Fiona Bonney-James (née Togher), Partner at Hamilton Darcey, looks at how landlords, tenants and managing agents can work towards the Government’s net-zero carbon target.
The UK government is committed to becoming net-zero carbon by the year 2050. In the context of property and construction, this means only producing carbon emissions that can be mitigated in equal measure during the lifecycle of a building. This target will require improvements in the energy efficiency of buildings, the use of greener resources and a move away from fossil fuels to renewable energy. New builds can be designed in ways to achieve this. Existing properties may face more of a challenge.
In this article we will look at how landlords, tenants and managing agents can work towards this target.
Starting Early
Thirty years is a long time, but not in terms of property age. Our advice is to start now – make small changes and plan ahead for larger changes.
Making small changes now will reduce carbon emissions but also provide cost-savings for you.
These small changes could be upgrading to LED bulbs (which last up to 25 times longer than incandescent lights) or installing a thermostat or a smart meter.
Planning now for larger changes will ensure that you reach the government’s target by 2050 in the most cost-efficient way.
The larger changes could be replacing a heating system or major roof works, which are likely to be required in the next thirty years regardless of this target.
Utilising Planned Maintenance Reports
We recommend commissioning condition reports to help with this type of planning.
At Hamilton Darcey LLP, we produce Planned Maintenance Reports for a property, for a minimum 10-year period. These reports can help to forecast repair/upgrade or replacement works to building elements.
These works will be required at different times depending on the original specification, maintenance and the life cycle of the element.
If a Planned Maintenance Report highlights any major works, use that is opportunity to improve the element’s energy efficiency.
Major roof works could then include upgrading insulation or installing solar panels as an alternative energy source. Major heating works could be a time to switch to a digitally controlled system.
Money Talk
Our advice is also to plan how to cover these costs early. Low carbon solutions are essential for the future but can be expensive, particularly when retrofitting, which is why they may have been dismissed in the past.
Improved energy efficiency, when carried out correctly, will lower operating costs and improve a property’s marketability when selling or renting.
Landlords who start to invest in energy-efficient improvements now can also use this as an incentive for tenants, who may now be working from home more frequently, to extend their tenancy.
Despite the target deadline, now is the time to start to make cost-efficient steps towards reducing your carbon emissions.
Hamilton Darcey LLP are experienced in advising landlords, investors, property managers and occupiers on how they can implement carbon reduction initiatives and energy saving technologies across portfolios, as well as designing and managing works from inception through to completion on their behalf.
