And
how new Gov’t rules will mean draughty low-eco Neath homes will drop in value
‘It’s Not Easy
Being Green’, was the song that Kermit sang on Sesame Street.
Yet now being
green is a normal way of life for most of us. Walking or cycling places instead
of taking the car, recycling and even shunning meat are some of the things most
Neath households are trying to do their ‘bit’ for going green.
Our conduct
may have improved but when it comes to our Neath homes, there is still a long
way to go. It is estimated around a fifth of carbon emissions come from home
energy usage (nearly three quarters from heating and lighting). The country is
releasing 37% less carbon into the atmosphere than in 1990, yet we have legally
binding targets to hit 100% by 2050 — and the Committee on Climate Change has
stated the UK will need to eradicate greenhouse gas emissions from homes to
meet that target.
Landlords were hit first because since April 2018, the Minimum
Energy Efficiency Standards (MEES) regulations with regards to eco-friendliness
of the rental properties have required all rental properties to have
a minimum Energy Performance Certificate (EPC) rating of ‘E’ or above otherwise
it is illegal to let out a property, bar a couple of exceptions. This has meant
Neath landlords have had to spend many thousands of pounds to improve their
rental property’s EPC rating (an EPC rating of ‘A’ being the best eco
rating through to a ‘G’ for the worst – just like washing machine or fridge ratings).
But new Government plans could hit Neath
homeowners in the pocket as well.
The
Government is planning to force banks and building societies to penalise people
wanting a mortgage of draughty low-eco homes with an energy performance
certificate (EPC) rating of D or lower. For those properties not hitting the
correct level of EPC rating, it is suggested some form of levy will be placed
on the mortgage provider, who in turn will pass that on to the home buyers in
the form of higher mortgage payments. Some are describing this charge as an
‘eco-mortgage levy’.
Just over 6 in 10 (64.9%) homes in Neath
Port Talbot would be hit by this ‘eco-mortgage levy’, thus potentially reducing
the value of those homes
Interesting
when you compare this with the national average of 60.6%.
In real numbers, 37,701 homeowners and landlords in our local authority area would either struggle to get a mortgage from a bank or building society or it would cost them more because they were a ‘D’ rating on their EPC or below.
Looking at
the stats broken down for Neath Port Talbot:
- 87
properties are classified as A on the EPC register - 3,103 properties are classified as B on the
EPC register - 17,237 properties are classified as C on the
EPC register - 23,922 properties are classified as D on the
EPC register - 10,315 properties are classified as E on the
EPC register - 2,666 properties are classified as F on the
EPC register - 798 properties are classified as G on the EPC
register
So,
what can Neath homeowners and landlords do to improve their EPC rating?
Well surprisingly, it need not cost a lot to improve the EPC
rating of your Neath home. One of the most inexpensive ways to help improve your Neath home’s
energy efficiency is low energy light bulbs with an estimated cost of just
under £40 per UK property. Other efficiencies can be gained by insulating your
hot water cylinder, draught proofing any single glazed windows, increasing your
loft insulation and upgrading your central heating controls, all of which can
be done for a total of around £750 to £850 per property.
If you want to know
the EPC rating of your home, either google the phrase ‘EPC register’ or send me
a message and I will find out for you.
Finally, as Kermit
famously also said, “Life’s like a movie.
Write your own ending”. If you are a Neath homeowner or
Neath landlord, why not look at your property’s EPC rating and look at the
recommendations. You are going to have to spend the money sometime, so why not do
it now and enjoy lower energy bills and when you come to sell, you won’t be
penalised … a win-win situation for you and the planet?
