Contrary to what you may have heard or read elsewhere, there has never been better time to install a heat pump. Indeed, there may never be another quite as good.
As the Telegraph reported earlier this month, the arrival of new ‘optimisers’ now means that heat pumps can not only undercut boilers on running costs but also total costs – including purchase, installation, maintenance and 15 years’ energy bills.
That calculation depends on the Boiler Upgrade Scheme (BUS) grant of £7,500, which goes to the installer and reduces your initial outlay.
All renewable subsidies fall over time, however, and this one seems especially exposed.
The government wants heat pump installations to rise tenfold to 600,000 per year by 2028 and at that rate the subsidy would cost the Treasury £4.5 billion. It’s hard to see Rachel Reeves wearing that for long.
Nesta, a clean energy think tank, has recommended the subsidy should fall to £5,000 by 2028 and £3,750 by 2030. But heat pumps are a mature technology so the actual installation costs are unlikely to fall as fast.
In other words, catch the BUS while you can.
The good news is there are now far fewer hurdles to qualify for the subsidy….
To read the article in full please follow this link to the Telegraph.