If you are a landlord and have rental homes it has now been revealed how much it could cost you to bring your properties up to standard to meet the energy efficiency rules under the Governments Green Deal Scheme.
For example if you make improvements to your rental property or properties from an F to E energy rating which would range from £100 to £660, but upgrading the same home to an A rating could cost up to £20,000.
A step-by-step guide has been put together, which is free for property investors, to highlight and walk you through the planning and funding of energy efficiency improvements.
For instance the costs for improvements for a number of properties includes –
- Landlords must spend £659 to improve a 1 bedroom Victorian mid-terrace converted flat from an F to an E rated EPC, but £11,182 to improve from an F to a C rated EPC.
- Upgrading a 2 bedroom 1970’s flat will cost £150 to improve from an F to an E rated EPC, but £14,927 to improve to a C rated EPC.
- Improving a 2 bedroom end-terrace Victorian house will cost £245 to move from an F to an E rated EPC, but £19,586 to a B rated EPC (excluding earnings from feed-in tariffs).
- Upgrading a 3 bedroom mid-century semi-detached house will cost £100 to improve from an F to an E rated EPC, but £13,154 to improve to a B rated EPC (excluding feed-in tariffs).
David Weatherall, housing strategy manager at the Energy Saving Trust, said: “With electricity and gas bills seemingly always on the rise, tenants are increasingly looking to rent properties that are cheap to heat. Its good landlords can access new sources of financing to improve wall insulation, windows and heating systems at no upfront cost.
“The Energy Saving Trust is delighted to have collaborated with the British Property Federation to produce a new landlords’ guide that gives all the important information about making and paying for energy efficiency improvements.”
Are you a Landlord and considering using the Green Deal? Let us know your thoughts.
EPC: energy performance certificate