The new Green Home Grants Scheme – What Buy To Let Landlords should know
The Green Home Grants scheme was recently announced by the UK Government, with an aim to enable more homeowners and landlords to upgrade their properties and make them more energy efficient. The hope is that with financial help, landlords will be able to install modern, energy-saving features such as double-glazing and better insulation.
In order to remain on track with the 2050 Net Zero Emissions targets, the government are looking to greatly improve the efficiency of homes across the nation, reducing the amount greenhouse gas produced by homeowners and landlords.
The new grant scheme will fund £2 of every £3 spent, up to a maximum of £5000, to upgrade and make properties more energy efficient. In certain circumstances, landlords can claim a maximum of £10,000, although this will be rare.
Although a comprehensive list of the improvements that will be covered has not yet been published, it is likely that the scheme will be split into two parts: Primary measures and Secondary measures. Primary measures will consist of those that are most likely to lead to larger increases in efficiency, such as external wall insulation, cavity wall insulation and underfloor insulation. Secondary measures are likely to include things such as double-glazed windows, but will have to be combined with a primary measure when upgrading.
It is important that we start considering what improvements we could make and are ready for the online application once it opens. The grant scheme has only been announced for one year and it is likely that thousands will apply, so it essential that we are ready and send applications in as quickly as possible.
Even though it is currently unclear as to exactly which improvements will be eligible for the grant, it is best to take everything into consideration for now. We will keep you updated as new details are released so that you can prepare your plans and applications, ready for the opening date.