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Are heat pumps cost effective?

With energy costs rising, it is important to find heating systems that will heat your home but not cause an extortionate energy bill. With renewable energy systems, you will have a reliable power supply that derives from natural sources and offers relatively low running costs. 

Firstly, we need to understand how do heat pumps work? Well, it is relatively simple, a heat pump takes heat from the ground or the air around your property and increases it to a temperature you can use in your home. It can then be used for central heating or hot water purposes. 

At the beginning of 2022, the Government started a boiler upgrade scheme that is running until 2025 for domestic and small non-domestic properties across England and Wales. This scheme is providing grants to help with initial upfront costs of low carbon technologies, such as heat pumps, in order to encourage property owners to install low carbon heating systems.

There is a criteria to meet to ensure you are eligible, however the installer will apply for the grant on your behalf so it is worth checking whether this could be an option for you when considering replacing your boiler. 

Although the initial cost may seem expensive, as it can cost between £7,000-£13,000 to install air source heat pumps, in the long term investing in heat pumps is an extremely beneficial, cost effective option that sees return on investment over a short period of time. By switching to a more environmentally friendly solution,it is estimated that you can save up to £1,400 per year

Heat pump users are now saving even more money by scheduling their heat pumps to run during off peak times. This means you put your heating on higher than you want to use it while you’re out before the peak times (4pm-6pm), then turn it off during peak times, ready for you to use while it is cooling down but your home still retains the warmth. You are still reaching the same temperature but your gas bills will likely be lower. 

According to Heatable, ‘Heat pumps run off electricity and for every 1kWh of heat they provide, an estimated 25% comes from electricity and the remaining 75% comes from the air or ground’ and a report by Which? Showed that the average gas boiler is only 85% efficient compared to the 300% efficiency from heat pumps.

So depending on the size and thermal insulation of your property, they can be extremely efficient and cost effective, especially if gas prices continue to rise. 

A heat pump system generally only needs a year service check, which can be done yourself if you’d prefer. It is recommended that you get your heat pumps professionally inspected every 3-5 years to ensure it is working efficiently.

It is important to consider whether your house is well insulated though before considering getting heat pumps. Having a well insulated home means no heat will be lost and it’ll be dispersed around your property properly. There isn’t much point in investing in an energy saving system, if you will actually lose energy and pay more money to heat your home due to having a poorly insulated property. 

Compared to traditional options such as gas boilers that have a life span of 10-12 years before they need replacing, modern heat pumps usually last around 20-25 years. So you will save money by not having to purchase repairs or a new model as frequently as alternative heating and hot water systems. 

How Ramki Can Help With Heat Pumps

If you want to upgrade your traditional boiler to heat pumps, we can install and check your heat pumps. As well as providing you with information about how much money you could save and the positive impact on the environment you will have. Get in touch with us today if you want to find out more.