What grants and funding options are available?

Landlords looking to upgrade their properties with green technologies have access to various grants and funding options aimed at promoting energy efficiency and sustainability, including:

Energy Company Obligation (ECO): The Energy Company Obligation is an energy efficiency scheme that obliges larger energy suppliers to fund energy-saving measures in domestic properties. Under ECO, landlords may be eligible for funding to install insulation, heating upgrades, and other energy-saving improvements for their rental properties. ECO funding is typically targeted at low-income households and those living in fuel poverty.

Renewable Heat Incentive (RHI): The Renewable Heat Incentive is a government scheme that provides financial incentives to homeowners, landlords, and businesses that install renewable heating systems, such as biomass boilers, heat pumps, and solar thermal panels. Through the RHI, participants receive quarterly payments for seven years based on the amount of renewable heat generated by their systems.

Replacement of Domestic Item Relief: Landlords may be able to claim tax relief through the government's Replacement of Domestic Item Relief, which provides tax relief on the cost of replacing furnishings in rental properties with more energy-efficient alternatives.

Local Authority Grants and Schemes: Many local authorities across the UK offer grants, loans, and incentives for energy efficiency upgrades, including those targeted specifically at landlords. These programs vary by region, so landlords should check with their local council to see what funding opportunities are available in their area.

Green Finance Initiatives: Some financial institutions offer green finance products, such as green loans or mortgages, specifically designed to support energy-efficient retrofitting projects. These products may offer favourable terms, including lower interest rates or longer repayment periods, to incentivise landlords to invest in green technologies.

It's important for landlords to research and explore all available grants and funding options to determine which ones best suit their needs and circumstances. Additionally, eligibility criteria, application processes, and funding availability may vary over time, so staying informed about updates and changes to these schemes is crucial.