Cost of living crisis: How investing in heat pumps can save you £££
The growing cost of energy bills has been seen to cause a burden on homeowners or business owners. Whether you just moved to a new home or have been in business for a while, you’re undoubtedly concerned about losing money every time you pay your heating bill.
If you want to make a long-term investment in your home or company to lower your expenses, switching from conventional heating to a sustainable source like a heat pump is a good option. Although the initial expenditure may dissuade you, it’ll save you a lot of expenses in the long run.
What are the benefits of using a heat pump?
- They use less energy
Heat pumps work by moving air from one point to another: in the winter, they collect hot air from the outside and pump it inside, and in the summer, they reverse the process. That technique alone reduces your home’s energy use, lowering your monthly energy expenses.
- They are very efficient
Heat pumps have an estimated productivity of 300 percent, while gas boilers have an efficiency of about 90 percent.
An electric storage hot water system requires substantially more power than a heat-pump hot water system. While a heat pump only consumes energy to power the compressor and fan rather than heating the water directly using an electric element.
- Operating expenses are reduced
Heat pumps are much less costly to run than combustion-based systems. A heat pump might save you about £1,400 per year due to its cheap operating expenses. Although the initial investment is high, it will be recovered within a few years.
- They require less maintenance
Heat pumps need one yearly checkup, which you can perform yourself, and a professional examination every 3 to 5 years after they are installed. They are significantly less likely to break down than conventional heating systems, which saves money on expensive engineer call-outs.
- Produces both warm and cool air
Running a separate heater and air conditioner can be very expensive. Furthermore, a central air conditioner consumes a significant amount of space on the side of your home or your lawn. Looking at the benefits and drawbacks of owning a heat pump, you’re undoubtedly aware that it’s designed to produce both warm and cold air.
Rather than spending money on labor for a furnace or air conditioner, we propose saving money on installation costs by choosing a single electric-powered system.
- Environmentally friendly
Heat pumps are more ecologically friendly than conventional heating systems because of their low energy use. They are also beneficial for you and your family: your company will be a safer place to work owing to the absence of equipment such as gas lines and oil tanks.
Since renewables account for about 40% of power production in the UK, they are unquestionably better for the environment than gas heaters. This is anticipated to improve over time, given the government’s legal commitment to achieving carbon neutrality by 2050.
- Longer life expectancy
A heat pump’s typical lifetime is between 20 and 25 years, and heat pump manufacturers are continually trying to increase the life expectancy. On the other hand, high-quality equipment influences how long a heat pump lasts. Furthermore, the frequency with which you regularly maintain your system affects the heat pump’s life expectancy.
The cost of heat pumps
The cost of setting up a heat pump is one of the most typical worries. According to the Energy Saving Trust, an average system costs between £9,000 and £11,000. The size of your home or company premises, the required room temperatures, and how effectively insulated the structure are all elements that influence operating expenses. The system, however, might pay for itself in less than a decade, with potential savings of about £1,500 each year.
The government of the United Kingdom provides financial assistance for the installation of heat pumps. The Non-Domestic Renewable Heat Incentive (RHI) is a 20-year program that offers a guaranteed quarterly income to defray the cost of commercial heat pump installations.
Commercial, social housing, home construction, industrial, public, and not-for-profit sectors are all eligible for the Non-Domestic RHI. The payments are provided to you at a specified rate every quarter to help defray the costs of installing and operating your new heating system.
Heat pumps are a costly investment, but they pay you long-term. Instead of producing heat, the technology effectively transports it from one place to another, saving you money on energy costs. Furthermore, the government is so eager for citizens to start converting to green energy alternatives that it is offering financial support.
When you consider the larger picture, heat pumps will save your home or firm money in the long term, allowing you to reinvest that money back into your company to help it develop faster.