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Rising costs coming on the back of a 54% energy price cap raise have many worried just how high their cost of living will raise. UK government data suggests that bills could rise by over 140% for around 22 million people, effectively raising their yearly bills from £700 to £2,000.
The government is looking to more fuel efficient methods of heating to help lower the monthly costs that come with gas boilers, pushing a heat pump solution through £5,000 grants to 90,000 households which you can see if you are eligible for on the government website.
Back in July 2018 the government set the goal of 600,000 heat pumps installed by 2018 through the Renewable Heat Incentive (RHI) scheme with both a ban on installation of gas boilers from 2040 in new homes and incentive schemes which currently have had little effect due to problems in execution of costs being too high for the homeowner.
While a heat pump could reduce a yearly energy bill by £375, with the cost of installation ranging between £8,000 and £18,000 it could take up to 48 years to pay for itself.
Homeowners have a tough choice ahead of them, with the need to make their properties more heat and energy efficient as will be regulated before 2025 with an EPC level C requirement on all domestic properties.
Written by Toby Dawson
