The government has committed to upgrade as many private rented sector homes as possible to Energy Performance Certificate (EPC) Band C by 2030, where practical, cost-effective and affordable.
It has been illegal to rent out a property with an EPC rating of below band E since April 1st last year, but the government says the minimum level of energy efficiency required should be raised to a band C in 2030 as part of its ‘Improving the energy performance of privately rented homes’ consultation exercise.
This has many landlords concerned following research from Rightmove that shows 1.7 million properties of between D and G band EPC cannot be improved to the statutory C rating.
For landlords looking to improve the energy performance of their properties in light of the recent announcements, the most common recommendation is to install solar panels, although these will cost thousands of pounds.
Rightmove says landlords wishing to upgrade their homes can complete relatively inexpensive improvements to their properties including insulating a hot water cylinder (£23), low energy lighting in all areas (£38), draughtproofing single-glazed windows (£100), increasing loft insulation (£223) and upgrading heating controls (£400).
Rightmove’s director of property data Tim Bannister says: “It’s encouraging to see that there are some energy efficiency improvements that can cost less than £100, so it’s definitely worth checking your EPC if your home has one to see if there are small changes you could make to try and improve your rating.
“The bigger challenge is for those homes with much lower ratings that will cost a substantial amount of money to improve. There are a number of homeowners who don’t feel an urgent need to make changes now unless it makes a big difference to the cost of their household bills or if it’s going to make their home more attractive to a potential buyer if they’re planning to sell.
“It’s early days with some lenders now starting to introduce green mortgages as incentives, but homeowners need to be better informed that how green your home is will become increasingly important as we aim to move towards a net zero society, and they need more help to understand why making improvements are so important for the long term.”
If you’re concerned about the proposed changes to EPC ratings or any new legislation that has come into play, get in touch for a free, no obligation consultation with our property experts and we will be happy to advise you on your investment.
0203 793 2033
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