The Benefits of Making Energy Efficiency Improvements
Published on February 2, 2015 by Sarah Mac
It was reported in the national news at the end of 2014 that new Government proposals could see landlords who rent out Victorian properties, or those built around the early 20th century, having to make alterations so that they are more energy efficient.
Government ministers have been consulting on amendments to legislation that would lead to owners of properties that rank below the lowest energy efficiency categories being forced to make improvements – such as adding insulation and installing double glazing – from 2018 or be banned from letting to tenants. As well as this, by April 2016, tenants could be given the right to request permission to undertake energy efficiency measures themselves.
Funding Schemes
Whilst the measures might be considered somewhat harsh from where a landlord is standing, the truth is there are numerous benefits of boosting up energy efficiency in a rental property. And there is more good news: the government wishes to make sure landlords don’t face upfront costs and say they won’t be obliged to make any improvements unless there is a grant made available under the Green Deal initiative, the Energy Company Obligation or some other funding scheme.
So, what are the benefits to landlords of making energy efficiency improvements?
Commercial Advantage
Potential tenants are always keen to know how much lighting and heating is going to cost them. Improvements that will reduce these costs will place your property at an advantage over others.
Energy efficient properties will generally have the edge over the competition in low demand areas. And in high demand zones where the tenant market tends to be young professionals, they’ll be seeking out properties that fit in with their sense of environmental responsibility. Lower ongoing bills will lead to more enduring lets too.
Better for the Building
Energy efficiency improvements offer ongoing advantages when it comes to the building’s fabric. A warmer, drier environment with a more constant temperature will see off mould and damp and prevent frozen pipes and all the problems they present. As well as creating a much healthier living space which will in turn attract a good quality and longer staying tenant, all this will keep maintenance costs down too.
Making Homes Warmer, Healthier & More Economical to run
The Government is determined to ensure that the available range of cost effective energy efficiency measures is taken up, saying: “A range of cost effective measures now available can stop energy waste and make homes warmer, healthier and help control energy bills too. We are determined to ensure that these improvements are taken up, especially in the privately rented homes with the worst energy efficiency performance.”