How much does a heat pump cost?
When determining how much a heat pump costs, it’s important to consider some of the key factors that will impact the overall cost of installing a heat pump in your home.
How much does a heat pump cost to run?
Electricity may be more expensive than gas, but with a heat pump, you can expect average efficiency rates of around 300%. There are a number of factors that can impact the cost of a heat pump, but the average household can expect an annual bill of around £1,360 in terms of running costs.
Factors that impact how much a heat pump costs to run include:
How the average gas bill is calculated
To understand the financial benefits of a heat pump, it is useful to understand how your gas bill is calculated. If you want to work out your gas bill, you will need your meter reading, meter type, and the unit price you’re charged. Next, you can follow the steps below:
If your meter measures in hundreds of cubic feet (hcf), take the amount of gas used and multiply by 2.83 to convert it into cubic metres (m³). If it is cubic meters, you can skip this step.
Multiply the m3 measurement by 1.02264, followed by the calorific value. Calorific values vary and are found on your bill.
Divide this figure by 3.6 to show your usage.
Multiply your usage by your unit prices.
You’ll now be left with your gas cost.
Calculating the heating and hot water cost of using a heat pump
A typical air source heat pump should generate three (or more) units of heat for each unit of electricity it uses. So, for example, to deliver the heat demand of 9,635kWh, the amount of electricity required will be 9,635 ÷ 3 = 3,218kWh.
Currently, the price cap for electricity is £0.30 per kWh, so the annual cost of electricity for heating and hot water will be approximately 3,218 x £0.30 = £965.25. However, the information here only acts as a guide, and the cost will ultimately depend on how much heat is required.
Everything you need to know about heat pumps
All you need to know about the Boiler Upgrade Scheme
Is my house suitable for a heat pump?
How long does a heat pump last?
As heat pumps have evolved, they now require a lot less maintenance and are more long-lasting. If your heat pump has been sourced from a reputable supplier, has been properly installed, and receives its annual service, then you can expect it to last between 15 to 20 years.
Average heat pump price
To calculate how much a heat pump costs, you’ll need to consider a range of different factors, including initial installation fees and running costs. Here, we share the average heat pump price for both air source heat pumps and ground source heat pumps.
How much do air source heat pumps cost?
Initial installation costs
The cost of installing an air source heat pump can vary from £8,000 to £18,000. Where your heat pump sits within this range will depend on the system you purchase and the supplier.
Running costs
With an air source heat pump, the average household will spend around £1,360 a year in terms of running costs.
Air source renewable heat incentive grants
In the UK, there are several government schemes in place to help make heat pumps more affordable. This includes the Boiler Upgrade Scheme, which entitles you to up to £7,500 towards an air source heat pump. For more information about other grants: How to keep costs low: Heat pump grants explained.
How much does a ground source heat pump cost?
Initial installation costs
The cost of installing a ground source heat pump can range anywhere from £14,500 to £45,000 depending on the system you buy and your chosen supplier.
Running costs
Typically, a ground source heat pump’s running costs for a three-bedroom home will be approximately £1,200 per year.
Ground source renewable incentive heat grants
Similarly to air source heat pumps, there are also government grants that apply to ground source heat pumps. Arguably the most popular is the Boiler Upgrade Scheme, which offers up to £7,500 towards a ground source heat pump.
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