If you have invested in a property for your future, and rent it to tenants, it becomes a very important part of your savings and planning. It represents years of hard work, sometimes involving working weekends and giving up luxuries as you scrimped for the deposit and carried out renovations to make it tenant-friendly. Congratulations on this! We celebrate your hard work, but also want to warn you. You might have a surprise coming.
The largest operating expense of your exciting new rental property is heating and hot water. It is also, the most likely place you’re going to have disagreements with your tenants. It will in all likelihood break down, or become unreliable, produce fumes or even worse, give you incorrect billing information. In Germany, 320 tenant associations shared data, and found that 30% of the disagreements relating to landlord / tenant relationships are due to the heating of a property. Either it is not working well, or, the billing is incorrect.
After all the hard work of getting an investment property, we are sure you want to reduce friction in the future and in our experience, we see that installing a great central heating system will be a great contribution to calm relationships with tenants. Whilst we cannot stop tenants kids from drawing on your walls, we can reduce the amount of late night phone calls you receive from a cold, angry parent who just needs consistent hot water or their child’s room warm. Usually, when a landlord gets these calls the panic button gets pushed and the search for a QUICK AND CHEAP solution is sought. This is not a terribly long-term vision, especially for an investment that is supposed to represent longer-term financial freedom and possibly retirement options.
Thinking has to happen now before crisis situations arise. Just like you informed yourself of urban development and potential capita growth in the region of your investment property, and the potential plans for the area, you also need to think about all the risks to that great investment. Should heating systems breaks down, you are responsible and the tenant association will respond on you. So, prepare. We are on your side.
Our recommendation is to invest in proven renewable energies for three reasons.
- Firstly, it is more cost efficient in the long run (and long run investments is why you have an investment property, right?)
- Secondly, it is ultra reliable and quieter, less fumes, and much nicer to have in the property.
- Thirdly, you have an incentive from the UK government to do it now. And that renewable heating incentive might run out soon, so grab it!
The Wood Heating Association of the UK says:
‘Wood fuel is one of the cheapest heating fuels around. In the UK, it is competitive with mains gas and is significantly cheaper than other off-grid solutions, such as electric heating, oil and LPG. Wood fuel can cut your heating bills by a third if switching from oil and by two thirds if switching from electric heating.’
If you want to see how the Renewable Heat Incentive from the UK government can help subsidise your investment, just check out our information here. https://www.innasol.com/rhi-financing/ This is a Government-backed scheme designed to financially reward those who use renewable energy and make it worth your while to produce renewable heat. Thousands of happy Innasol customers have already started to reduce their energy bills, become more self-sufficient and earn some extra income while reducing their carbon footprint. You are eligible for the incentive if you are a domestic user who operates biomass boilers, heat pods and heat pumps. Once our efficient and latest technology renewable heating systems are installed, the domestic RHI scheme provides you with guaranteed, index linked payments for seven years with tariff levels even higher than the commercial RHI. So not only will you add value to your home, risk manage the longer winters, and high operating costs of heating the home and water, but also, get a little help along the way.
A bit more info about the RHI https://www.ofgem.gov.uk/environmental-programmes/domestic-renewable-heat-incentive
You might be asking, so what does biomass and renewable energy look like?
Biomass boilers https://www.innasol.com/what-we-do/biomass-boilers/
Biomass heat pods https://www.innasol.com/what-we-do/biomass-heat-pods/
Biomass heat pumps https://www.innasol.com/what-we-do/heat-pumps/
Contact us now to find a partner who can help you. We have over 2000 partners who are in metropolitan and rural locations around the entire UK who are green champions and passionate to help you add value to your home, save the environment and save your wallet when it comes to heating costs. https://www.innasol.com/contact-us/
Also here are some good case studies which show you HOW the whole concept works! https://www.innasol.com/wp-content/uploads/2015/06/Innasol-Domestic-Artizan-5.pdf