A LinkedIn poll conducted by Property Week on behalf of Barclays reveals that almost two-thirds (61%) of respondents have not yet costed their transition for getting buildings’ Energy Performance Certificates (EPCs) to at least C by 2027, and B by 2030.
Just 15% have fully costed the transition, while 24% have partially begun but require more information.
This survey follows the government’s drive to achieve net-zero emissions by 2040, with the next stage of minimum energy efficiency standard (MEES) set to come into force on 1 April 2023. From that date, the MEES regulations will prohibit landlords from leasing commercial buildings with an EPC rating of ‘F’ or lower. Those continuing to do so will risk a fine ranging from £5,000 to £150,000.
As HartDixon partner Barry Shambrook explained in a previous Property Week comment piece, reversing climate change was not a prerequisite when most portfolios were created, so it is understandable that landlords may be unsure how best to meet MEES milestones. For those puzzled by the conservation question, it would be sensible to seek professional support, he said.
These results make it apparent that although many have taken their first steps on the journey to net zero, the majority need to pick up the pace, or risk possible sanctions further down the road. The clock is ticking.