Heat pumps are part of the renewable family and help homeowners to reduce their energy bills by utilising a natural source. In particular, heat pumps are a brilliant alternative for households currently on electricity, oil or LPG heating. And the Energy Saving Trust’s field trial has backed up their credentials.
Reducing energy bills is becoming ever more important because of the continual hike in costs from national suppliers. And the EST’s study shows that heat pumps will help to cut running costs significantly over the system’s lifetime.
In fact, an air source heat pump can save £150 (for oil heated homes) and £530 (for electric heated homes) every year. On top of this, a system would be able to reduce carbon emissions between 1,400 and 5,700 annually.
Ground source heat pumps can provide even better returns as well, say the EST. Financial savings could stretch to £300 (oil) and £685 (electric) every year.
The calculations provided by the EST are based on a heat pump being installed in a well-insulated four-bedroom household. And the report clarifies that the pumps will be eligible to receive an income from the Renewable Heat Incentive (RHI) too, when the scheme opens up in spring 2014.
Rates for heat pumps under the RHI are as follows:
- Air source heat pump: 7.3p/kWh
- Ground source heat pump: 18.8p/kWh
Then of course there is the RHPP payment, which helps to support installation costs. The RHPP grant has recently been increased to:
Although the report shows ground source heat pumps can cut your energy bills by more than air source systems, it’s in fact the latter which enjoys most popularity. Despite a smaller grant and a reduced RHI tariff too, the ease of installation and cheaper install costs are two reasons cited for the preferred air source heat pump.
Air source heat pumps take a similar look to a large air conditioning unit and are installed on an external wall of your property. They’re connected to your central heating, so heat collected from the air can have the temperature increased and then be fed straight to your boiler. This is different to geothermal systems, which are instead installed underground.
The cost of a ground source heat pump is significantly more too, with average prices ranging between £9,000 and £17,000. For an air source heat pump, on the other hand, you’ll be looking at between £6,000 and £9,000. And with the grant, income and saving potential, you’ll see a fantastic return on investment.
With energy prices expected to continue rising as well, you’ll save more and more every year on your heating bills and be using an environmentally friendly method to do it.