The Private Rental Sector within the UK has been estimated to need £400 million of investment to make necessary energy efficiency improvements for meeting the new MEES standards that came into effect in April 2018.
MEES, which stands for Minimum Energy Efficiency Standards, is a new legislation that became law on the 1st of April and applies to all Commercial and Residential properties in England & Wales. The minimum legal standard is an E on an Energy Performance Certificate (EPC) so an F & G score is below the required standard and these properties will require investment to improve their energy efficiency to be lawfully leased and rented.
Currently the law only applies to new tenancies or renewals but will be extended to all existing tenancies by 2020. Research so far shows that approximately 300,000 rental properties are currently below the new MEES standards and their EPC scores are in the F & G bracket.
Mortgage Lender Specialists Together report that sub-standard properties will need an average investment of £1,400 to move to an E rating or above. These costs will include installation of recommendations such as new modern boilers and heating controls, double glazed windows as well as wall and loft insulation.
Nexus Energy Solutions are one of the UK’s leading energy efficiency companies and offer professional advice as well as various surveying expertise for our commercial and residential clients. Examples of what we can help with are –
- Providing the legally required Energy Performance Certificate for all types of buildings
- Advising on energy efficiency improvements for reducing costs and meeting Minimum Energy Efficiency Standard
- Project manage renewable energy installations
- Source available funding and grants to help with energy efficiency recommendation
With new energy laws in the pipeline it is good practice to speak with an experienced energy consultant in regard to your property investment. A property’s value can potentially go up or down based on its EPC score so getting accurate surveys and advice are becoming more important.
Nexus have vast survey experience and work with some of the UK’s leading blue chip companies as well as independent commercial property owners.
If the above relates to you then feel free to contact us for a free initial consultation.