The new Green Homes Grant – could it help you increase your property value?
9th September 2020
From the end of this month, homeowners in England will be able to apply for a grant of up to £5,000 to make their property more energy-efficient, thanks to the newly announced Government Green Homes Grant. The great news is, that it’s available for landlords too, as well as owner-occupiers.
How does the Green Homes Grant work?
As a homeowner, you will be able to identify areas of your property that would benefit from better insulation or material upgrades to reduce heat loss and increase energy efficiency. You can obtain a quote for these and must use accredited tradespeople to carry out the work. The government grant will cover up to two-thirds of the cost of any eligible improvements. The finer details surrounding payment and obtaining the voucher are yet to be announced, but there will be more information available soon on the Gov.uk website and through Local Authorities.
What home upgrades are covered by the Green Homes Grant?
If you’ve had an EPC inspection carried out recently, or have received an EPC in your new home pack if you have recently moved, then the EPC report will identify areas that could be adapted to improve your EPC rating. This is a great starting point. You can also find plenty of information here on the type of upgrades that will be eligible for a grant.
To qualify for a voucher at least one improvement must be a Primary Measure such as the following:
- - Solid or cavity wall insulation
- - Under floor insulation
- - Loft and flat roof insulation
- - Installing low carbon heat solutions such as solar thermal, biomass boilers, ground source or air source heat pumps
Secondary measures you can also claim for include:
- - Draught proofing
- - Secondary glazing or double/triple glazing
- - Energy-efficient replacement doors
- - Heating controls such as thermostats, zone controls, smart heating controls
- - Hot water tank insulation and thermostats
The among you can claim on secondary measures is dictated by how much you spend on primary measures. So if you only claim £250 on insulation you can only claim up to £250 on glazing, for example. However, there is potential to claim up to £2,500 on each set of measures, if the spend is eligible so it’s worth spending some time properly planning and researching what improvements you may need to make the most of the opportunity.
How can the Green Homes Grant add value to my property?
Ultimately, a better EPC report can increase the appeal of a property to buyers. Some families will be very frugal with their household bills and may be put off homes with a poor EPC rating. Even though a home may be attractive inside and out, if it generates high energy bills and needs money spent to counteract this, it will be less appealing to some buyers. A good EPC report also shows that money and effort have been invested into maintaining the property and will therefore help to attract fair offers that reflect this.
If you are a landlord, our property management team may be able to assist you in organising work to claim the Green Homes Grant for your tenanted property. Contact us to find out more.
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