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20/08/2019

Air Source Heat Pump Prices & Savings

With most energy-saving investments, homeowners have the incentive of savings in the long term. That means, over time, they could pay for themselves. And the case is no different for air source heat pumps.

It’s estimated you could save up to £1,350 per year for an average, four-bedroomed detached home, by installing a standard air source heat pump. This depends on a number of variables:

  • What you’re replacing – Replacing a more inefficient heating system means you’re likely to see higher savings. Customers typically save a third of their energy bills switching from gas, with a 50% reduction switching from oil and LPG systems.
  • Heat distribution – Air source heat pumps are more suited to bigger surface areas, like underfloor heating and larger radiators, which can make them more effective
  • Fuel costs – Because heat pumps are powered by electricity, you will still need to pay for some energy to power it. Understandably, this could be higher or lower than average depending on your fuel costs.
  • Controls – To get the most out of air source heat pumps, it’s possible to control the system. Setting the thermostat lower but using it for longer is a more effective technique, for instance.

Based on the typical installation costs of £6 – 8k, it would take between 5 – 6 years to ‘pay for itself’. But that’s not all…

The Renewable Heat Incentive

Launched in 2014, the Renewable Heat Incentive (RHI) is a Government scheme which rewards homeowners for using renewable heat technologies. After installing eligible renewable heating technology, householders will receive quarterly cash payments over the course of seven years.

The RHI is available for the following technologies:

  • Biomass boilers
  • Biomass pellet stoves providing space heating
  • Solar thermal panels providing hot water
  • Ground to water heat pumps
  • Air to water heat pumps
  • The RHI can now can pay over £1,500 per year and if have a Metering and Monitoring Service Package (MMSP) it can pay over £13,000 over 7 years.

Payments depend on the type of technology installed, the latest tariffs and potentially even metering. Your installer will be able to advise you on the funding available for your installation.

Find out more about the Domestic Renewable Heat Incentive.

Want To Know More?

For more information about air source heat pumps, costs and savings please contact our friendly team today.

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