Little Known Funding Available To Landlords Stopping Next Year
Private Landlords could be missing out on:
- Free Cavity Wall Insulation (All properties)
- Free Internal Wall Insulation (All properties)
- Free Loft Insulation
- Top Up on Existing Insulation (Electric heating only)
- Replacement Storage Radiators (if using old style electric heaters)
- Replacement Gas boiler (small contribution required)
It is surprising just how many property investors and Landlords are totally unaware of the ECO grant funding available to improve the energy efficiency of their properties.
The government is attempting to meet the net-zero targets and introduced a number of incentives to help them achieve this ambitious goal.
The energy companies were tasked to help property owners reduce their energy use through energy saving measures and the Energy Company Obligation or ECO scheme was launched.
Every effort has been made to make homeowners aware of these funds but little or no time has been spent making property investors aware that they too can claim for certain measures on their properties.
100% funding is currently available to help landlords better insulate their rental properties and, if the property is heated with electric heaters, they may also qualify to claim for new replacement Dimplex Quantum storage heaters. It is worth repeating that, if you do qualify there is no cost and zero contribution required.
When all of the new rules for private landlords seems to have a negative impact, this is one thing that really should be shouted about from the rooftops. When some landlords feel that they are getting bashed from all sides this is good news.
Now the bad news. Unfortunately, this good news may be short lived as word is out that this funding may stop next year in 2022, 3 years before the new EPC regulations deadline of 2025, when all rental properties will need to have a certification rating of “C” or above.
If the grant funding is pulled before the 2025 deadline, it will be another slap in the face for private landlords.
From the 1st April 2018, all new tenancies have required an EPC rating of at least an “E”. This requirement also applies to all renewal tenancies to the same tenant for the same property on or after 1 April 2018.
The cost of increasing the EPC value from an “E” to a “C” can be prohibitive without assistance and could wipe out any profits for a long time to come. This makes any help or assistance invaluable.
So, the answer is to make sure that the word gets out to all private landlords and they make sure that they take advantage of the grant funding while it is still possible to do so.
One common misconception is that these grants are only available to tenants that are on benefits and this is not the case. If you rent to private tenants who are employed, they can also qualify.
What Can You Claim For
Properties that are off gas and use electricity as their primary heat source tend to be eligible for the larger grants.
A Landlord who owns a block of 8 apartments was able to get the loft and cavity walls insulated for the whole property and each apartment had brand new Dimplex Quantum Storage Radiators installed. All of this completely FREE of charge. This would have cost the property owner over £150,000.
Now this investor has a property that has increased in value, has a “C” rating on his EPC, meeting the upcoming requirements well ahead of time and has happy tenants who have seen their energy bills slashed. That is a win, win, win in our book.
Every Council throughout the UK has different funding pots and run different incentives so you do need to check your local Council website. Alternatively fill out the form below and one of our team will take a look and advise you what you may be able to claim.
Most properties are eligible to claim for:
- Loft insulation
- Cavity Wall Insulation
- External Wall Insulation (Contribution may be required and not available in all areas)
- Internal wall insulation (Primary heat source electric. Contribution may be required and not available in all areas)
If your properties are Off-Gas and your tenants use old style electric heaters then the chances are pretty high that you can claim to have them replaced with the latest Dimplex Quantum storage heaters whether you tenants are on benefits or not.
I highly recommend that you take a look at your portfolio and look at what might be available to help you improve the energy efficiency of your properties.
You have nothing to lose, it costs nothing to apply and only take a few minutes of your time.
So, If you want to find out what grants your properties qualify for, complete the form below and one of our team will carry out a free assessment of your portfolio and let you know what grants are available in your area.
Please provide as much information as possible.