The scheme allows landlords across England to apply for vouchers of up to £5,000 to make energy efficient improvements to their properties.
Improvements could include insulating a rental property to reduce energy use or installing low-carbon heating to lower the amount of carbon dioxide produced.
The scheme, which was due to end by March 31, 2021, has now been extended to March 2022 to allow more homes - and tradespeople to benefit.
Jeremy Bell, FAAV, FARLA, FLAA, Partner in charge of lettings at Greenslade Taylor Hunt, said: “This government initiative gives a helping hand to those landlords needing to improve the energy performance of their residential properties and is a positive step in upgrading the housing stock.
“Landlords provide a vital contribution to the need of the nation’s renters, who will also directly benefit from improved insulation and lower running costs, so it’s good news all round.”
Eligible private rental properties must have a minimum Energy Performance Certificate (EPC) rating of E or proof of an exemption.
The scheme is part of the government’s “green” agenda to create up to 250,000 jobs and end the sale of petrol and diesel cars and vans by 2030 and substantially increase offshore wind power within 10 years. Encouraging electric cars and investing in nuclear power are also part of the programme.
Recommendations previously made by the National Residential Landlords Association (NRLA) – the trade body which aims to drive up standards in the industry - have been adopted in this scheme, these include that:
- Tradespeople used must be registered for TrustMark or have an MCS accreditation.
- The range of improvements included in the scheme should be compressive. This should include elements of insulation, which can then include other measures such as renewing windows and doors, draft proofing and heating controls.
If you already have measures in place regarding these primary concerns, you can use the funding to further improve your measures to meet the recommended level. Once this has been complete, you are then able to use the vouchers to make other improvements.
This is great news for landlords and homeowners alike as ‘greener homes’ can have a significant impact on the properties overall value and rental yield.
As well as the positive of home values, running costs are much lower with properties that benefit from insulation improvements.
The vouchers are available to all owner-occupied homes (long-leaseholders and shared ownership properties are included with permission from appropriate parties) and landlords of private rented and social domestic housing are able to use the scheme. New-builds and commercial or other non-residential do not qualify for the grant.
To find out more visit www.gov.uk/guidance/apply-for-the-green-homes-grant-scheme and please contact your local GTH Lettings team if you would like further advice on letting your property.