Investment and Funding
The installation of an air source heat pump normally will require an investment of between £10,000 and £15,000, depending on different factors, such as the size of the property and the levels of energy demand. Set against this is a potential contribution from the Government of up to £5000 via the Boiler Replacement Scheme. This contributes up to £5000 towards the cost of replacing a traditional Electric, Gas or Oil Fired Heating system with a renewable Air Source Heat Pump system leaving a net cost of between £5000 and £10000. This system must be used to provide Hot Water and presently it does not cover Air to Air heat pumps.
The amount of money that you save from introducing an air heat pump system will depend on the characteristics of your property, how warm you like to keep your property, etc. When converting from an oil boiler to an air source heat pump, then the saving could be significant. An Air Source Heat Pump is typically 4 times more efficient than the best Gas boilers and up to 5 times more efficient than the best Oil boilers.
If the installation of a Heat Pump is paired with the installation of a Solar PV system it can create an exceptionally efficient and cost effective solution as well as being completely renewable with a Zero Carbon Footprint. This type of scheme if properly financed can be completed with virtually no cash outlay and will generate a very quick payback of around 4 years.
Elliott’s can help you with this type of integrated system.
The level of savings is increasing all of the time as the cost of energy increases dramatically so the sooner that you invest in energy efficient systems the greater the savings. If solar panels are included then customers can potentially save many thousands of pounds per annum for even a medium sized property. These amounts can be significantly more for large commercial properties and hotels etc.