Landlords’ rental properties insulated for less than half price
Landlords are being offered a 55% subsidy on a full house retrofit of insulation and other energy efficiency measures for their rental properties.
Wednesday, March 7th 2007, 1:41PM
by The Landlord
The tenants in the rental properties must be on a low income and eligible for a community services card, and applications must be received before 31 May this year.Full house retrofits cost around $2000, so this offer could save landlords over $1000.
The offer is a joint initiative from the Energy Efficiency and Conservation Authority (EECA) and the New Zealand Property Investors’ Federation (NZPIF).
It includes ceiling and underfloor insulation where accessible; hot water cylinder wraps and pipe lagging; energy efficient light bulbs; low flow showerheads; underfloor polythene; and draught-proofing of doors.
To be eligible for the offer, landlords must be NZPIF members. Membership costs between $100-$200: www.nzpif.org.nz.
As well, the property must have been built before 1978 and have insufficient ceiling and/or underfloor insulation.
Rent must not be raised within six months of receiving the subsidy.
Application forms can be found at www.ecoinsulation.co.nz.
EECA chief executive Angus Davidson says, “This is a one-off opportunity for rental property owners to make some substantial savings. By simply joining their local Property Investors’ Association, landlords can save themselves money as well as keep tenants healthy and happier in their homes”.
Martin Evans, president of the NZPIF says, “Along with increasing rental property value and saving on maintenance costs, the retrofits can also help tenants reduce power bills and stay longer in their properties”.
“Studies show tenancy turnover is typically lower in insulated homes. Insulation can increase tenancy periods by approximately three years.”
The offer is part of the EnergyWise home grants programme, which aims to insulate properties built before 1978 when mandatory insulation for new houses was introduced.
Over 28,000 homes have been retrofitted since the installation of energy efficient measures began through EECA programmes in 1995.
Eco Insulation Limited will carry out all retrofits for this offer.
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