Energy efficiency has been a popular subject for some time now and, with living costs soaring, it’s once again a hot topic as it can help reduce the cost of regular bills. If you are a property owner or a landlord, you should know that there are several government schemes available that will allow you to make your home more energy efficient for free.
Keep reading to learn more about these schemes and contact our estate agents in Newham at 0207 055 0441 today for more on how to increase the value of your home and boost your revenue. Our experienced estate agents know all about the property market in East London and can help you make informed choices and secure the most profitable deals.
What you can find in this article:
Current Standards for Energy Efficiency
The current Minimum Energy Efficiency Standards (MEES) provide rental properties must have an energy efficiency rating of E or above. Even though this is not necessarily considered a high rating, our estate agents in Newham believe that the bar will most likely be set higher for landlords in the coming years as the government aims to make these standards stricter
For property owners, making their homes more energy-efficient comes with the benefit of having lower energy bills. In addition, landlords and homeowners alike get to also do their part in saving the planet by reducing their energy consumption and impact on the environment.
Our Newham estate agents understand that there are challenges associated with retrofitting a home. However, the benefits of tapping into the new schemes launched by the government to encourage energy efficiency for homes far outweigh the cons as landlords and homeowners can improve their properties and increase their resale values.
Our estate agents in Newham are always available to advise landlords and renters alike on what options they have available and how they can access and maximise the use of available grants.
Available Grants
While one option for landlords and home buyers looking for an up-to-standards property would be to narrow their search to include only new builds that have high energy efficient ratings, we must admit that the prices of some of these new builds as well as the shortage of available properties would not make that a particularly appealing option.
Luckily, as our Newham estate agents point out, these government grants are a great incentive for both landlords and homebuyers to improve older homes and they are a good alternative.
Here are the currently available schemes you can access to make your property more energy-efficient:
Boiler Upgrade Scheme
As we are all well aware, an energy-efficient boiler can make a significant difference in the amount you pay for heating and hot water. On the other hand, replacing a boiler can be a significant cost, of up to thousands of pounds depending on the model.
The Boiler Upgrade Scheme (BUS) aims to help property owners replace inefficient fossil fuel boilers with low carbon ones that are more energy-efficient. The scheme covers up to £5,000 from the costs associated with buying and installing an air source heat pump or biomass boiler and £6,000 from the cost of a ground source heat pump.
The grant is available for property owners, as well as private landlords and second-home owners in England and Wales until 2025. It applies to domestic and small non-domestic properties that have an installed capacity of up to 45 kWth. The property must also have a valid energy performance certificate (EPC).
The scheme does not apply to social homes or new build properties.
Accessing the grant, you can install one of these heating system options:
- air source heat pumps
- biomass boilers
- ground source heat pumps
- hybrid heat pump systems
To benefit from a grant under the Boiler Upgrade Scheme, your installer must apply for the grant on your behalf. The value of the grant is then discounted off the price you pay to the installer.
For more on the Boiler Upgrade Scheme, click here.
Energy Company Obligation Scheme
If you are a homeowner or renting a property and have your landlord’s permission, you can access the Energy Company Obligation (ECO) scheme for loft and cavity wall insulation.
Along with efficient heating systems, proper insulation is one of the best ways to reduce energy bills and bring your property up to modern energy efficiency standards.
The costs related to loft and cavity wall insulation can vary from £200 for a two-storey external wall and £400 for loft insulation. However, by accessing the Energy Company Obligation scheme, you can get these works done for free.
Aiming to help low-income households make heating improvements to their properties and lower carbon emissions, Energy companies offer different options under this scheme and different levels of funding.
In certain cases, you can also use this scheme to get window glazing or a new boiler if your current one is broken.
To learn more about the Energy Company Obligation scheme, click here.
Green Homes Grant Local Authority Deliver Scheme
Following the Green Homes Grant, a government scheme that helped homeowners get vouchers of up to £5,000 to cover up to two-thirds of energy-efficient improvements in their homes that ended in March 2021, local authorities in England have launched the Green Homes Grant Local Authority Delivery Scheme.
This new scheme grants homeowners sums of up to £10,000 to install air source heat pumps, solar PVs, as well as loft, underfloor, external wall, and cavity wall insulation.
Property owners with incomes lower than £30,000 a year can access this scheme without having to contribute any money themselves. The properties the scheme applies to must have an energy performance rating of E, F, or G.
The scheme is also available for tenants in the private rented sector. However, for rental properties, the maximum amount to be granted is £5,000 and the landlord must also contribute to the improvements, with a third of the total cost.
To learn more about the Green Homes Grant Local Authority Delivery Scheme, click here.
If you are a landlord, homeowner, or tenant and are looking to make your East London property more energy-efficient, contact our experienced estate agents in Newham today at 0207 055 0441 to get the best advice and professional support.
