With the continual increase in the cost of energy for residential property and winter round the corner, landlords are looking for as many ways as possible to save on the outgoings from their property investments.
HMO landlords running their portfolio as a professional business, paying bills directly to suppliers have the option to obtain commercial energy rates for gas and electricity from suppliers on a fixed term one, two or three year contract. Commercial energy savings on rates offered can be significant when compared with residential rates and over a portfolio of five or more properties the savings could be thousands.
There are a number of other tips and tricks HMO landlords can use to control energy costs outside of the direct rates charged by suppliers, such as installing an efficient boiler (this is a longer term investment), controlling room thermostats automatically, having timer switches or motion controlled lights in communal areas of the property.
The installation of electric card meters in the bedrooms of a HMO can drastically reduce the energy usage for a HMO property (especially if the tenants are paying for top-up cards). Other obvious tips are banning electric heaters from bedrooms and communal areas in the property, although we suggest they shouldn’t be used from a safety perspective.
To find out more get in touch to find out how we saved on our portfolio…