A heat pump can be a very efficient way to heat your home and provide hot water, especially for properties without access to mains gas. By using electricity to transfer heat rather than generate it directly, a typical heat pump delivers about three units of heat for every unit of electricity consumed. This efficiency often makes it cheaper to run than oil-fired systems or direct electric heating such as fan heaters, storage heaters, or electric underfloor mats.
Size matters when it comes to heat pumps
That said, energy prices play a big part in the savings. In early 2022, electricity in the UK cost roughly four times more per kilowatt hour than gas, which meant that, despite their efficiency, heat pumps could sometimes be more expensive to run than modern gas boilers. However, with the UK’s aim of reaching net zero by 2050, gas prices are expected to rise, which could tip the balance in favour of heat pumps in the coming years.
Combining a heat pump with solar panels could make the savings even greater. Generating some or all of the electricity needed to power the system can help offset running costs, but it’s important to factor in installation costs and check whether your property is suitable for both technologies.
Related questions:
What is a heat pump and how does it work?