Air source heat pumps are one of the many ways to make your home more energy efficient. They reduce your dependence on conventional heating methods and lower your property’s impact on the environment as a result.
But the question on most homeowners’ minds is: will they save me money? After all, it’s you who will be making the investment, so you want to make sure it’s worth your while. Read on as we look at how air source heat pumps save money and whether they can pay for themselves.
To understand how air source heat pumps (ASHPs) save you money, it’s best to get a good idea of how they work.
Keeping things simple, they extract heat from the air outside your property as a fluid. The air doesn’t have to be hot for this. ASHPs can operate in temperatures below freezing.
Once the heat is extracted, it’s compressed to increase its temperature and stored while it condenses back and releases the heat. Air-to-water ASHPs use this heat to provide hot water for your home or feed hot water into your heating system, while air-to-air ASHPs feed the heat into your home through fans.
While ASHPs require power for the pump, this method of generating heat requires minimal energy. Generally, heat pumps generate around three or four times the energy they use. For you, that means the same amount of heat, using less energy. And that translates to lower bills.
How much lower? It’s estimated that an average, four-bedroomed detached property would see bills fall by around £1,350 per year after installing an ASHP. This depends on the system you’re replacing, the heat distribution system your ASHP is connected to and how you control the system. ASHPs typically work best over longer periods with systems using larger surface areas like underfloor heating.
So, how does this compare to the initial investment? On average, ASHPs will set you back around £6-8,000. That means it would take around 5-6 years to earn back your investment – and begin saving money for good.
When you install an ASHP you could also benefit from the Government’s Renewable Heat Incentive (RHI) scheme. This rewards property owners for generating renewable heat with a quarterly financial reward. It applies to a range of technologies, including air-to-water heat pumps.
While payments depend on the type of technology installed and the latest tariffs, it’s estimated homeowners could earn around £250 per quarter. Those payments will continue for the first seven years after installing your heat pump. With that in mind, your heat pump could pay for itself much sooner than you thought.
If you’re looking for more information on air source heat pumps, the Renewable Heat Incentive and whether your property is suitable, we’re here to help. NBEC is one of South Yorkshire’s leading providers of renewable technology, offering expert air source heat pump installation to meet any needs and budget.
Please don’t hesitate to get in touch with our team, who can answer any queries and talk you through the installation process.
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