government-funded cavity wall insulation, solid wall insulation, loft insulation and more, through their energy supplier.
If your property is not currently supported by any government-run funding scheme and has an EPC rating of D or below, you may be eligible for support under the Great British Insulation Scheme. Check your eligibility here to find out.
The Energy Company Obligation (ECO4)
The Energy Company Obligation, currently in its fourth phase (ECO4) enables those with qualifying benefits to receive whole house retrofit support to increase energy efficiency measures in the home, funded by energy suppliers. Like the Great British Insulation Scheme, the main aim of ECO4 is to increase energy efficiency across the housing stock that needs it the most.
ECO4 achieves this using energy-saving measures such as cavity wall installation, external wall insulation, heat pumps, solar energy panels, boiler upgrades, electric storage heaters and much more. The whole house approach means that any or all necessary measures are taken into account to improve living standards and reduce heating and electricity bill payments.
While this is also funded by your energy supplier, it is up to them to determine the level of financial support each energy efficiency improvement will see eligible households receive. It may be necessary in some instances to contribute a small amount towards these improvements, as the property owner.
Boiler Upgrade Scheme
A major contributing factor to the energy efficiency of your property is the use of your boiler. Boiler upgrades or switching to alternative fuels can help significantly improve living standards and reduce the overall cost of running the building.
The Boiler Upgrade Scheme supports the decarbonisation of heat sources in residential and non-residential buildings. As a property owner, you can apply to receive £5000 off the cost of installation of alternative fuels such as air source heat pumps or biomass boilers, or up to £6000 off the cost and installation of ground source heat pumps or water source heat pumps.
How to find out which energy bills support scheme is right for you
With a wealth of government schemes and energy supplier incentives out there delivering the message of certain benefits of energy efficiency, it can be confusing working out how to give yourself the best possible chance of securing support.
Residential Energy Services make this process easier. If you are a landlord or property owner and you want to improve your EPC rating in the next year, complete our quick eligibility checker to help us determine which scheme is right for you.
Check My EPC Rating