Do you know your EPC ratings? Are all of your properties in energy efficiency band E or above? New regulations* could affect you – act now to protect your rental business.
On 5th February 2015, The Telegraph published the following article, under the title Buy-to-let landlords face paying thousands to hit new green targets
Landlords could be hit by bills of up to £9,000 under plans to make homes more energy efficient.
Hundreds of thousands of buy-to-let landlords could be hit with thousands of pounds worth of bills under new green targets for their properties.
From April 2018, landlords will be legally required to raise the energy efficiency of rental properties to at least “Band E” levels of energy efficiency.
The reforms mean that more than 450,000 homes which fall into bands F and G, the worst insulated homes, will require significant work.
If you rent out properties that need improving to meet the new regulations, don’t worry: there are low-cost ways to finance the necessary improvements. A government spokesman said: “There will be no upfront costs to landlords so it’s not going to cost them thousands. Landlords can obtain money through the Green deal, eco or other subsidies so they don’t lay out money upfront.”
To find our more about the Green Deal and how to improve your property at no upfriont cost to you, please call Local Energy on 0161 615 3691 or email email@example.com
We have installed replacement boilers, loft insulation and other measures in tenanted properties subsidised by ECO funding, GDHIF vouchers and Green Deal Communities grants as well as fully financed Green Deal plans. We can arrange all the paperwork, financing, quotes and installation.
*The new regulations require landlords to upgrade the energy efficiency of homes currently rated F and G to a minimum of E by 1 April 2018 – or face being unable to let them until they improve the rating. Almost 10% of England and Wales’ 4.2m privately rented homes currently fall below the E rating.
The regulations also mean that from 1 April 2016, tenants living in F- and G-rated homes will be able to request improvements such as more insulation. The landlord will then be legally bound to bring the home up to an E-rating.
If a tenant requests a more efficient home and a landlord fails to comply, the landlord could be forced to pay a penalty notice. Landlords will be able to let out F- and G-rated properties beyond 1 April 2018 for the remainder of existing rental contracts, but will not be able to renew a contract or let the property to someone else until it is brought up to an E rating.