OVO launches heat pump
OVO has launched what it claims it the cheapest heat pump rate on the market, reducing running costs by 50% to just 15p per kWh.
The Heat Pump Plus is £500 per year cheaper to heat the average home, making it cheaper to run than a gas boiler. The type of use add-on means customers have two rates – one for their heat pump and one for the rest of their home’s energy usage.
Increasingly powered by electricity from renewable sources and up to five times more energy efficient than gas boilers, air source heat pumps are key to cutting UK households’ carbon emissions.
Home heating systems are currently responsible for 11% of greenhouse gases nationally, but OVO is tackling concerns that heat pumps are more expensive to run than traditional gas boilers to encourage uptake and reach net zero faster.
The government aims to install 600,000 heat pumps per year within five years to hit its climate change targets, but rates are currently around 11% of this level.
Research conducted by OVO reveals nearly half of the population (45%) would install a heat pump if running costs were 40% cheaper than today’s average rate. OVO is also calling on the government to encourage the switch to electric heat by improving incentives and cutting running costs.
Mat Moakes, Chief Commercial Officer, OVO, said: “The UK is trailing far behind Europe on its heat pump installations. By halving the running costs of a heat pump, we’re helping to level the playing field between gas boilers and heat pumps, making them a more viable option for those wanting to make the green switch to electric. But this has to be the case across the board. It’s time to shift policy costs from electricity to general taxation so everyone can benefit from greener, cheaper electric heating systems, sooner.”
Aadil Qureshi, CEO, Heat Geek, said: “One of the fundamental challenges to mass uptake of heat pumps is that we don’t have enough skilled heat pump installers in the UK. Our solution is to train thousands of local installers, and empower them with the knowledge and digital tools to unlock the highest efficiency installations in the industry. Combining OVO’s Heat Pump Plus with a Heat Geek install, homeowners can turn these high efficiencies into significant savings for the lifetime of their system, all delivered by a certified Heat Geek from their local area.”
Image courtesy from OVO
