We are all aware that energy prices have been increasing rapidly this year as the cost-of-living crisis continues. Landlords should be doubly concerned due to the impact on their tenants.
The basic issue is that as a nation, we are overly dependent on gas to supply our energy needs and the global cost of gas has gone up significantly due to supply and demand issues. The government has already revised the price cap (The maximum level energy companies charge) which saw energy prices rise by about 54% earlier in the year and it is due to be revised again in October this year.
Going forward the caps will be revised every three months. The setting of the cap is based on a forward projection of wholesale gas prices, so it is difficult to predict where the level will be set, but already it is looking like we will see another 65% increase in the cap this October.
Things you could do to help manage your and your tenant’s energy consumption:
| Install LED bulbs
| Install energy efficient appliances where possible
| Insulate lofts/cellars as much as possible
| Make sure your boiler is regularly serviced
| Draught-proof doors and windows
| Install double glazing where possible
| Install programmable thermostats & heating controls
| Invest in solar panels
| Regularly check your utility bills consumption & look for cheaper alternatives
