Costs, Savings and Earnings

Installing a typical system costs around £6,000 to £10,000. This can vary depending on wether you are also replacing radiators, or installing underfloor heating. 

Running costs will vary depending on a number of factors- including the size of your home, and how well insulated it is, and what room temperatures you are aiming to achieve.

Savings

How much you can save will depend on what system you use now, as well as what you are replacing it with. Your savings will be affected by:

Your heat distribution system

If you have the opportunity, underfloor heating can be more efficient than radiators because the water doesn’t need to be so hot. If underfloor heating isn’t possible, use the largest radiators you can. Your installer should be able to advise on this.

Your fuel costs

You will still have to pay fuel bills with a heat pump because it is powered by electricity, but you will save on the fuel you are replacing. If the fuel you are replacing is expensive you are more likely to make a saving.

Your old heating system

If your old heating system was inefficient, you are more likely to see lower running costs with a new heat pump.

Using the controls

Learn how to control the system so you can get the most out of it. You will probably need to set the heating to come on for longer hours, but you might be able to set the thermostat lower and still feel comfortable. Your installer should explain to you how to control the system so you can use it most effectively.

You may be able to receive payments for the heat you generate using a heat pump through the government’s Renewable Heat Incentive (RHI). 

The RHI tariff  for air source heat pumps is increasing to 10.02p/kWh in Spring 2017, Payments are made quarterly for seven years and are index linked.

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