The UK is trying to meet long-term Net Zero goals over the next few years, and property plays a key part towards helping to create a greener environment. One such element is that rental properties need to meet new Energy Performance Certificate (EPC) requirements from the end of 2025. To help landlords fund their energy upgrades, our lettings team at Hancock & Partners have highlighted some of the support available…
The Boiler Upgrade Scheme
This grant is designed to encourage landlords to install low carbon heating systems such as heat pumps in place of gas and oil, which will help overcome the upfront cost of these technologies. You are allowed to receive one grant per property which includes:
- £5,000 off the cost and installation of an air source heat pump
- £5,000 off the cost and installation of a biomass boiler
- £6,000 off the cost and installation of a ground source heat pump
The scheme’s £450 million funding is expected to help install 90,000 heat pumps over three years. Applications are now open, and it will run until 2025. Read more
Electric Chargepoint Grant
Expected to go live this summer, this grant from the Office for Zero Emission Vehicles (OZEV) gives financial support to landlords to buy and install EV charge points at their properties – up to 75% of the cost, limited to £350 per grant. You can receive up to 200 grants a year for resi homes, allowing you to apply for each property in your portfolio. Read more
As of 1st April 2022, there is no VAT to be paid on certain energy saving materials for five years. This was announced in Chancellor Rishi Sunak’s latest Spring Statement in a bid to help landlords make their properties more energy efficient whilst reducing the cost. Energy-saving materials where VAT is exempt includes heat pumps, insulation and solar panels.
This strategy is designed to help landlords make energy-saving improvements and find the best way to pay for them. Each property is assessed to access the Green Deal, but it is implemented via a loan which can be paid back as a finance plan. It will cover things such as insulation, heating, draught-proofing, double glazing and renewable energy generation. Read more
For more information about how you can maximise financial support with your rental properties in and around Chichester, contact the Hancock & Partners lettings department on 01243 531111 or e-mail: email@example.com.