Cheap heat pump deals offered by energy companies – could you install one for FREE?
- Octopus Energy says its latest heat pump can be installed for free
- However, homeowners must first obtain a Boiler Improvement Scheme grant.
- Rivals British Gas and Ovo have heat pumps that can be installed for £500
Homeowners interested in installing a heat pump can get one for free, or for as little as £500, avoiding the huge bills that have put many off replacing their gas boiler.
One of the public’s main objections to replacing boilers with greener heat pumps is the cost of installation.
This varies greatly depending on the type you choose and the type of property you own, but typically costs between £8,000 and £30,000.
Not a fan: Many homeowners have stopped installing heat pumps due to the perceived high cost of installing the devices.
Several companies, including Octopus Energy, British Gas and Ovo, have been racing to reduce the cost of installing a heat pump.
Now Octopus Energy says its ‘Cozy Octopus’ heat pump can even be installed for free or for as little as £500.
However, for that to happen, the homeowner must own a property that does not need any improvement work to make it suitable for a heat pump. This could include the need for new insulation, radiators or pipes.
To get the ‘free’ Octopus heat pump, homeowners must also qualify for a large installation grant from the Government’s Boiler Upgrade Scheme.
The maximum level of this grant is currently £6,000, and the Boiler Improvement Scheme will increase to £7,500 from 23 October.
An Octopus Energy spokesperson said: “Houses that don’t need any additional work to install ‘Cosy Octopus’, such as new radiators, pipes or a hot water tank, could get the system for free even with their current boiler level. Update scheme.’
Homes that need some upgrading to install a heat pump can get the Octopus heat pump for around £3,000 after the grant, he added.
British Gas also has a heat pump that can be installed from £499 plus the £7,500 grant.
Ovo has also just announced that it is launching a heat pump deal that could be installed for as little as £500, provided the homeowner can get the full Boiler Upgrade Scheme grant of £7,500.
It has also created a Heat Pump Plus energy bill tariff, which it claims cuts £500 a year off the cost of running a heat pump.
The energy company says this makes it the cheapest way to run a heat pump in the country. Ovo said 35 per cent of households he had spoken to said the cost of running a heat pump was more important than installation costs.
Heat Pump Plus has two pricing systems, one for running the heat pump and another for the electricity and gas a home needs.
Mat Moakes, commercial director at Ovo, said: “The UK is far behind Europe in heat pump installations.
“By halving the running costs of a heat pump, we are helping to level the playing field between gas boilers and heat pumps, making them a more viable option for those who want to make the green switch to electricity”.
The Heat Pump Plus tariff is not yet available, but interested customers can register their interest on the Ovo website.
