Heat pump running costs, for the time being, can seem slightly more costly than traditional gas boilers. This article will take a look at the running costs of heat pumps, the factors that impact them, and how you can receive one under government-backed grants.
What Does It Cost to Run a Heat Pump?
Utilising thermal energy, also known as heat, that is present in our air, air source heat pumps can absorb it and generate heat through a process of refrigeration and compression. From this, heat for the home is generated using less fossil fuels but more electricity.
Running Costs
For the time being, running a heat source heat pump costs slightly more than a gas boiler. However, gas prices are continuing to rise and eventually, a heat pump will cost a lot less to heat the home.
The Energy Price Guarantee is locked at £0.34 per kWh.
Based on a three-bedroom home, the price of running a heat pump will come to approximately £1,050 a year. The bulk of this price is taken up by the electricity that is used to generate the heat, however, this is a far more sustainable process than the burning of fossil fuels to run a gas boiler.
Factors that Impact Heat Pump Running Costs
Heating your home may seem like a pointless task when all of the warmth generated is escaping from your home due to poor insulation or a lack thereof. You may be entitled to receive free insulation for your home.
Property Insulation
- Firstly, implementing small draughtproofing measures into the home can have an impact on the heat that is escaping from your home.
- Low-cost methods such as adding draught excluders in front of doors as well as draught-proofing strips around window and door seals.
- Any holes or gaps in the walls can also be sealed with an all-purpose filler to prevent any major heat loss.
Household Insulation
- The age of your home has a great deal of influence on the heat loss in your property and tends to come down to poor insulation.
- Solid walls may lack insulation, therefore heat will escape through the single layer of brick that separates the interior and exterior of the house.
- You may also be losing heat through a poorly insulated loft. Loft insulation accounts for around 25% of heat loss.
A well-insulated home will require less time to heat therefore the less your heat pump has to operate the less electricity it will consume to do so. This saves on your energy bills and lets you rest knowing that you are heating your home by sustainable means.
How Can You Afford a Heat Pump?
You may be thinking that a heat pump is not within your financial reach but through Government scheme ECO4, you can qualify for the Boiler Upgrade Scheme. This scheme is presented in the form of a voucher, reducing the costs of a boiler replacement significantly.
ECO4
ECO4 is a Government-backed scheme that is in place to reach the country’s net zero goal by 2050. The schemes are funded by some of the biggest energy companies and houses in the country that suffer from poor energy ratings could be able to receive energy-saving help.
Boiler Upgrade Scheme
Rather than being a grant, BUS is a voucher scheme that can see you receive £7,500 towards a heat pump for your home.
To qualify you must;
- Be a homeowner or private tenant in England, Scotland, or Wales.
- You must not have a mains gas supply or your boiler should be non condensing.
- Receive a means-tested benefit.
- You may also qualify if your household income is under £31,000.
Click here to find out if you qualify now.
Summary
Currently, heat pump running costs is a little bit more than a gas boiler due to the amount of electricity needed to generate their heat. However, in the long run and due to the price of gas projecting a constant rise, heat pumps will eventually become a cheaper way to heat your home, providing the correct insulation is in place within your property.