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Landlords should check properties’ green credentials now

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Buy-to-let landlords should assess how energy efficient their rental homes are now, in case they are eligible for funding under a government scheme, launching soon.

energy-efficient-rental-homes

Through the Green Homes Grant scheme, the government pays two-thirds of the bill for energy-efficient home improvements, costing up to £5,000.

Online applications for the grants, which were announced by the chancellor Rishi Sunak in his summer statement on 8 July, will open in September.

Heather Powell, property partner at tax and accountancy firm, Blick Rothenberg said: “The applications for the grants 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.”

The grants can be used to fund wall and loft insulation, as well as draught proofing and double glazing. These measures can all improve the energy performance certificate (EPC) rating for a property. Since 1 April this year, all rental properties must achieve a rating of at least E, unless they qualify for an exemption.

Says Heather Powell: “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 improvements will ensure homes are warmer and mean lower energy bills, making them a more attractive prospect to potential tenants.

The £2 billion Green Homes Grant scheme is aimed at kickstarting the economy and sustaining thousands of jobs following the coronavirus pandemic. It is also part of a £3 billion package of green measures designed to help the UK reach net zero carbon emissions by 2050.

Property owners need to apply online to join the scheme, where they will find details of accredited local suppliers. Once a quote has been approved, a voucher will be issued, with the government paying two-thirds of the bill.

Read more about this story on the Property Wire website.

Neil Jennings

Neil is the Operations Director at Assetgrove Lettings, London's Leading Rent Guarantee Company, providing Landlords with no voids, property maintenance, fee-free property management and stress-free service.

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