New Green Fund To Upgrade Rental Properties

We all know environmental matters are important, and they are a vital factor in the rental market. Tenants want to be as environmentally friendly as possible, as they know this can significantly reduce the cost of energy bills.

Also, landlords must consider the importance of maintaining energy standards in their rental property. If a landlord doesn’t ensure their rental property complies with expected standards, they could be fined, or they could lose the right to serve as a landlord.

Help is on the way

A new plan that aims to assist upgrading 50,000 homes with green improvements should be of benefit to landlords.

The Government is behind a £562 million funding programme that aims to transform some of the least energy efficient properties in the country.

Some of the work set to be carried out with this plan include:

  • Adding cavity wall insulation to properties which lack this feature
  • The addition of loft insulation where there is currently none or where it is insufficient
  • Heat pumps will be provided
  • Solar panels will be installed

An immediate aim of this programme is to help people save up to £450 per year on their energy bills. This aim is part of a larger scheme which wants to eradicate fuel poverty, help people manage energy bills and to reduce the level of carbon emissions from domestic properties.

Over 200 local authorities in England and Scotland are set to benefit from funding.

The £500 million Local Authority Delivery Fund, part of the Green Homes Grant, makes up most of the funding and is keen to assist households with an income of under £30,000.

Work will be carried out with local authorities to make sure the money goes to people and households who need it most. This includes people living in private rented accommodation, which means many landlords will also benefit from this work.

Referral routes will be in place

The Department for Business, Energy and Industrial Strategy says councils should be in a position to identify deserving households through various measures, including:

  • Liaising with health and charity sectors
  • Reviewing receipt of means tested benefits
  • Reviewing receipt of council tax exemptions

A spokeswoman for the Department for Business, Energy and Industrial Strategy says: “Interested landlords should contact their local authority to see if they are taking part in the Local Authority Delivery scheme.”

UK Business and Energy Secretary, Kwasi Kwarteng, said: “This is yet another important step we are taking to eliminate our contribution to climate change and build back greener from the pandemic.”

If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.

You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at peterborough@justlets.com or call us today on 01733 346255.