Heat Pump ROI & Payback

Costs, savings and earnings

Costs

Installing a typical system costs around £9,000 to £17,000. Running costs will depend on a number of factors - including the size of your home and how well insulated it is.

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 they are 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.
• Water heating
  If the heat pump is providing hot water then this could limit the overall efficiency. You might want to consider solar water heating to provide hot water in the summer and help keep your heat pump efficiency up.
• 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 confortable. Your installer should explain to you how to control the system so you can use it most effectively.

Earnings

You may be able to receive payments for the heat you generate using a heat pump through the government’s Renewable Heat Incentive (RHI). This scheme should be launched in October 20112.

From August 2011, you may be able to get help with the installation costs of a ground source heat pump through the Renewable Heat Premium Payment scheme.

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