The numbers game

One of the main barriers to switching from traditional heating sources to heat pump technology has always been the perceived high initial cost of the switch.

But with experts predicting the energy price cap could reach £3,300 in the Britain at the beginning of October, the gap is now narrower than it has ever been before.

Whilst heat pump installation costs can exceed £10,000, compared to just £1,500–2,000 for a new gas boiler, with £5,000 off the cost and installation of an air source heat pump and £6,000 for ground source heat pumps, you don’t need to be a mathematician to see why it now makes sense to consider switching – and that’s before you throw in the massive environmental benefits of moving to renewable energy heating, because we all have a responsibility to protect this small planet of ours!

The key message to emphasise is the significance of the return on the investment in a heat pump — which can more than compensate for the initial setup costs in the long run. For example, by installing a heat pump, you can achieve more than 25% reduction (or higher) in your fuel bills.

Of course, figures may still not stack up for everyone at moment given the daily struggles with the cost of living, whether it’s fuel prices or the cost of dried pasta (up by 50% on last year if you are wondering – mamma Mia!).

So, perhaps it’s time for the Government to consider further measures to further help consumers overcome the initial outlay in heat pumps, such as interest-free loan schemes, or further increasing the subsidies.

It is very much a numbers game but what price can you put on certainty (in these very uncertain future) and of course the environment?