Fuel poverty is an urgent issue affecting millions of households across the UK, with recent estimates showing 5.6 million UK homes struggling to meet energy costs. In Northern Ireland alone, 24% of households are classified as fuel poor, compared to 20% in Scotland, 14% in Wales, and 13% in England. Rising energy prices, combined with poor energy efficiency, have left many unable to afford adequate heating, creating a pressing challenge for tenants and property managers alike.
As institutional investors, property managers, and landlords strive to maintain profitable and sustainable property portfolios, the dual pressures of escalating utility bills and tightening energy regulations such as EPC standards cannot be ignored. By leveraging Resisure’s smart monitoring platform technology, property managers and owners can address these challenges head-on, while enhancing tenant comfort and reducing overall operational costs.
Understanding Fuel Poverty
Fuel poverty occurs when a household is unable to afford to heat their home to an adequate temperature, often defined as requiring more than 10% of their income to meet energy costs. Factors such as low income, rising energy prices, and poor energy efficiency contribute to the issue. The energy crisis of recent years has only exacerbated the problem, with record-high prices making fuel poverty a reality for a growing number of households. For example, average UK energy bills surged to around £2,600 in 2022, with projections reaching even higher levels for winter. Households with older, inefficient properties are particularly vulnerable, as they require more energy to achieve a comfortable living environment.
The Impact on Property Performance
For property managers and landlords, fuel poverty isn’t just a tenant issue—it can also have a detrimental effect on property performance. Poorly heated homes can suffer from mould, dampness, and structural damage, which can lead to expensive repairs, reduced property values, and tenant dissatisfaction. All of this stops property managers and landlords from accessing the strong, reliable returns they want.
By proactively managing these risks, property managers can safeguard their investments, improve tenant retention, and meet regulatory standards. This is where Resisure’s smart technology becomes a game-changer.
How Resisure’s Technology Helps Combat Fuel Poverty
Resisure’s innovative monitoring platform is designed to help property owners and their tenants combat fuel poverty by monitoring key environmental metrics—such as temperature, humidity, and mould growth—in real time across entire property portfolios. These metrics are sent back to our data centre and analysed to create an easy-to-interpret, weekly report, allowing landlords and property managers to identify properties that may be at risk of energy inefficiency or excessive heat loss.
Through Resisure’s monitoring platform, property managers can:
- Identify energy efficiency issues early: Heat loss or inadequate insulation can lead to higher energy bills for tenants. Resisure’s data allows you to proactively pinpoint properties that are losing an excessive amount of heat, enabling timely interventions, such as upgrading insulation or windows.
- Meet EPC Standards: The UK government requires all rental properties to meet minimum EPC ratings of E, with penalties for non-compliance. Resisure helps you stay ahead of these regulations by ensuring properties are energy efficient and compliant.
- Enhance tenant comfort and well-being: Properties with proper insulation and heating systems lead to happier, healthier tenants. Reducing the likelihood of dampness and mould also means fewer complaints and higher tenant retention rates, as 70% of tenants state they would like their home to be more energy efficient.
- Cut operational costs: With the ability to predict and prevent energy inefficiencies, you can significantly reduce long-term maintenance and repair costs. This not only helps your bottom line but also improves the overall sustainability of your portfolio.
Meeting Regulatory Requirements
The UK government is committed to improving energy efficiency through various schemes, including the Energy Performance Certificate (EPC), which sets out the minimum standards for energy efficiency in rental properties. Sunak’s Conservative government were due to institute new regulations to push landlords towards minimum EPC ratings of C by 2025 – however, this pledge was later reversed. This isn’t to say that such EPC changes could not be brought back in the future, especially with the UK’s Net Zero promise by 2050, which is why it is vital that landlords stay ahead of the curve when it comes to energy efficiency.
Resisure’s data-driven monitoring platform plays a crucial role in ensuring compliance with these regulations, keeping you one step ahead. By tracking heat loss and highlighting inefficiencies, landlords can make the necessary improvements to meet EPC standards before it’s too late.
The Wider Benefits of Smart Property Management
Investing in smart property management solutions like Resisure does far more than just reduce utility expenditure; it supports broader societal goals and showcases a commitment to ESG. By improving energy efficiency, landlords contribute to the UK’s carbon reduction targets, helping to create a more sustainable future, and set a new precedent for the homes of the future to be sustainable, comfortable, and exceed the Decent Homes Standard.
The UK needs these changes across the residential sector more than ever – the combination of rising energy costs and tightening regulations makes it more critical for property managers and landlords to adopt proactive strategies in managing energy efficiency. Resisure’s monitoring platform provides the necessary data insights to not only combat fuel poverty but also to protect property assets, reduce utility expenditure, and ensure compliance with evolving energy standards. By investing in smart technology now, property owners can enhance tenant satisfaction, increase property values, and contribute to a more sustainable future.
Reducing Utility Expenditure and Combatting Fuel Poverty with Resisure
Reducing utility costs, boosting energy efficiency, and ensuring regulatory compliance has never been more achievable with Resisure’s monitoring platform. It’s a win-win for property managers and tenants alike. Want to uncover more about the invaluable insights Resisure can give you? Get in touch below: