Climate change is a global emergency that, along with rising energy bills, is awakening more and more people to the importance of switching to a more energy efficient, sustainable and eco-friendly lifestyle.
And here’s where the rented sector could do with a bit of a shake up, as it seems that many landlords are reluctant to invest in energy-efficient improvements. There’s a clear gap in the market here, given that a recent study found that 98% of respondents would prefer to live in a greener property, with 53% willing to pay more to secure this. So if you haven’t already started thinking about going green, now’s a good time to start!
Why should landlords go green?
Data from the Office for National Statistics outlines that 25–34 year olds make up a large proportion of the renting demographic, and since the younger generations are considered to be more environmentally conscious, it makes sense for landlords to tap into this niche and make their properties more desirable to this significant demographic.
In addition to making your property more attractive and appealing to tenants (and helping to protect our planet), there are various other advantages to making your property more environmentally friendly. For example, it can help to improve your property’s EPC rating (which is something the government is pushing towards), it can save you or your tenant money in utility bills and it also means your property will be more competitive, since it’s likely to be in higher demand.
How can landlords make their properties more energy efficient?
There are various changes that you can make to your property to reduce its environmental impact. Some are small, minor tweaks whereas others are more substantial, costly investments. You may wish to seek professional advice about what type of improvements your property would benefit from, but some of the most common changes are:
- switching to LED lighting
- changing to double- or triple-glazed windows
- upgrading your appliances and heating system to smart technology
- improving the property’s insulation
- installing solar panels
- switching to water-saving taps and shower heads
- installing an electric vehicle charging point
For further hints and tips about improving your energy efficiency, take a look at our blog: How to beat energy price rises.
Remember: many improvements are tax deductible!
Landlord taxation is a minefield, and it can be difficult to interpret what improvements can be tax deductible – but remember that many of them are! We provide accounting for landlords. We strongly recommend that you seek an accountant’s advice to ensure that you’re claiming the correct amount of tax relief, and that you’re taking full advantage of that relief. So let us do the tricky stuff for you; get in touch with our team of experienced accountants or book a free consultation today. You’ll also find a wealth of information regarding the latest tax news and updates via the landlords section of our blog.
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