Landlords who haven’t done so, should take a look at The Green Deal and what it can do for you and your property.
Why spend excessively for minor improvements? This is, undoubtedly, a constant worry for landlords, understandably, however, the costs are minimal and the improvements are far from minor.
In terms of costs, repayments will be no more than what you would save in energy costs. The benefit to you, the landlord, is that the person responsible for paying the electricity, in this case your tenant, will be paying for some or even all improvements over time through their electric bill.
And with the rising prices of energy, the money saved will also grow over time.
As for the improvements, an energy-saving home with improvements to insulation, windows, boilers, draught proofing, renewable energy like solar panels and heat pumps, etc., will make your rental property much more comfortable to live in, thus making it more appealing to tenants. Would you say that’s just ‘minor’?
With this, there are five things landlords should know about The Green Deal.
- The current electricity bill payer will pay for the repayments. That is, if a property is left vacant, the landlord should make the repayments until a new tenant moves in to pay the electricity bill
- Tenants need landlord approval before taking out a Green Deal. If a tenant would like to take out a Green Deal, your permission is first required. You and the tenant will discuss the improvements to be made as well as the financial aspects of it, such as the amount for repayments and how long the repayments need to be paid out for
- Likewise, landlords need tenants’ permission before taking out a Green Deal. Since the tenant will be the electricity bill payer, their permission is required before you can take out a Green Deal.
- Improvements are quality assured. Green Deal professional installers do all improvements made ensuring all work completed meets the Green Deal standards.
- New tenants need to know about the Green Deal and acknowledge the repayments they need to make. When renting out the property, all tenants must be furnished a copy of the Energy Performance Certificate (EPC) or in Scotland, the EPC and Recommendations Report that show that improvements have been made, the amount for repayment needed to pay, the length of the Green Deal, the name of the Green Deal provider. Landlords should ensure that the tenants acknowledge the Green Deal and repayments by including standard prescribed wording.
The Green Deal is not just for you, or your tenant. As a whole, it’s to make the world a better and greener place. If you haven’t done so, look into taking out a Green Deal and discover how it can make you and your tenants lives much greener!