How to Make Your Rental Property More Energy Efficient
There are many features of a rental property that will make it appeal to different audiences, from its location to its features. Ensuring your property is suited to your target market can improve rental yields, increase tenancy periods and improve tenant satisfaction.
When renting your property to a younger market, it has been identified that making the property eco-friendly could make it more appealing, increasing the number of potential tenants interested in your property and thus allowing you to increase rental rates as appropriate.
But it’s not just landlords aiming to get younger tenants through the door that should be taking note, making your home energy efficient can increase rental yields, increase the value of the property contribute to a higher EPC rating, reduce energy bills and future proof your property for any future changes to legislation – a win-win!
Switch to Energy Efficient Appliances
If your appliances are reaching the end of their lives and need an upgrade, make sure you choose electrical goods that are energy efficient. Due to EU regulations, the following appliance must be marked with an energy label indicating how efficient they are:
- Washing machines
- Ovens (electric)
- Freezers and fridges
The energy label rates appliances from G to A, G being the lowest in terms of energy efficiency and A being the highest. Appliances with a higher energy rating will provide the biggest savings longer term.
Install Double Glazed Windows
A double-glazed window can be up to 20 times more efficient than a single glazed one! In addition to reducing heat loss and thus energy bills within the property, double glazed windows offer a number of benefits vs. single glazed including:
- Noise insulation – Ideal if the property is in a busy urban area.
- More secure – As well as being more secure against forced entry, the thickness of double-glazed windows makes them less prone to accidental internal breakages.
- Cooler house in summer – In addition to keeping the property warm throughout winter, in the hotter months, double glazing insulates your home against the sun.
- Reduce interior damage – Rays from the sun can discolour and damage carpets, furniture and carpets, double glazing reduces these damaging UV rays.
Replace Old Lightbulbs with Energy Efficient Ones
Did you know that lighting account for around 10-20% of a property’s energy bill? Switching to energy-saving bulbs is one of the easiest changes you can make to improve the energy efficiency of the property.
According to research from U Switch, installing five low energy light bulbs will save about £32 a year. Whilst this saving will likely be passed on to the tenant, lighting is one of the categories that is assessed when calculating the EPC rating of the property.
Insulate the Loft
Around 25% of heat from a home leaves through the roof. Whilst it requires a fairly significant investment, the good news is that loft insulation is effective for at least 40 years so the installation costs will be paid off many times over before it needs to be done again.
Additionally, once the loft is insulated, it can be converted into the room which can significantly increase the rental yields of your property.
Install a Smart Meter
Under a UK Government scheme, smart meters are being rolled out across properties in the UK. These devices are free and automatically track the amount of energy you’ve used, enabling tenants to keep better track of their energy usage and use less.
Smart meters are available through most energy suppliers, they should contact you when you can get one. As well as being an added value for tenants, installing a smart meter can give you access to better energy tariffs.