Benefits to homeowners
The scheme offers interest-free loans between £1,000 and £25,000 with up to 10-year repayment terms with an initial 6-month 'repayment holiday' to ensure the benefits of the improvements can be seen before payments begin.
Further support is available to reduce the financial burden for homeowners with grants being made available too.
Avoiding a one-size-fits-all approach
Whilst it is encouraging to see that grants provided under the Scheme can be used to carry out a range of improvements encompassing heating, power generation and improving the fabric of a building, it is disappointing to see that it doesn’t extend to private landlords. Frustrating given the wide array of schemes already excluding landlords and targeting low income households such as the existing ECO 4 and Nest grant schemes.
Without providing private landlords with incentives and access to sustained funding, it is unlikely that PRS energy efficiency targets and a reduction in emissions across the property sector will be met. Development Bank Wales who administer the Green Homes Wales Scheme have told Propertymark that they may consider extending the scheme to landlords in due course.
In addition to excluding landlords, the Scheme does not cover newly built homes (those built within the last six months) and listed buildings that require special permissions due to being in conservation areas, which, given the variety and often historical nature of Welsh housing stock is a missed opportunity.
Balancing conservation with energy efficiency in listed and historic buildings
Despite a reputation for being draughty and inefficient, old houses were designed to work with their environment and can still do that well if properly repaired and maintained. To understand the performance of a particular building, and identify opportunities for improvement, owners and managers should consider all the factors that impact energy use and efficiency and remember that some retrofit measures may simple not be feasible.
Propertymark members supporting clients
We encourage Propertymark members operating in Wales to familiarise themselves with the Scheme and engage with prospective buyers around the opportunities it presents. Understanding the financial support available could help you strengthen relationships, build trust, and offer valuable insights in a competitive market.
