With Green Deal Providers starting to emerge, landlords are taking advantage of the new government initiative launched at the end of January 2013. The Green Deal offers an easy way for home owners, including landlords, to finance energy-saving home improvements.
How can landlords benefit?
The new scheme makes it more affordable for landlords to improve the energy efficiency of their property. This includes replacing boilers and heating systems, cavity wall and loft insulation and installing double glazing and solar panels. Take a look at the DECC’s guide – Deciding on the best energy-saving home improvements for you.
How does this affect tenants?
Tenants living in or moving into a Green Deal property will benefit from more energy efficient homes, ideally reducing their energy bills. However, as the Green Deal is associated with the property and not the landlord or owner, tenants will effectively be making repayments for the improvements through their electricity bills. If the tenants vacate the property, the repayments/electricity bill will be the responsibility of the new tenants.
Good to know
If a property has a Green Deal it will be indicated on its Energy Performance Certificate (EPC). Landlords and letting agents are required to share this information with tenants. The EPC should also contain details of the energy-saving improvements and repayments, along with the repayment period.
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