In the last decade renewables have taken many large strides forward and popularity has particularly surged in solar panels and heat pumps. With prices dropping combined with an excellent return on investment there’s every reason to jump on the renewable bandwagon.
Heat pumps don’t just help to reduce energy bills either. With the Government’s latest green scheme in the form of the Renewable Heat Incentive (RHI), there’s an opportunity to earn a guaranteed income too for each unit of heat produced.
The amount you spend on an installation will vary, depending on if you choose a geothermal heat pump or air source heat pump. Air source heat pumps are the most popular, taking the look of an air conditioning unit and installed on a property’s external wall. They’re also the cheaper of the two.
With an air source heat pump:
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- You can cut home heating bills by as much as £700 every single year. Heat pumps generate environmentally friendly energy and can extract heat from temperatures as low as -16 degrees Celsius.
- With the RHI scheme there’s also the chance to make a significant profit and the Government are set to include heat pumps from summer 2013. Early expert predictions suggest earnings will be in the region of £850 yearly.
- With both the energy bill reductions and earnings from the RHI, yearly profits could fetch to £1,500. This could see you making payback in just four years.
- In fact, heat pumps can provide a profit in excess of £25,000 in their 20+ year life expectancy.
Ground source heat pumps are more expensive than their air source cousin and are normally in the region of £10,000. Installation tends to be a lot more difficult though, with the technology needing a borehole in the garden.
Heat pumps have the ability to provide energy for any sized home and can even be used in conjunction with commercial properties too.
Facts & Figures You’ll Love To Share
- A heat pump is capable of generating enough heat to reduce your annual energy bills by up to £650.
- The Government’s Renewable Heat Incentive will pay out hundreds of pounds a year for the renewable heat produced.
- Cash grants of up to £2,000 are available to help fund the purchase of heat pumps.
- As gas and electricity prices continue to rise, heat pumps will provide greater savings for the years to come.
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