Energy efficiency has been a hot topic in both the private and social housing sectors recently due to the fact that many energy companies have recently increased the cost of gas and electricity, leaving many families in the UK struggling to heat their properties. “Fuel poverty” is a massive problem in the UK, and there are concerns that some people are having to choose whether to stay warm or spend money on other necessities such as food or rent.
Many landlords are concerned that their tenants will fall into rent arrears due to the cost of energy, which is why landlord insurance providers offer services such as rent guarantee insurance in order to cover the costs. Now it has been revealed that a green technology company from Cheshire is predicting massive profits due to the fact that social housing landlords are now investing heavily in their product that helps cut energy bills for tenants. VPhase create voltage optimisation systems that keeps voltage in homes at a steady level, meaning that less energy is used and owners can save money on bills.
So far fifteen thousand homes have had VPhase units installed, and the company’s chief executive Rick Smith has claimed that they have already saved customers one million pounds in electrical bills each year. However, the company has recently stated that they have made a loss of £1.2 million this year, but in the years to come will improve seeing as they have already tripled their revenues since last year. Mr Smith said: “We’re still a loss making business, but we’re trying to drive forward so we get to break even on a monthly basis by early next year. I cannot see us doing that before this.”
Meanwhile, VPhase chairman Vanda Murray said: “In the UK, VPhase’s strategy is to gain specifications in the social housing sector with registered social landlords (RSLs), who in turn put the installation work out to tender, with the successful contractor buying from us directly or through our UK network of distributors. Driving growth in our penetration of this sector is of key importance to us going forward and whilst we have doubled the number of RSLs working with us this year, there remains great potential for further growth.”