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More details on the New Green Homes Grants

Recently, Chancellor of the Exchequer Rishi Sunak announced plans for a Green Homes Grant worth £2bn. The money will go towards improving old housing as well as investing in green homes for the future. But what is it and how might this affect you as a landlord of student tenants?

 Uk government Energy Efficiency Grant

For Landlords and Owner Occupants

As early as September, both types of property owners may apply for a voucher. It will cover 2/3 of any energy efficiency work carried out on the property. In most cases, there is a £5,000 cap. However, low earners may claim the full value of the work up to a maximum of £10,000. The scheme expires in March 2021; you must apply before this time.

But what work will the voucher cover? Energy efficiency upgrades are divided into two groups:

 

Primary

  •         Insulation for solid walls, cavity walls and under-floor, and for both loft and flat roof
  •         Solar thermal upgrades
  •         Heat pumps with a ground or air source

Secondary

  •         New energy efficient doors
  •         Draught proofing
  •         Double, triple, and secondary glazing. This is for listed properties and those with conservation orders where only limited upgrades are permitted. Glazing is only permitted if the property presently only has single glazing
  •         Smart heating, thermostat, and hot water tank upgrades

 

Are All Contractors Eligible?

The short answer is “no”. If your student HMO property needs such upgrades, it is important to choose the right contractor to carry out the work. Only TrustMark or Microgeneration Certification Scheme (MCS) registered businesses are eligible against which to apply.

There are many independent professional websites that help you find eligible contractors in your area.

In either case, you should always ensure work is carried out by certified and qualified professionals. There is always a danger to improper execution of work, and safety issues for occupants. Cover yourself and your student tenants by selecting only those with TrustMark or Microgeneration Certification Scheme (MCS) registration.

 

Why You Should Upgrade

Greener homes have been a long and slow process beginning with the EPA. Grading energy efficiency helps both general population and student renters understand how much they can expect to pay for electricity and gas bills through normal usage.

This generation of students is much more conscious of energy efficiency, and wise to utility costs. Low cost is a great selling point that will give you an advantage over other properties in the same area. Quite simply, the more energy efficient the property, the more attractive it is to students. The more attractive it is, the faster you will rent it out and the more rent you may charge.

It is also worth noting that there is a carrot & stick drive to improve energy efficiency standards. It will soon be illegal to offer new rentals to properties below a certain EPA rating.