It's a familiar story: the increasing costs of gas and electricity.
Every year, reports of energy price hikes hit the media and rattle the nation's cage – and with Britain’s big six energy suppliers currently under pressure to pass on more price increases to consumers’ energy bills, 2017 is no exception.
That said, it's little wonder that energy-efficient homes are right up there on the priority list for today's renters, especially those with young children.
Longstanding rental requirements like location, amenities and high-quality interiors remain important for tenants but in recent years, energy efficiency has become critical to those looking for a new home.
According to a survey carried out by YouGov on behalf of PC World, 80% of respondents agreed that property owners have a duty to give more consideration to the environmental impact to the homes they offer.
What's more, 32% of respondents stated that they would like access to a Smart Meter to keep track of their energy consumption, while 55% said they would rather live in a property with a smart meter if the rental cost was the same.
Whichever way you look at it, if you're a landlord in today's world, providing tenants with an environmentally friendly, energy efficient home holds the key to success.
Modern energy regulations could make some properties unlettable
Since April 2016, tenants have been given the power to ask their landlords to improve the energy efficiency of their home if its Energy Performance Certificate rating falls below Band E.
In addition to this change, from April 2018 it will become a legal requirement for all private rental properties to achieve a rating of Band E or higher meaning if your property falls into the F or G category, you're in trouble.
According to a recent study from Quick Move, around 8% of private rental homes in the UK fall below the minimum energy standard, but fear not, there are ways you can rectify the matter.
Ways to make your property more energy efficient
To make your rental property more energy efficient, attract quality tenants, and ensure it remains lettable, here are some practical measures you can take…
- Insulation: Good quality insulation is one of the best ways to keep your property energy efficient. Ensure your roof, walls, lofts, and doors are well insulated to help prevent heat from escaping.
- Smart Meters: As mentioned, Smart Meters are a big deal-breaker for many tenants. Not only this, but this technology provides the best solution when it comes to accurately monitoring energy consumption.
- Solar Panels: They're not necessarily cheap, nor are they pretty, but solar panels are one of the most energy efficient options there available. Plus, if you have any excess energy left over, you can sell it back to the National Grid.
- Boilers: Old boilers are likely to be very inefficient when you're talking about energy consumption. Investing in a new boiler will not only prevent you from having to deal with those pesky winter call outs, but it will make your home more energy efficient and produce less harmful emissions.
- Lighting: The Energy Saving Trust has confirmed that lighting accounts for a fifth of the average household's overall energy bill. Replacing your existing bulbs with Compact Fluorescent Lamps or LED-based lights will prove a big help.
- Green modifications: In addition to the above, you could also try having a water-saving shower head installed, pay for double or triple glazing, and putting up thicker, more insulating curtains during winter.
As a landlord, providing tenants with a green, energy efficient home is now deemed vital and we hope the above suggestions will help you to take the measures you need to keep your home happy, habitable, and appealing.
Looking for new buy to let investment opportunities? Perhaps it's time to head north.