Landlords have been warned about the potential costs of making their properties compliant with future legislation to combat climate change.
From 2023 gas boilers will be banned in new-build properties, which must be heated using renewable technologies such as ground and air heat pumps. While there is no requirement to retrofit properties yet, removal of all gas boilers in domestic properties will ultimately be required if the UK is to meet its current target of net zero carbon emissions by 2050.
As part of his pledges on the environment, the Prime Minister, Boris Johnson has indicated that the government will follow the guidance of independent advisory body, the Committee on Climate Change. It says gas boilers should not be sold beyond 2033 and all electricity production should be zero carbon by 2035, if the UK is to meet the 2050 target.
According to green energy supplier Igloo replacing a gas boiler with a heat pump could cost £13,000.
The Green Home Grant scheme for landlords and home owners, announced by the chancellor this summer, offers of up to £5,000 for energy-efficient adaptations, but only operates until March 2021.
According to Myles Robinson, of installation company Boiler Central: "Making greener homes doesn't come cheap, especially when you're considering ripping out old boilers.
“I think many landlords are going to struggle to keep up with the growing costs. With the Green Home Grant deadline quickly approaching, understanding how much you'll make and lose from investing in greener tech should become a priority".
George Holmes of Aurora Capital - a financial broker with links to the domestic energy sector - added: "With the Green Home Grant expiring in March, there is a lot of worry landlords won't get the work done in time. With only £5,000 being available, many won't be able to afford to keep up with the proposed changes put forward by the government.”
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Find out more about the Green Homes Grant