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Grants for Energy Efficient Improvements in Properties
The Green Homes Grant is a government scheme designed to produce energy efficient homes. The scheme provides vouchers towards the cost of installing energy efficient improvements to houses.
Towards the end of 2020, the government confirmed an extension to the Green Homes Grant. The scheme, which was due to expire in 2021, will run until 31 March 2022. Consequently, homeowners have additional time to make improvements to their properties. Hence, boosting home energy efficiencies. However, vouchers must be redeemed and upgrades complete by 31 March 2022.
The scheme includes funding up to two-thirds of the cost of green home improvements. Covering up to the value of £5000, or 100% of the cost for low-income homeowners. Previously, any vouchers redeemed would be valid for three months only or until 31 March 2021. Discussions of the extension stemmed after tradespeople and homeowners expressed their concerns. Industry experts warned tight timescales would result in a backlog of projects. Completing existing installations would also prove to be difficult.
What Improvements Enhance Energy Efficiency in Properties?
Any improvements made must increase the energy efficiency of the property. The eligible upgrades are split into primary and secondary measures.
Primary measures include:
Insulation. Including cavity wall, loft, and under-floor insulation.
Low Carbon Heat Such as heat pump, solar thermal, and biomass burners.
Secondary measures consist of:
Windows and Doors. Such as draught proofing, replacement doors and triple glazing.
Heating Controls and Insulation. Including smart heating controls, and zone controls.
Research by City Plumbing, shows almost 84% of property owners in Britain plan to make energy efficient improvements over the next year. Nearly 50% of households plan to invest in greener changes. As a result, reducing energy bills.
Invest in Green Rental Properties
Landlords can apply for the scheme to save money with energy-efficient upgrades. Ultimately, investing in green housing, adds value to properties. Therefore, attracting more potential renters. Many buyers are now looking for high-quality spaces as they rent homes for longer.
Evidently, house bills have increased throughout the year as the UK faces the third national lockdown. In effect, spending more time at home has had a profound impact on bills. To attract tenants, landlords can use eco-properties to their advantage. Using energy efficiency improvements as major selling points. This will prove to be useful as people continue to work from home, and may well do, post pandemic. Green mortgages also offer savings and provide special rates linking directly to the energy performance of properties. Therefore, landlords and investors are keen to secure green credentials.
New-build homes have higher Energy Performance Certificate (EPC) ratings of A or B. At CityRise, we specialise in new builds. We partner with developers with high-ranking EPC ratings and excellent quality specifications. Annual energy bills are much cheaper for those living in properties with a higher EPC value. This is in comparison to those with a low EPC grade. With gas and electricity prices on the rise, tenants are becoming aware of the impact of low EPC ratings. Therefore, newly built developments have an advantage over older buildings available on the market.
Contact the CityRise experts today, to discuss your requirements. We understand tenants, landlords and developers are embracing a sustainable lifestyle. Therefore, we are here to help – browse our portfolio here.
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