Savings of £211 per year could be made on the energy costs of households that have had heat pumps installed.
This is according to new research from a Brussels-based non-profit organisation the Regulatory Assistance Project (RAP), who study how natural gas and power affects the environment.
The potential savings being touted by the RAP are based on the forecasted 84% increase in the price of gas this year. A rise which will see the overall annual cost of running a boiler go up to upwards of £934 – notably more than the £723 it will cost by using more efficient heat pumps.
How heat pumps work
Heat pumps aren’t that common yet in the UK, but are very popular in Scandinavian countries. They work by using refrigerants to draw in heat from the air outside of the building they’re attached to, before then distributing it inside to warm it up. This can even be done in sub-zero temperatures.
The RAP also claims they can be ‘very effective’ and some heat pumps can ‘supply three kilowatt hours of heating using just one kilowatt hour of electricity’.
Jan Rosenow, an associate at Oxford University and RAP’s Europe director, also had this to say about their findings:
“Our analysis shows that statements that heat pumps are more expensive to run than gas boilers are misleading. Heat pumps can save consumers money if designed and installed well. This is now much more achievable with the recent change in domestic gas and electricity prices.”
A great way to save on soaring energy costs
While heat pumps can cost upwards of £10,000 to install, their use in the long run could also benefit UK homes with lower energy bills and help reduce our overall carbon emissions.
The government also believes heat pumps will be a useful addition to households and has previously said it is aiming to get ‘600,000 heat pump installations per year by 2028’.
Their installation costs will of course make them unaffordable for many, but at a time where running an energy comparison to switch to a cheaper tariff isn’t an option – as the best energy deals from the country’s best energy suppliers are still more than the price cap – those who are lucky enough to afford them may see this as a viable way of safeguarding against high energy costs now and in the future.
However, those looking for immediate support should follow the guidance to avoid switching to a fixed deal right now and may wish to look at reducing their consumption using energy saving tips like these.