There has been a significant focus on heat pumps in recent years with many homeowners wondering whether they are worth the investment as a replacement for a gas boiler.
The running costs and upfront costs vary between ground source heat pumps and gas boilers. And in this guide, we’ll look at what those running costs are for both options as well as the upfront costs and other considerations. Let’s dive in.
Running Costs Comparison: GSHPs vs. Gas Boilers
The average cost of running a ground source heat pump lands around £800 to £1,500 per year whereas the cost is about £600 to £1,200 per year for a gas boiler. That said, running costs will vary depending on the make and model of the GSHP or boiler in question.
Cost-affecting factors in running costs can include the type of ground source heat pump setup and how well insulated a property is. Naturally, a well-insulated property will come with lower running costs as compared to a poorly insulated household.
Ground source heat pumps can be more affordable in some cases, particularly with regards to high efficiency heat pumps.
With instability around oil and gas prices and renewables likely to bring down the cost of electricity, ground source heat pumps may prove definitively the more affordable option over time.
Of course, whether or not you’ll find a heat pump to be a worthy investment will depend on your budget and the cost of the ground source heat pump you choose to install.
Upfront Costs: Ground Source Heat Pump vs. Gas Boiler
Ground source heat pumps are significantly more expensive to install than gas boilers. On average, a ground source heat pump comes with a total installation cost of around £10,000 to £45,000. A gas boiler usually costs around £1,500 to £4,000.
That said, government funding such as the Boiler Upgrade Scheme can reduce the total cost of a ground source heat pump installation with the BUS cutting the price of such a setup by £7,500. This means you may only pay several thousand pounds if you opt for a relatively low price heat pump with government supports.
What Else Should I Know?
When considering whether to install a ground source heat pump or gas boiler, you might also want to keep carbon emissions in mind.
Ground source heat pumps can reduce your household carbon footprint as a renewable source of power with low electricity demand as compared to the higher emissions of gas boilers.
Since not all electricity is renewable, the gap in emissions is not overwhelming. However, we’d estimate that GSHPs use around a third to a quarter the emissions that a gas boiler does.
Beyond that, ground source heat pumps have a longer lifespan than gas boilers. A GSHP usually lasts for between 20 and 25 years whereas the ground loop should last for half a century. Gas boilers tend to last for about a decade.
Choosing between a ground source heat pump and gas boiler will depend on your budget, needs and preferences. Overall, though, heat pumps are a promising prospect for the future even if making the investment right now might be more circumstantial.
We’d advise taking your time to weigh up your options and make the best decision for you. And, for future updates, be sure to keep an eye on our website to learn more as the running costs of ground source heat pumps evolve.
