In this guide we’ll discuss the running costs of a heat pump, whether you can save on bills with a heat pump installation and what else you should know if having one installed. Let’s begin.
Heat Pump Costs
With a growing interest in heat pumps, households across the UK are considering whether or not the investment might be worthwhile. A key question in weighing up the pros and cons is whether or not you can save on bills with a heat pump.
Before looking at the running costs, it’s worth noting the upfront costs of a heat pump installation. In the case of a ground source heat pump, pricing generally ranges from £15,000 to £45,000, whereas air source heat pumps cost around £8,000 to £13,000. These costs include labour and supply costs.
As for running costs, annual estimates stand at:
- Ground Source Heat Pumps – £700 to £1,600 per year
- Air Source Heat Pumps – £800 to £2,000 per year
As for the price differences, ground source heat pumps lean toward being more affordable to run due to their higher efficiency levels on average.
You’ll also need to keep in mind annual maintenance costs which generally land between £150 and £300. This is with it being necessary to have your heat pump serviced by a professional annually.
Can I Save On Bills With A Heat Pump?
Whether or not you can save on bills with a heat pump will depend on how much it costs to run as compared to your current boiler.
While the cost of running a heat pump and gas boiler tend to be similar, should electricity prices fall over the years, then heat pumps will become increasingly affordable, with the potential to save on your bills over time.
All the same, you’ll need to keep the cost in mind, which is likely to land around £10,000 to £30,000. If you can benefit from a scheme such as the Boiler Upgrade Scheme, then you can reduce the cost by £7,500.
The Boiler Upgrade Scheme is available for eligible households in England and Wales. Other schemes/supports exist in other regions across the UK. Regardless of what region you are located in, you can always contact your local council for further details, including to discuss your potential eligibility.
In essence, it’s possible that a heat pump could reduce your bills over time. However, there’s a difference between reducing your bills and lowering bills, and paying off the cost of the heat pump installation too.
For these reasons, you may or may not want to wait for heat pumps to come down in upfront and running costs alike before committing to the investment. Either way, you’ll want to be aware of your options and make an informed choice that meets your financial context.
What Else Should I Know?
You should also note that a heat pump can lower your household’s carbon footprint by 1 to 2 tonnes per year. This is equivalent to reducing your energy carbon footprint by two-thirds compared to a gas boiler.
If choosing between a ground source and air source heat pump, the former, while more expensive to purchase, tends to be more efficient, and likely to last longer. Air source heat pumps, while less efficient are more affordable and easier to install.
Whatever approach you opt for, be sure to make an informed choice, and if you decide to hold off on a heat pump installation for now, keep an eye on our website over the years to see how heat pump costs adjust over time.
