Landlords need to take advantage of incentives and schemes before they expire.
It is important to note that many schemes are time or volume sensitive. The Landlords Energy Saving Allowance (LESA) which provides for £1,500 worth of energy efficiency improvements that can be offset against income tax per property per year expires in April 2015 and the Boiler Scrap page Scheme that began in January only provided vouchers for the first 125,000 households.
There is currently grant funding available that may help you to cover up to 100% of the cost of making energy saving improvements to your property portfolio.
make your properties more desirable to tenants - potentially resulting in fewer void periods
lower energy bills - creating more disposable income for tenants and resulting in less chance of rental arrears
reduce complaints about issues such as damp, condensation and mould - saving you time and money
Produce Energy Performance Certificates (EPCs) with higher scores - ensuring your rental properties comply with forthcoming legislation.
Making energy efficiency improvements to your properties can help you to:
Your property or your tenants might also qualify for grant funding under the Energy Company Obligation (ECO). And, until April 2017, you can claim a tax allowance of up to £1,500 for each house, flat or bedsit you rent out, simply by installing some energy saving measures.
If you start planning now you will have a better chance of being able to take advantage of the funding, and you will be prepared for forthcoming legislation which could force you to take action.