Expert says landlords can costs their costs considerably by using energy efficiency measures.
With the big six energy providers raising their prices, a leading energy solutions provider in the North West is advising landlords to make their properties more energy efficient.
Patrick Richardson, chief executive of Concept LHP, says landlords should know what property improvements they can make to benefit themselves and their tenants.
Landlords who improve the energy efficiency of their rented properties can claim Landlord’s Energy Saving Allowance (LESA).
This allowance enables landlords to reduce their tax bill by up to £1,500 per property a year. It is a straightforward process with expenditure offset against tax through annual Tax return forms.
Landlords can claim for the costs of buying and installing energy-saving products including cavity wall and loft insulation, solid wall insulation, draught-proofing, hot water system insulation and floor insulation. It is important to understand, however, that landlords installing the items can only claim LESA for the cost of buying them but not for installing them.
Patrick believes a reduced tax bill is not the only benefit of improving the energy efficiency of your property.
He says “Making a few changes will also dramatically affect the amount tenants pay on their bills, which will make your current tenants a lot happier; potential tenants will also be drawn to your property over an alternative that hasn’t made efficiency improvements.”
Patrick also states that Landlords wanting to go one step further by installing renewable energy systems such as solar PV and biomass could also benefit from other government incentives.
“Those who install solar PV will benefit from the government’s Feed in Tariff, which means you are paid for the electricity that you generate and for the surplus electricity that you export to the grid.”
Another scheme available is the Renewable Heat Incentive (RHI), which is a scheme set up by the UK Government and offers financial incentives to encourage businesses, households and communities to install renewable heat technologies, such as a biomass boiler.
The landlord is then paid a fixed amount, which is measured on how much energy the system produces.
“These are just some of the ways that landlords can make their properties more energy efficient and help reduce the rising energy costs that their tenants are facing” says Patrick.
“There are endless energy saving tips and products that can be installed to cut down energy costs, some of these require no investment whilst some do require a large investment, however, they will all pay off in the long run.”
For further information, please contact
Joe Earnshaw, The Design Foundry, 0151 709 1633, email@example.com
Notes to editors
Merseyside based Concept LHP designs, supplies and installs renewable light, heat and power solutions throughout the UK for both domestic and commercial customers.
Specialising in Biomass Systems, Radiant Heat, Solar PV and LED lighting, Concept LHP helps customers save money whilst protecting the environment. Concept LHP carries out a free on-site consultation before compiling energy-saving proposals
Professional installations are carried out by fully qualified engineers who also provide ongoing maintenance and support.
Connect Business Village,
24 Derby Road,
0800 917 7901