Ground source heat pumps are becoming a popular installation in the UK and models come in various sizes depending on factors such as your home, energy usage and budget. The typical ground source heat pump cost is between £9,000 and £17,000 but with grants and income-related schemes on offer, there are plenty of ways to ensure a fantastic return on investment.
Ground source heat pump cost and payback
The payback period (the amount of time it’ll take to recoup your initial investment) is difficult to accurately predict, but your installer will certainly be able to give you an idea. Of course, it’ll depend on the heating system you plan to replace and how much heat will be generated.
For those wanting to get a more accurate payback calculation, bear these pointers in mind:
- Ground source heat pumps are particularly common in new build properties because the cost of installation will be cheaper if included as part of Building Regulations
- Heat pumps help homeowners make maximum savings on bills when replacing electric or oil central heating. Although you can still install if you’re on the gas grid, savings won’t be as high
- Insulating your property is a great way to further your savings as less of the heat you generate can escape the property. Insulation can be fitted in the way of double glazing, loft lagging, or cavity wall insulation
- Heat generated from pumps arrives at a lower temperature than with various other forms of heating available. Therefore underfloor heating and larger radiators are best placed to maximise your heat
- Heat pumps require little maintenance so after the initial ground source heat pump cost you should face few other charges over a 20+ year lifetime
- Heat pumps qualify for Renewable Heat Incentive Payments from 2014 and there is also a grant available to help with installation costs.
The amount of money you can save on energy bills will vary based on your heat pump’s size, output and budget.
The Energy Saving Trust say that by replacing your oil heating you can save £290 annually, whilst replacing electric heating can take your savings to £650 each year. Those on the gas grid can still make savings too, but experts say this would only be around £180 annually.
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.