Energy saving has become, in recent years, one of the Government’s hot topics to improve. They have a few government schemes in which homeowners can get paid for saving energy, tenants are being helped to reduce utility bills by the government's energy efficiency laws aimed at landlords and they have published energy efficiency strategies on their website. So what does this mean to landlords and when is it all going to start.
If you enjoying the benefits of rental yields on an investment property, or considering entering the investment market, there are changes coming regarding the minimum energy rating of your property that will be taking effect from April 2018 and will apply to all new lets. By April 1st 2020, it will become a legal requirement that all privately rented properties have an EPC Rating 'E' or higher.
As of yet, there is not confirmation that this will extend to privately rented Grade II listed properties, but we believe that they will remain exempt from the changes.
There are a lot of changes you can make to your properties to meet the incoming legal requirements - some are big, some are small, some are obvious, others less so
- Replacing existing light bulbs with energy saving light bulbs (Small, incremental changes add up over time and could be the change you need!)
- Adding thermostatic temperature controls to radiators
- Adding a thermostat to the hot water tank
- Installing cavity wall insulation
- Replacing old or inefficient boilers & heating systems
- Upgrading the windows and doors to modern PVC double glazed units
- Adding solar panels to the roof
- Upgrading the property’s roof insulation
If you've made these changes to your property and not replaced the Energy Performance Certificate - don't panic. You can request a new one at www.ecpregister.com and you may have already whipped your energy rating into shape! Check whether your property is energy compliant online by searching for the address with the postcode and find out if you're ready for the incoming laws.
At Palmer & Partners, we have a fully qualified energy assessor in-house so please just call us to discuss questions or concerns, we can even pop round and see you to offer some free advice!