Author : Marry-Anne Bowring
How To Increase Energy Performance Rating
The UK government was the first major economy to bring legislation for net zero greenhouse gas emissions in 2019. The legislation requires the country to bring down all greenhouse gas emissions to net zero by 2050. The previous goal was a reduction of at least 80 percent of emissions from 1990 levels.
The UK also has set grand interim emission reduction targets, the Carbon Budgets. It aims at a 57 percent reduction in emissions by 2032 across the UK economy. To achieve these ambitious targets, stringent actions must be implemented in all sectors of the economy. These include tackling emissions generated at homes. Greenhouse gas (GHG) emissions from homes have reduced by 16 percent at present compared to 1990 levels. However, many homes are still responsible for 15 percent of UK greenhouse gas emissions currently.
The date to look out for immediately is the end of March 2023. As part of the UK government’s net zero 2050 target, the property sector is expected to comply with the EPC (Energy Performance Certificates) and the MEES or the Minimum Energy Efficiency Standards. Under the existing MEES requirements, landlords of commercial properties cannot grant a new lease unless the property has an EPC rating of an E or higher. The rule does not apply to existing leases.
There is a financial penalty of 10-20 percent of the property's value to a maximum of £150K per breach for noncompliance with MEES. The concerned landlord’s name may also get published on a public register with details of the breach. There are some exceptions to this rule. From 1 April 2023, the MEES rule will apply to continuing and existing leases and all new leases unless a valid exemption has been registered.
An EPC is a home energy survey indicating your home's energy efficiency. Homeowners and leaseholders must comply with a list of recommendations to improve their energy efficiency. You must have an EPC if selling, leasing, or renting a property. But it is important to get an EPC even if you are not selling your home. It will give your property an energy rating from a very efficient A to an inefficient G. The EPC is valid for 10 years.
There are many benefits of having a good EPC rating.
· It helps lower energy bills as you keep adding more energy-efficient measures to your home, thus lowering energy consumption.
· The value of your property will and you will get a good value for your home when you plan to sell.
· A high-value home can get a lower mortgage through green mortgages.
· Improved energy efficiency can help lower your carbon footprint.
Improving your EPC rating is crucial for achieving the home's energy efficiency. It also means you could reduce your energy bills, make your home warmer and more comfortable, increase its value, and reduce your carbon footprint. Here are some of the ways to improve your EPC:
· Install loft insulation. It can be done quickly, and it's inexpensive too. Loft insulation can make a huge difference to your energy bills.
· Go for wall insulation regardless of whether your home has solid or porous walls. It’s a simple way of improving your EPC rating.
· Replace your old boiler with a new boiler having a high energy-efficiency rating.
· Use solar panels as they can produce greener energy without affecting your budget.
· Upgrade your windows and doors to double glazing. Besides boosting your home energy performance, it can also cut down on noise
Mary-Anne Bowring FIRPM FRICS FARLA FCABE Founder/Head of Asset Management
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