Finantial Savings Offered by Heat Pumps
It is very difficult to calculate the precise savings offered by air and ground source heat pumps given the huge range of factors.
The savings offered by heat pumps depend on the following factors:
- Your property’s RHPP and RHI eligibility
- Your current heating source (oil, LPG, etc)
- Your property’s specifications and available outside space
- Its energy efficiency
- Your energy consumption
- Cost of system installation and parts, based on its size and quality
- Type of system installed (i.e. air or ground source)
The table below gives you a rough idea of the amount of money you could save by installing air or ground source heat pumps. It should be kept in mind, however that the huge number of variables involved makes an accurate projection of costs and savings difficult.
|System type||System cost**||Energy source being replaced||Annual saving***||Break even point|
|Air source||£8,250||Oil||£236||15 years|
|Air source||£8,250||Liquid gas||£285||13 years|
|Ground source||£10,750||Oil||£200||17 years|
|Ground source||£10,750||Liquid gas||£247||16 years|
* These figures assume that a property has loft and wall cavity insulation and double glazed windows. They assume that the property has two floors, around 90 square meters of floor area, and, in the case of ground source heat pumps, around 180 square meters of available outside space for the installation of tubing.
** These figures assume that the property is eligible for the RHPP one-off voucher.
NB. The figures for annual savings exclude payments received from the RHI, which will come into effect in spring 2014. The annual saving/profit will be significantly higher and the break-even point lower when the RHI comes into effect.