The Green Deal is an initiative to help landlords and homeowners install energy efficiency measures by providing them with attractive finance with little or no upfront costs. It is a loan to the property, not a person and the repayments are made from the savings on the energy bills and administered through the electricity meter.
As Green Deal providers, Eco-energi are the licensed funders and project managers of the whole improvement process. They will liaise with Green Deal approved assessors & installers to ensure everything runs smoothly, timely and under the best quality standards.
MEES (Minimum Energy Efficiency Standards) applies to new lets and renewals of tenancies from the 1st April 2018 and for all existing tenancies from 1st April 2020. It will therefore be unlawful to rent a property that breaches these requirements. Landlords are expected to spend up to £3,500 including VAT on upgrading a rental property, and The Green Deal could help you finance any necessary improvements and improve the energy efficiency of your properties.
The idea is to have energy efficiency technologies installed in properties in order to reduce energy bills and carbon emissions and have warmer homes. This is a win-win situation for all parties as the tenant would benefit from cheaper energy bills and the landlord improves their asset.
An energy efficient property with cheaper bills should be more marketable and more attractive to tenants. So it's not the tenant paying for the improvements it's the savings on the bills that have been achieved that is repaying the loan. The "Golden Rule" says "the expected savings made from the home improvement must be the same or greater than the total cost of implementing the improvement itself".
This is a list of the energy efficiency measures that can be installed:
A few important things to note:
The comprehensive Green Deal assessment is £150+VAT however if the Green Deal plan goes ahead then this fee is reimbursed.
To determine what works can be done to meet MEES, Eco-energi offer a MEES-Compliance Advisory Report (CAR) for just £45+VAT.
This involves a review of your current EPC and any recommendations it may have contained, any works that have been done to the property, and then works out what you must do now to upgrade and comply. From here if there are significant works required then a Green Deal Advice Report (GDAR) is done outlining which measures can be installed.
Eco-energi is fully FCA authorised for both credit brokering and Green Deal finance.
If you would like to discuss the Green Deal option with Eco-energi, use any of the contact details below, or complete the form and someone from Eco-energi will be in touch.