Heat Pump Prices
Ground and air source heat pumps are an alternative way to heat your home to gas, electric or oil. Here we look at some of the things you will need to consider in terms of heat pump prices and costs to find out if it makes sense to you to have a heat pump installed.
What should you expect to pay for a heat pump?
Calculating how much you should pay to have a heat pump installed in your home is difficult. This is because heat pumps vary significantly in size and how complex they are, as well as the size of the property they are being installed into. However, The Energy Savings Trust has suggested that you should look to pay between £11,000 – 15,000 to have a ground source heat pump installed into your house and an air source heat pump however will be half that at around £5000- £8000 depending upon its size and other peripheral requirements.
This may seem like a large initial outlay to have to make and as such you will no doubt be wondering how much you could be able to recoup of this outlay in energy savings over the coming years. Again this is a tricky question to answer accurately because it will again depend on the type of pump you have installed and the size of the property. It will also depend greatly on the energy source that the heat pump is replacing.
The Energy Savings Trust suggests that if you currently have oil fired heating then in a typical year you could save between £475 - £735. If your home is currently heated by electricity then the savings could be significantly greater, with an estimated saving of between £830 - £1,465 throughout the course of the year. Finally if you are currently using gas to heat your home then you could save between £1,315 – £1,975 during the year by having a heat pump installed.
One major consideration in terms of heat pump prices is whether this is to be part of a new build or incorporated into an existing property. Generally speaking it is far cheaper to have a heat pump installed into a new build than have it placed into an existing property. This is because the heat pump installation can be incorporated into the overall building specification of a new build, thereby making a significant saving on costs and materials.
Heat pumps are typically better suited to under-floor heating rather than radiators because the heat they produce comes at lower temperatures than conventional forms of heating. Please also bear in mind that for a heat pump to be properly effective your house needs to be well insulated to reduce heat loss, and if it isn’t installing a heat pump could be a false economy.
Whilst heat pump prices might at first seem a little prohibitive don’t forget that you may well qualify for government financial assistance. The Renewable Heat Incentive (RHI), funded by the government, is able to offer grants of between £2,610 - £3,940 (depending on property size and the heat pump specifications) to reduce greatly the initial financial outlay that you have to make.