Many industries now see going green as a big positive, supermarkets are starting to ditch plastic, construction companies are installing better glazing and using healthier materials in insulations. The property rental sector is no different when it comes to the attraction of going green, and many landlords are moving towards becoming more eco-friendly.
As well as helping the planet, there are financial savings to be made by going eco-friendly. A well-insulated house will use less heating, which helps save both the planet and money. New energy-saving light-bulbs use less than a third of the energy of normal light-bulbs and will make a big difference to energy bills. Having appliances that are green-friendly like kettles will also use less energy and likely last longer too.
New sources of energy
Another way to make savings is on energy providers. Finding the most competitive energy provider on the market will save the tenant the trouble. This may also ensure they actual use the provider, rather than sticking with their usual company.
Considering the changes in renewable energies, a great way to increase savings is to install solar panels, so long as you have a south-facing roof. There are two types of solar panels, photovoltaic which convert the sun’s rays to electricity and solar thermal, which are used to heat water, and they work not with sunlight but with daylight.
According to the energy saving trust, this can lead to big savings of between £85 and £220 per year on a 4kWP system, although this has to be offset against installation costs which can cost up to £8,000. While it is a significant investment, efficient homes can push up the value of a property, meaning that landlords can attract greater rents with energy-efficient homes, and recoup the investment through more rental income. If landlords already have solar panels, they can benefit from a government scheme that pays them for exporting excess electricity back to the grid, although anyone installing solar panels after 31 March 2019 is no longer eligible for this benefit.
Given how rent prices are a big outgoing for most tenants, tenants will look to save as much money as possible on bills, and eco-friendly energy measures are the most basic way to make savings.
Helping the Planet, help your pocket
Becoming eco-friendly is a great selling point for tenants, according to Your Move, 42% of tenants consider the environmentally friendliness of a property to be an important factor in deciding whether to rent a property. The findings also find a correlation between environmental consciousness and higher rates of rent, as 63% of tenants who pay £1,351 and £1,600 per month consider the eco-friendly credentials of accommodation to be an important factor in deciding. This compares to just 37% of tenants paying £350 per month.
The research also found that tenants had a greater appreciation for green spaces, with most people spending their working days in cities and offices, it is little surprise that 32% of people surveyed place importance on green spaces and wanted a communal garden, and 30% were willing to pay more for an allotment.