A UK energy utility has entered into an agreement with a bank to supply heat pumps to houses at a reduced rate. The pilot scheme by Octopus Energy and the Lloyds Banking Group would see the pumps delivered for as little as £2,000 in certain cases.
The UK Government previously announced a target of installing 600,000 heat pumps a year as part of its net zero strategy. However, heat pumps usually cost in the region of £10,000. This scheme could bring the cost down approximately to the level of a premium boiler.
A spokesperson for Octopus Energy said, “The offer is designed to benefit the around 40% of UK homes (10 million) which are already suitable for heat pumps, or around 65% (14 million) with minor efficiency measures (such as loft insulation) carried out.
“The new scheme will also unlock greener energy for UK households. Air-source heat pumps are a low carbon source of heating – running on electricity, increasingly from renewable sources – and are 3-4 times more energy efficient than gas boilers.”
The company stated that the pilot is part of its aim to wean the UK off of fossil fuel and improve energy independence. The country was particularly hard-hit by the 2022 energy crisis.
