As any landlord knows, the cost of replacing an old central heating system in a rental property can be a massive expense, and when you have several properties with worn out boilers, the financial outlay is huge.
But thanks to a new government scheme designed to help households replace their old inefficient central heating boilers with brand new energy efficient heating systems, landlords can take advantage of grants up to £1,250 per household and put it towards the cost of installing renewable “green” central heating systems. These include solar thermal panels, air and ground source heat pumps, and biomass boilers.
Research has shown that the installation of energy saving heating systems can be a big plus for prospective tenants. Nobody likes throwing money away on expensive central heating systems that use fuel like it is going out of fashion, so instead of spending valuable time and money maintaining and repairing an outdated boiler, consider installing a new “green” system for your tenants.
The £15 million Renewable Heat Premium Payment Scheme is open for applications from August 1st until March next year and a whopping £3 million has been set aside for landlords to upgrade their housing stock. Each application will be treated individually and the grant available will depend on the current system as well as the type of device being installed.
For those who want to be “greener”, this represents an excellent opportunity to rip out an old boiler and replace it with a new energy efficient one—and I will definitely be looking into improving some of my properties!
