Landlords missing out on hundreds of millions from ECO3
Social and commercial landlords across the UK are missing out on tens, if not hundreds of millions of pounds worth of funds that are available to them through the Energy Company Obligation 3 (ECO3) fund which ends in April 2022.
ECO3 is the government energy efficiency scheme that was launched to help reduce carbon emissions and tackle fuel poverty. Under ECO medium and larger energy suppliers fund the installation of energy efficiency measures in British households as part of an agreed commitment.
At a time when energy prices are constantly on the rise, the opportunity to improve the energy efficiency of properties rated E,F and G, with funds from energy suppliers, has to be a boon for both landlords and tenants alike.
Stewart Little, Chief Executive officer of IRT Surveys, a company that has surveyed approaching half a million homes across the UK to improve energy efficiencies said: “Energy suppliers must achieve cost savings of £8.253 billion under the Home Heating Cost Reduction Obligation (HHCRO) by April 2022. And while the target is divided between suppliers, according to relative share of the domestic gas and electricity market, most if not all, are falling well short of their respective targets”
Little added: “This situation provides an excellent opportunity for social and commercial landlords to improve the energy ratings of their properties at a particularly apt time. Tenants up and down the country will be fearful of what the spiralling costs of energy prices may mean for them. ”
Landlords interested in accessing the ECO3 funds can work with managing agents appointed by the energy suppliers. For further information visit: https://www.ofgem.gov.uk/environmental-and-social-schemes/energy-company-obligation-eco
For further information about IRT Surveys visit: http://irtsurveys.co.uk/