Landlords upgrade boilers to meet new energy efficiency standards
Landlords must keep abreast of all new laws and regulations that apply to rental properties, including new energy efficiency standards.
With new energy efficiency rating standards coming into effect on 1 April 2018, the most popular investment landlords have made to improve the energy efficiency rating of their properties is revealed to be boilers.
A survey on energy efficiency
According to a survey commissioned by Paragon, the savings account and mortgage specialist, the majority of UK landlords are aware of and up to date with the new standards in minimum energy efficiency introduced earlier this year. Within the private rental sector, 93 per cent of properties are estimated to be within or above the minimum rating required.
When questioned about the upgrades each landlord has implemented in their property, 39 per cent of landlords admitted that they replaced the existing boiler in at least one of their rental homes in the build-up to the initiation of the new energy efficiency standards. This is good news for Cheltenham boiler installation professionals such as http://www.hprservicesltd.com.
One-third of the landlords questioned said they had furnished their rental property with new energy-efficient windows.
In contrast, the least likely renovations undertaken by landlords to rental properties include cavity wall and loft insulation. These measures were undertaken by 7 per cent and 12 per cent respectively of the landlords asked in the last year.
The low rates in choosing to invest in insulation work could be due to landlords choosing to prioritise such energy-efficiency projects in previous years.
The new energy efficiency standards
Energy efficiency standards now require all landlords to achieve a minimum E rating on their energy performance certificate (EPC) for rental properties. Landlords currently renting out residential properties that fail to satisfy these new levels face potential penalties of £5,000 per property.
John Heron, the director of mortgages at Paragon, insists that the private rental sector has made serious progress with regard to energy efficiency in the past decade. He emphasised that landlords continue to plan projects that keep energy bills low for tenants while reducing energy consumption as a priority.
Energy efficiency within the private rental sector is now at an equal level with owner-occupied homes, with the latest statistics on upgrades of boilers demonstrating the commitment of landlords across the UK to further improve their properties.