Heat Pumps - The Funding Options Available to You

Things are changing when it comes to how we deliver heating to our homes. Laws and regulations are changing as we move towards becoming net zero while reducing the amount of emissions we produce from our homes. 

New homes are now being built with the latest technology when it comes to using renewable heating solutions and it’s probably time that you thought about it too, especially if you live in an older property with an older heating system. 

The reality is that we are all going to have to make a change to how we live and now is the perfect time to consider your options. You might have heard about many of the options available to you such as solar thermal heating, biomass and heat pumps. While they all offer a range of benefits when compared to that of standard heating systems, you might have your eye on a heat pump but the costs are a concern for you but this shouldn’t be the case because there are funding options available to you. With these options ready and waiting, now is the perfect time to utilise these options and take advantage of them because they won’t be around forever. 

In many places around Europe, many homes are now using renewable heating. The UK has a big job to do if it is to reach any of its targets but it is possible if we all move together. Fortunately, the UK government has recognised how important it is to encourage people to make the switch by offering financial incentives. Many people make decisions based on their budget and finances and heat pump systems can prove expensive but with these incentives ready to access, it’s possible for people to make the switch. On offer are the Renewable Heat Incentive and the Green Homes Grant.

For many homes, heat pumps provide a great alternative to many of the other options out there because they drive down emissions and help you to save money on your bills. However, they are a large significant outlay which is why it can help to know about the funding that is available to you.

Whether you are a homeowner or a residential landlord, you have two different financial incentives available to choose from. They both provide options and provide encouragement if you are looking to make the switch to greener technologies around your home. The Green Homes Grant has been set up to help with the costs associated with installations that can make your home more eco friendly. The Renewable Heat Incentive works differently as this will pay money to homeowners for the energy that they generate using their chosen system.

This scheme provides homeowners with a voucher that can cover up to two thirds of the costs associated with making the necessary improvements and installing a new system. This  means that you can claim a contribution from the government to a maximum of £5,000 with exceptions for those who are claiming certain benefits. The measures that you can claim for are classes as Primary and Secondary Measures. Insulation and heating are covered by the Primary measures while draught-proofing is covered by the secondary measures. However, if you are considering installing a ground or air source heat pump then you will be pleased to know that this is covered by the primary measure.

This funding is extremely helpful when it comes to covering a large percentage of the cost of installing a new system. These heat pumps come in many different versions which means that some are more expensive than others. 

The aim of the scheme is to help encourage people to install these systems while helping the government to reach its renewable energy targets and the use of heat pumps is covered under this scheme.

This scheme is available to those who have a heat pump installed as well as other renewable systems. Homeowners that sign up are then given payments on a quarterly basis for seven years. This is based on the estimated output of green energy that your heating system produces. Therefore, if the installation is completed professionally and correctly, you will receive a regular income from your heating system and benefit from cheaper energy bills.