Energy Efficiency: is it time to act?17 May 2023
Improving the Energy performance of a rented property is beneficial for the tenants and the environment, and at Rent Happily, we have successfully helped our landlords improve their properties at a reasonable cost.
The impact of the coming regulation
The Minimum Energy Efficiency Standards (MEES) change has been postponed, and the new legislation hasn't been published yet.
If you want to rent a property in Bristol, the new EPC regulation will apply. However, when confirmed, the upgrade is only expected to take effect in 2028, and by then several factors may play in favour of landlords:
- Energy prices going down would bring EPC grade up, rather than down as we have seen over last winter.
- Favourable rental market promoting investment in the sector rather than deterring it.
- New insulation technology making the transition easier and/or cheaper.
- The EPC minimum grade is not yet set in stone and may require a minimum D instead of C.
- Funding is already available to finance the cost of improvements through Green Deal for instance, and more credit lines might be opened.
- The list of PRS exemptions applicable may vary and allow greater scope for exemptions, including the cost cap for substantial improvements.
Last but not least, improving the MEES of a property rises its value, so it should be seen as an added asset rather than a cost.
All in all, the rules may still change, and the scenario for improvements may adapt, so we recommend taking action slowly.
How to get ready in times
As a letting agency, we have helped many landlords improve the energy efficiency of their property gradually, with little impact on their revenues. Instead of raising the alarm, let's improve what can be improved today, and wait until the need arises to adapt to the changes when and as required.