When it comes to green energy, there are several steps you can take to make your home more energy efficient. Installing a heat pump and solar panels are both ways to futureproof your home using green technology. But what exactly will you save and how long will it take to break even? Here we take a look at the figures.
Much like an electric vehicle, installing an air source heat pump (the most common type used in domestic homes) costs money upfront. The good news is that the Government currently has a grant available to help with this. The Boiler Upgrade Scheme gives every eligible homeowner up to £7,500 towards heat pump installation costs, which can halve the cost of installation.
Find out more about heat pump installation costs here https://www.thermly.co.uk/articles/how-much-does-installing-a-heat-pump-cost
There are also ways to help your heat pump to run more effectively, which will lower your bills once it’s up and running. Simple home insulation measures such as loft and cavity wall insulation or having broken windows repaired will prevent you losing all that lovely warm heat produced by your heat pump and in turn reduce your heating bills.
It’s impossible to give a set formula to work when your heat pump will pay for itself, as there are many influencing factors such as the initial installation cost, energy savings, your energy tariff, and your current heating system. For example, if you’re replacing an old, inefficient heating system, this will lead to greater and faster savings from a heat pump. Typically, the payback period for a heat pump ranges anywhere from five to 15 years.
Taking all this into consideration, your heat pump may take a while to pay itself off. But that’s okay. See it as an investment, a way to futureproof your home and make it energy efficient, leading to lower energy bills, which helps offset the initial investment. In the long-run, it will be worth it. All the while massively reducing your home’s environmentally damaging carbon emissions, and reliance on fossil fuels.
When it comes to solar panels, the payback period can be impressively quick. As with a heat pump, there are multiple factors that can affect this, including how much you spend initially on having them installed, as well as the location and orientation of your home. On the plus side, solar panels will lessen your -dependence on the grid and in turn help you save money.
The average payback period for solar panels is around five to 10 years. Looking at the averages for the UK, it typically costs between £6,000 and £8,000 to install solar panels on a three- to four-bedroom home with a 4kW system. The estimated average yearly savings you could expect with this system range from £650 to £850.
At Thermly, we’re here to help you. We provide independent information about the green tech options open to you and access to a choice of fantastic local, certified installers. We make important decisions about green tech such as heat pumps and solar panels simple and straightforward, supporting you through the process.
Our short Heat Pump Readiness Assessment is free, and only takes a few minutes. Sometimes a bit longer with a cup of tea...
