The anticipated changes coming with the Renters Rights Bill have dominated every Landlords mind over the last few months, but another change to current regulations is also being pushed forward.
Ed Miliband, Secretary of State for Energy Security and Net Zero, confirmed that the government will be pushing forward with its commitment to being net zero by 2050, and part of this year will be the requirement for all rental properties to be C grade or above by 2030. Currently, the minimum energy efficiency standard is a grade E. It is important to note that this is not a new initiative as it was previously introduced – and subsequently scrapped – by the previous government.
How will this affect Landlords?
Any landlord that currently has a D grade or below will need to start looking at how to improve their energy rating. Non compliance could result in substantial fines of up to £30,000.
What can landlords do now?
Suggested improvements can be located on the current EPC report itself, so landlords are encouraged to familiarise themselves with their current report. One of the most cost effective ways to improve energy efficiency is to update the properties insulation, including cavity wall, loft and replacing old windows. Old outdated boilers can be a significant cause of energy waste. By upgrading your boiler to a more energy efficient system you can significantly improve your rating. The Boiler Upgrade Scheme could also help some landlords looking for financial assistance.
What next?
We are encouraging all our landlords with D grade or below to start financially planning for the future. Whilst 2030 seems a long way off, the costs to some may be considerable, so start budgeting now and spread the work over the next few years. As and when the government gives further guidance on these changes, and any other schemes that might become available, we will update our landlords.
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